The AMF inspects and oversees individuals and entities registered in the following insurance sectors:

  • Insurance of persons (life and health)
  • Group insurance of persons
  • Financial planning
  • Damage insurance*
  • Claims adjustment*

* Damage insurance / claims adjustment: inspection carried out by the AMF or the Chambre de l’assurance de dommages (ChAD)

The AMF is responsible for inspections of registered individuals and entities operating in the above sectors and inspects registrants in all these sectors. However, under its approved inspection program, the AMF has delegated authority to the ChAD for inspecting damage insurance and claims adjustment firms of 24 representatives or less. The AMF inspects damage insurance and claims adjustment firms of 25 representatives or more. Even though it has authorized the ChAD to perform inspections, the AMF may carry out inspections of all firms registered in the damage insurance and claims adjustment sectors. 

Scope of inspection

The scope of the inspection may vary depending on the type of inspection. The primary goal of the inspection is to validate overall compliance with the requirements set out in An Act respecting the distribution of financial products and services and its regulations. For information purposes, the inspection focuses on:

  • Supervision
  • Transactions (including suitability)
  • Business conduct
  • Business and professional practices
  • Financial situation and financial control environment

Main findings inspections

AMFs inspections across all insurance sectors have contributed to create a positive impact on the industry’s compliance culture.

For example, the areas that generated the most frequent findings by the AMF during its inspections are:

  • Supervision in general (including probationary periods and representatives under supervision conditions)
  • Client needs analysis, product offer and renewal and replacement procedures
  • Keeping of client records, books and registers
  • Confidentiality and protection of personal information
  • Computer hardware security
  • Business continuity plan
  • Complaint examination and dispute resolution
  • Representations, advertising and solicitation
  • Conflicts of interest, concentration of business volume, ownership interests and disclosure obligation