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The Capital constraint to pay an administrative penalty of $65,000



8 April 2019 13:30

Photo : Freepik

The Capital of the Insurer of the Public Administration has been compelled to pay an administrative penalty of $ 65,000 after being heard with theAuthority of the financial markets. The regulator has found a breach related to the distribution of a product of group insurance without a representative.

The Authority criticised The Capital have sold the product ” for a period of 15 years through the Société Saint-Jean-Baptiste de Rivière-du-Loup, without having provided prior to this last and has been sent to the Authority, a distribution guide related “. More than 3 500 accessions have been received during the period.

The product is no longer offered since 2014, when the Authority has noted the lack of a distribution guide. In addition, the Société Saint-Jean-Baptiste de Rivière-du-Loup was not included in the decree 1054-2002, which authorizes the société Saint-Jean-Baptiste and the national Societies of Quebecers to sell life insurance to their members.

The Capital is said to have put in place measures ” to prevent a similar situation from reoccurring and will continue to honor the contracts still in force “.

For its part, the Société Saint-Jean-Baptiste de Rivière-du-Loup is committed to ensuring that a distribution guide to be given out to members for products sold by the intermediary.

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