Right to practise Insurers
This section has been prepared to support applicants in the application process.
In examining an application submitted by an insurer in connection with its right to practise, the AMF determines whether the application is compliant using the documents and information required by type of application.
It summarizes the criteria used to assess an application related to the right to carry on insurer activities, other regulatory provisions and lists the information and documents that must be submitted when making such an application.
Warning
Please take note that following the assent of Bill 30 “An Act to amend various provisions mainly with respect to the financial sector, L.Q. 2024, c. 15” on May 9, 2024 by the National Assembly of Québec, certain procedures will need to be modified and are therefore under review, namely the “Review in light of certain operations” and those relating to the insurer activity of a reciprocal union. We apologize for any inconvenience this may cause, and in the meantime, if you have any questions, we invite you to contact [email protected].
Applications
This section contains the information that, according to the Insurers Act, is required to be submitted when filing the following applications:
- Authorization
- Authorization to expand activities
- Review to have a condition or restriction withdrawn
- Review in light of certain operations
- Revocation of authorization
- Regulation by title III and organization of business corporation
- Constitution, regulation by Title III and organization of mutual company
- Acquisition of control or acquisition
- Amendment of articles
- Continuance as an insurance company
- Continuance under the laws of another jurisdiction
- Amalgamation involving regulated business corporation
- Amalgamation of Québec mutual insurance companies
- Application for authorization to grant a hypothec or other security on movable property
- Capital instruments – Confirmation of capital quality and authorization of redemptions
- Committee composition or functions exception
Who can file an application?
Any person duly authorized by the applicant may submit an application to the AMF on behalf of the applicant (e.g., officer, director, manager, employee or legal adviser).
The authorizing document for such purpose does not have to be attached to the application unless required by law or requested by the AMF.
The information contained in this guide is not to be construed as a legal opinion or a recommendation of the AMF regarding the application of laws and regulations pertaining to a specific situation.
The advice of a legal advisor should be sought for such situations.
End of the warningAssessment criteria
Applications relating to the right to practise of insurers that are carrying on or wish to carry on insurance activities in Québec are assessed using the following criteria, according to the type of application:
Knowledge of institution
The AMF obtains a comprehensive picture of the applicant by examining the applicant’s ownership structure, management structure and activities, as well as the ties and agreements it has with other members of its group or third parties.
Context of the application
The AMF considers the reasons given by the applicant, its target markets and any external factors that may affect the applicant’s ability to achieve its objectives, as well as the impact of the transaction on the insurance industry in Québec.
Compliance with laws and regulations
The AMF ensures that the applicant will comply with the Insurers Act 
This link will open in a new window and its enabling regulation, as well as all other applicable laws, regulations and standards.
Financial position
The AMF analyzes the nature and level of the applicant’s financial resources to assess whether they are adequate to ensure the sustainability of its business. The AMF also assesses the applicant’s ability to access additional capital at a reasonable cost.
With this in mind, it verifies that the applicant will, from the outset, have sufficient capital available to support its activities and satisfy the standards in effect in its home jurisdiction and Canada. It analyzes the composition of the applicant's earnings by source and type of income in order to assess earnings stability. The AMF also ensures reasonableness of the forecasts to determine whether the applicant will be able to maintain adequate cash flow and capital.
Governance
The AMF ensures that the applicant's directors, officers, auditor and actuary possess, individually and collectively, the appropriate competencies, experience and qualifications to administer the legal person in a manner deserving of the public’s trust for the purpose of transacting the proposed classes of insurance.
The AMF also ensures that the applicant has taken the required steps to verify the integrity of its directors, officers, auditor and actuary.
The AMF analyzes the proposed management structure in relation to the nature, scale and complexity of activities.
Lastly, the AMF ensures that the applicant adheres to sound and prudent management practices.
Commercial practices
To ensure adequate delivery of services to Québec consumers, the AMF ensures that the applicant adheres to sound commercial practices.
Such practices include providing fair treatment to its clientele, in particular by providing appropriate information, adopting a policy for processing complaints and resolving any disputes with clients, and keeping a complaints register.
Chapter IV of Title II of the Insurers Act This link will open in a new window, which deals with commercial practices, does not apply to reciprocal unions (s. 194 of the Insurers Act).
Other regulatory provisions
Various provisions of Acts other than the Insurers Act This link will open in a new window may apply to insurers:
- Insurers planning to conduct distribution activities are required to comply with the provisions of the Act respecting the distribution of financial products and services This link will open in a new window;
- Insurers that are reporting issuers or whose parent company is a reporting issuer must also comply with the provisions of the Securities Act This link will open in a new window;
- All insurers must comply with the guidelines applicable to them.
Declaration of registration
Legal persons wishing to carry on activities in Québec must be duly registered with Québec's enterprise register (Registraire des entreprises du Quebec) in accordance with the Act respecting the legal publicity of enterprises This link will open in a new window, CQLR. c. P-44.1, and its enabling regulation.
E-services
Some actions must be performed using AMF E-Services.
The filing of all documents and information required under the Insurers Act This link will open in a new window must be done via this secure channel, such as :
- All your financial disclosures;
- Certain applications relating to your right to practise and disclosure of you’re the parties involved;
- Certain corporate information (e.g. officers, chief representative, external auditor and appointed actuary).
If you do not have access to E-Services, send an courriel for instructions on how to file the applications in question.
Fees and costs payable
The fees and costs payable, when prescribed, are indicated in specific sections of each application.
An invoice will be sent via the applicant’s secure message inbox if the applicant is registered for AMF E-Services.
If you are not eligible to register for AMF E-Services, you can make a payment using the mail-in payment form (pdf - 81 KB)This link will open in a new windowApril 2017.
Application processing
The AMF examines the application and contacts the applicant if and when it needs clarification or when the applicant requests information on the progress of the file.
In certain cases, the AMF may require additional information and documents in order to continue its examination of the application. This may affect the processing time.
An application is complete when the AMF has received all the requested information and documentation in a form it deems satisfactory.
Need help?
Send an e-mail to Licensing and Resolution Direction.
You can also reach our information centre:
Québec: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
End of the Information