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More than$ 3 Million of fines for TD Insurance

by

Hubert Roy

July 19, 2019 09:30

Photo : Freepik

The superintendent of financial services of Ontario has severely penalized four insurance subsidiaries of TD Bank. In total, the group was given fines totalling $ 3.2 million.

His crime : to have charged rates other than those authorized by the government of Ontario in car insurance. In Ontario, auto insurers must adhere to a very strict framework in terms of pricing. They can not change their rates as they see fit, as they can do it in Quebec. They must ask government permission, which can take a few months before saying yes or no.

TD has been notified in January that she had not complied with the rules. His sanction was known on July 6. Its subsidiaries will receive their invoice and will have 30 days to pay it.

Here are the details of the fines imposed :

Subsidiary sanctioned

Fine

TD Home and Auto Insurance Company

600 000 $

TD General Insurance Company

600 000 $

Security National Insurance Company

1 400 000 $

Primmum Insurance Company

600 000 $

TOTAL

3 200 000 $

Source : financial services Commission of Ontario

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