Undertakings by AC Reinsurance Management Inc.
Insurance
Montréal – AC Reinsurance Management Inc. has undertaken to permanently comply with the provisional order issued by the Autorité des marchés financiers (AMF) and, as such, will no longer carry on, directly or indirectly, any activity related to the sale of insurance by CIG Life or any other insurer. This undertaking concludes the administrative procedures undertaken by the AMF under the Act respecting insurance (the "Act").
On April 1, 2008, the AMF issued a provisional order against AC Reinsurance Management Inc. pursuant to section 325.3 of the Act.
Under this order, AC Reinsurance Management Inc. was prohibited from carrying on any activity related, directly or indirectly, to the sale of insurance by CIG Life or any other insurer. In particular, the AMF maintained that AC Reinsurance Inc. acted as an insurer in Québec without holding a licence issued by the AMF.
At the AMF's request, all insurance contracts issued without the right to do so by AC Reinsurance Management Inc. were transferred to a duly registered insurer.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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