AMF imposes administrative penalties on Manulife and First North American InsuranceBy The IJ Staff | July 17 2019 01:30PM
An agreement has been reached between Quebec regulator, the Autorité des marchés financiers (AMF) and Manufacturers Life Insurance Company and First North American Insurance Company (a Manulife subsidiary), requiring them to pay $35,000 and $10,000 respectively. These penalties relate to distribution of a travel insurance product without representative.
The two insurers, over a 19-year period, offered a travel insurance product via Voyages Découvertes Senior inc. (Senior Discovery Tours) without providing a distribution guide to the regulator or to the distributor. Also, the AMF was not informed of the identity of this distributor, stated the regulator.
The AMF adds that between 2014 and 2018, 1,407 insurance certificates were issued for this product.
Since then, a distribution guide for the product was prepared and submitted to the regulator by both insurers.