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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