November 2, 2010 by Canadian Underwriter
The Autorité des marches financiers (AMF) has ordered Trisura Guarantee Insurance Company to cease distributing its replacement insurance product.
GWPco Inc. and motor vehicle dealers were distributing the product, an AMF release says. GWPco is not authorized to market the replacement insurance products and Trisura is not authorized to issue this type of contract, the release adds.
New rules governing replacement insurance came into force in Quebec on Oct. 1, 2010.
AMF has requested the complete list of all persons who have purchased replacement insurance from Trisura Guarantee since Oct. 1, 2010. It is requiring that various distributors be notified that Trisura is not authorized to issue replacement insurance policies.