Montréal - L'Excellence, an insurer authorized to transact life, accident and health insurance, pleaded guilty to charges laid in October 2011 and paid the fine sought by the Autorité des marchés financiers (the AMF).
More specifically, the AMF accused L'Excellence of failing to comply with an order made under An Act respecting insurance by granting a loan or cash advance without first receiving a written authorization from the AMF approving the loan or cash advance. The AMF was seeking a fine of $10,000.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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