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The Authority imposes administrative penalties on subsidiaries of Manulife



17 July 2019 09:30

Photo : Freepik

An agreement between theAutorité des marchés financiers and The insurance Company Manufacturers life and North American, subsidiaries of Manulife, has led to recent to pay administrative penalties of $ 35,000 and $ 10,000, respectively. The failures are related to the distribution without a representative of an insurance product travel.

The two insurers have, for nearly 19 years, offered a product of travel insurance through Travel Discoveries Senior inc. without providing a guide of distribution to the regulator and the distributor. The Authority had not been informed of the identity of the distributor, expose it.

The regulator said that between 2014 and 2018, 1 407 certificates of insurance relating to this product have been issued.

Since then, a distribution guide rate for a product referred to has been prepared and submitted to the regulator by the two insurers.

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