October 27, 2011 Insurance

Montréal - The Autorité des marchés financiers (the AMF) has launched penal proceedings against Excellence, an insurer authorized to transact life, accident and health insurance.

More specifically, the AMF accuses 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 is 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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Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news

• November 11, 2011 Proceeding against an insurer - L'Excellence pleads guilty
• August 8, 2005 AMF granted freeze order against Fonds de Placement Excellence and Placements « Parts » Excellence Inc.
• December 1^st, 2004 Life Insurer Excellence Undertakes To Cease Accepting Insurance Proposals
• November 12, 2004 Notice to Assumption Mutual Life Insurance Company and Excellence, Compagnie d'assurance-vie