March 26, 2018 11:30
Photo : Freepik
Aviva Canada has been subject to an administrative penalty of $ 75,000 following an agreement with theAutorité des marchés financiers for breaches related to the distribution of insurance proceeds for damages for certain companies in the outdoor industry.
The Authority criticised Aviva for the distribution of certain life insurance policies via a firm in ontario is not duly registered for this purpose. The product has been available in Quebec over a period of approximately nine years.
Procedures are put in place
The Authority states that the insurer has taken the necessary measures and has implemented policies and procedures to control additional compliance in order to mitigate the risk of distribution of insurance products through non-registered persons.
“The protection of policyholders is of paramount importance to Aviva. We work closely with the financial markets Authority to prevent such a situation from happening again, and we have already implemented processes and additional policies that will be used to verify compliance, ” pointed out Priscilla Wong, a spokesman for Aviva, by e-mail.