October 22, 2014 Insurance

The Bureau de décision et de révision recently acknowledged an agreement entered into between the Autorité des marchés financiers (the "AMF"), the insurance of persons firm Concept Global V.I.P. inc. and its responsible officer, Yvan Cayer, thereby accepting the AMF's request to impose penalties totalling $24,500 and barring Yvan Cayer from acting as responsible officer for the next five years.

The AMF charged Concept Global V.I.P. inc. with failing to comply with various provisions of An Act respecting the distribution of financial products and services pertaining to supervision, premium discounts, financial needs analysis, replacement of policies, record-keeping, information on product offerings, the register of commissions, complaint examination and dispute resolution, and business continuity planning. A fine of $22,000 was therefore imposed on the firm.

Yvan Cayer agreed to pay a penalty of $2,500 as responsible officer of the firm. He has also been barred from acting as a responsible officer for the next five years.