The Autorité des marchés financiers reaches an agreement with RBC General Insurance Company
Decisions and Freeze and cease trade orders Insurance
Montréal – The Autorité des marchés financiers (AMF) announced that it has reached agreement with RBC General Insurance Company (the Insurer) to close a file concerning the compliance of statistical data which, pursuant to the Quebec Automobile Statistical Plan, must be sent to the Groupement des assureurs automobiles.
The AMF recommended improvements to the procedure for the collection and transmission of the required information in order to ensure better supervision, particularly as regards the reliability and consistency of the data communicated.
The AMF announces that, following its recommendations, the Insurer has diligently implemented a new procedure for the collection and transmission of statistical data that meets the AMF’s requirements. The new procedure will ensure that statistical data and information concerning the Insurer’s automobile insurance experience in Quebec allows the Authority to perform its supervisory role even more effectively, particularly with regard to classification and rate practices.
Thus, this puts an end to the proceedings brought against the Insurer on December 13, 2005. Pursuant to the agreement, the Insurer will also pay the AMF an amount of $42,000 to be used in part to cover the costs of investigation.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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