AMF and RBC General Insurance reach agreement

The Autorit des marches financier (AMF) announced that it has reached an agreement with RBC General Insurance Company to close a file concerning the compliance of statistical data.
The AMF recommended improvements to the procedure for the collection and transmission of the required information in order to ensure better supervision, particularly with regards to the reliability and consistency of the data communicated, according to an AMF release.
Following the AMFs recommendations, RBC has diligently implemented a new procedure for the collection and transmission of statistical data that meets the AMFs requirements, the AMF release says.
The new procedure will ensure that statistical data and information concerning the insurers automobile insurance experience in Quebec allows the AMF to perform its supervisory role even more effectively, particularly with regard to classification and rate practices.
The agreement puts an end to the proceedings brought against RBC in December, 2005.
Pursuant to the agreement, RBC will also pay the AMF an amount of $42,000 to be used in part to cover the costs of investigation.