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Penal Proceedings Launched - AMF Takes a Position on Damage Insurance Consultants

Friday, March 23, 2012

Montréal,The Autorité des marchés financiers (the "AMF") recently launched penal proceedings against a firm of damage insurance consultants that was acting as a damage insurance firm.

The AMF alleges that 9111-3258 Québec inc., doing business as Claude Descheneaux Consultant, acted as a damage insurance firm without being registered as such. Three charges have been filed and the AMF is seeking fines totalling $5,000.

Although it had already informed several damage insurance consultants in 2009 of the requirement to hold a certificate for the purpose of pursuing their activities, this action before the courts confirms that the AMF considers that some damage insurance consultants are carrying out activities that are reserved for registered firms and representatives.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.