Insurance Decisions and Freeze and cease trade orders
Montréal - The damage insurance firm Assurance Accomodex inc., two of its representatives, and Autonum Presto Locations inc., a firm that leases, sells and finances automobiles, were recently fined for various offences related to the offer of insurance products on the purchase of a vehicle.
Autonum Presto Locations inc. fined $600,000
More specifically, Autonum Presto Locations inc. must pay a $60,000 fine for failing to describe the insurance product offered and type of coverage to certain clients, having tied the conclusion of a financing contract to the obligation to enter into an insurance contract with a designated insurer, failing to ask a client if he was already covered by insurance with similar coverage, and various other breaches related to the remittance of the distribution guide.
Assurance Accomodex inc. fined $45,000 and Julie Tremblay fined $5,000
The Bureau de décision et de révision (the "Bureau") also issued a decision in November 2015 acknowledging an agreement entered into between the Autorité des marchés financiers (the "AMF"), Assurance Accomodex inc. and two representatives, Julie Tremblay1 and Ginette Boulerice. The firm and the two representatives acknowledged having offered clients products from a single insurer until August 2013, whereas the firm was registered as a broker, having failed to disclose the firm's business relationships with certain insurers to clients and having failed to inform the clients named in the legal proceeding, in a timely manner and as prescribed by regulation, of the brokerage commissions related to the purchase of an automobile insurance policy covering damages and civil liability.
Under the Bureau's decision, Julie Tremblay and Ginette Boulerice are also prohibited from acting as responsible officers of a firm for a period of three years and must be attached to a firm where they are not responsible officers for a period of three years.
The AMF wishes to thank Autonum Presto Locations inc. and Assurance Accomodex inc. for their co-operation following service of the process. Both firms have undertaken, in particular, to take steps to improve compliance with the legislative provisions applicable to them and to better protect consumers.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter: @lautorite This link will open in a new window
1 The respondent Julie Tremblay should not be confused with:
- Julie Tremblay who holds certificate 132998 in financial planning and is registered as a mutual fund representative with Desjardins Financial Services Firm Inc.;
- Julie Tremblay who holds certificate 196817 in insurance of persons and is attached to Sun Life Financial Distributors Inc. and registered as a mutual fund representative with Sun Life Financial Investment Services (Canada) Inc.;
- Julie Tremblay who is registered as a mutual fund representative with Royal Mutual Funds Inc.;
- Julie Tremblay who is registered as a mutual fund representative with CIBC Securities Inc.