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Distribution without a representative : the Authority enters into an agreement with ai financial Group and Laurentian Bank



July 5, 2017 09:45

Photo : Freepik

An agreement was entered into between theAuthority of the financial markets, iA financial Group and Laurentian Bank of Canada. This agreement provides for the payment of administrative penalties totaling $ 200,000 for deficiencies related to the distribution without a representative of an insurance product.

The Authority was alleged that iA financial Group to have sold the life insurance product, health and loss of employment of a debtor named Assur-payment for a period of more than fourteen years, of which 24 461 times during the years 2011 to 2015, through Laurentian Bank as distributor, and this, without previously having delivered to the company and submit to the Authority a guide to distribution are related. iA financial Group has paid a sum of $ 100,000 to the Authority.

Two fines of $ 100,000

With respect to Laurentian Bank, the Authority accused him of having distributed this product without previously having delivered to consumers in the distribution guide which is related, although it has provided information with respect to the product in the form of an explanatory leaflet prepared by ai Group financial. Laurentian bank has also paid the sum of $ 100,000 to the Authority.

Since, iA financial Group has deposited to the distribution guide rate for a product Assur-payment and other required documents to the occasion of the deposit of a guide. iA financial Group and Laurentian Bank have both taken the necessary steps to put in place policies and procedures for monitoring compliance with the goal of preventing similar situations.

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