4 March 2019 11:30
The firm Developments in Quebec, also known as the Evo Insurance, and its leaders have received orders from the administrative Tribunal of the financial markets (TAMF) at the request of thefinancial markets Authority to stop all activities because ” the protection many consumers could be compromised due to the actions of the respondents “.
Evolution Quebec is led by Ramy Attara, while Evo Insurance is led by Khalid Manaa. Both companies hold certificates issued by the Authority allowing them to act as one firm in the discipline of the damage insurance brokerage. Mr. Attara is also certified as a broker in damage insurance.
The breaches violate particular articles of the Act respecting the distribution of financial products and services and the Code of conduct of representatives in insurance of damages. The Tribunal ordered that the respondents shall suspend all registrations that they hold with the Authority as it continues its investigation, that they cease all activities related to their registration, and that the leaders of the firms respondents are replaced.
The protection of consumers compromised
The Authority said they had received a report that argued that ” the protection many consumers could be compromised due to the actions of the respondents, Developments in Quebec and Ramy Attara “.
A subsequent investigation of the report has enabled the Authority to find that the respondents have charged significant administrative costs that had not been previously reported to clients and insurance premiums higher.
According to the survey, they would have received bonuses rather than send them to the insurers, leaving clients without insurance coverage. The regulator argues that many consumers would not know that they hold no protection.
They have also undertaken the ownership of premiums by asking customers to transfer the money into personal accounts.
Finally, the respondents would have carried on the business of representatives of the firms to which they were not attached.
Nearly $ 45,000 in premiums not paid
The firm Anfossi Tassé D Avirro acted as a wholesaler for Quebec and discovered that the sum of 44 688 $ is owed bonuses for 28 clients of the respondents, reveals the judgment orders.
These orders can be imposed by the Court without a prior hearing “in a context of emergency or in order to avoid irreparable prejudice being caused” to adversely affect the rights of a person.