Flanders Insurance Management fined $200,000

Flanders Insurance Management and Administrative Services Ltd. has pleaded guilty to 210 counts filed against it by the Autorit des marches financiers (AMF) and has been ordered to pay more than $200,000 in fines.
The Winnipeg-based business pleaded guilty to the charge of: selling an insurance product without being registered with the AMF as a damage insurance firm, thereby violating section 462 of the act respecting the distribution of financial products and services.
According to the AMF, Flanders sold and negotiated inventory insurance policies in Quebec primarily intended for dealers of recreational vehicles, without being registered with the AMF as a damage insurance firm.
In January, 2006 the AMF, Quebecs regulatory and oversight body, initiated penal proceedings against Flanders.
Judge Elizabeth Corte of the Court of Quebec ordered the company to pay a fine in the amount of $210,000.
The AMF is the regulatory and oversight body for Quebecs financial sector.