Following a hearing involving the applicant and the respondents on September 10, the Tribunal administratif des marchés financiers (TMF) approved the agreement reached between the Autorité des marchés financiers (AMF) and Matcha Insurance, as well as two of its executives.
Administrative penalties totalling $60,500 were imposed on 9177-9496 Québec inc., operating under the name Matcha Insurance, and its executives, Sylvie Chartrand (certificate no. 106939) and Martin Houde-Bergeron (certificate no. 269761).
Chartrand held a certificate in the life insurance sector. According to the AMF's register, she has not been practising since February 11, 2026. She was sanctioned with two separate administrative penalties totalling $11,000.
Houde-Bergeron holds a certificate in accident and sickness insurance. He was sanctioned with a $6,000 administrative penalty and had conditions imposed on his licence.
Matcha Insurance must pay administrative penalties totalling $43,500. The first penalty of $15,000, relates to its failure to honour an undertaking made to the AMF on July 20, 2023. An additional penalty of $28,500 was imposed for all the violations identified during the 2024 follow-up inspection.
The firm undertook to pay the amounts owed within 30 days of the decision. Both responsible officers made the same commitment.
The TMF also noted that the firm had agreed to withdraw its registration with the AMF no later than January 1, 2027, due to its closure. According to the tribunal, "this undertaking considerably reduces the risk of recurrence and constitutes a relevant circumstance in assessing the protective and preventive nature of the proposed measures."
The TMF decision, dated September 25, 2026, was written by administrative judge Antonietta Melchiorre. It was provided to Insurance Portal by the AMF. At the time of writing, the decision was not publicly available.
The applicant alleged that the firm and the two respondents had failed to establish a compliance system and ensure that their representatives complied with applicable rules. The AMF also alleged that the firm had allowed its responsible officer to act in a manner inconsistent with the Act respecting the distribution of financial products and services (ADFPS) and had failed to honour an undertaking made to the regulator to correct all the irregularities identified during a 2023 inspection.
Irregularities identified during the inspection
The firm has been registered (no. 512996) with the AMF since October 19, 2011. Its head office is in Saint-Hyacinthe.
Chartrand and Houde-Bergeron served successively as the responsible officer of Matcha Insurance. During an initial inspection in March 2023, the AMF identified several violations.
On July 20, 2023, the firm and Chartrand undertook to correct all the irregularities identified in the inspection report within 60 days. During a follow-up inspection in July 2024, the AMF identified numerous violations, several of which had already been noted the previous year. Many of the required corrective measures had not been implemented, and the undertaking had not been honoured.
On July 18, 2024, the AMF was notified that the firm was voluntarily changing its responsible officer. Houde-Bergeron replaced Chartrand in that role on August 2, 2024.
The September 9, 2026, agreement lists 14 irregularities or deficiencies admitted by the respondents.
The firm thus contravened sections 84 to 86 and 88 of the ADFPS, as well as several provisions of the related regulations. For their part, the two responsible officers violated sections 16, 27 and 28 of the ADFPS and several provisions of the Regulation respecting the pursuit of activities as a representative.
Restricted licence
In addition to the penalty imposed on him for all the violations identified during the follow-up inspection, Martin Houde-Bergeron was prohibited from acting as the responsible officer of a firm for 12 months. During the same period, his certificate will be subject to conditions requiring him to be attached to a firm where he is not the responsible officer and prohibiting him from acting as a supervisor or internship supervisor.
He also undertook to complete three relevant training courses to be determined jointly with the AMF. He must successfully complete them within 90 days.
For her part, Sylvie Chartrand was sanctioned with a $5,000 administrative penalty for failing to honour the undertaking made following the initial inspection. She must pay an additional $6,000 penalty for the violations identified during the follow-up inspection.
The agreement reveals that, during an exit interview held on July 17, 2025, inspectors informed the responsible officer of their findings regarding the violations. Houde-Bergeron did not dispute the contents of the follow-up report.
Book of business sold
He then informed AMF inspectors that Humania Insurance, the firm's principal shareholder and product manufacturer, had decided to stop selling and distributing its products through Matcha Insurance. The respondent also indicated that the book of business had been sold and that the volume of client files had been transferred.
According to information verified by Insurance Portal, the book of business was acquired by Ellipse Insurance, a major property and casualty insurance distribution firm that also operates in life and health insurance and group insurance. Its president, Patrice Jean, confirmed to us that the firm had acquired Matcha's book of business a few months ago. Clients now deal with certified representatives from his organization.
Humania's current president and CEO, Nicolas Moskiou, also ratified the agreement with the AMF in his capacity as a director of the firm. According to the Quebec enterprise register, Moskiou is president of 9177-9496 Québec inc.
