What’s New: In Brief (July 20, 2007)

The Autorite des marches financiers (AMF) is launching a penal proceeding in the Court of Quebec in the district of Montreal against Kingsway General Insurance Company.
As a licensed insurer, the company faces 12 charges for failing to provide the Groupement des assureurs automobiles, as requested and in the prescribed form, the statistical data and information concerning the insurers automobile insurance experience for each month from July 2006 to June 2007, an AMF release says.
Because of the numerous notices sent to Kingsway and its continuing failure to comply, the AMF is seeking a fine that exceeds the minimum penalty stipulated by law for these offences, namely $84,000 instead of $8,400, the statement says.
The AMF is the regulatory and oversight body for Quebecs financial sector.

Peace Hills Insurance has announced that it is maintaining its investment as a full partner in the Insurance Brokers Association of Canada (IBAC)s Broker Identity Program for 2007.
We are pleased to support brokers across Canada in their successful bid to communicate to consumers, legislators and regulators the value they bring, Diane Brickner, president and CEO of Peace Hills Insurance, said in a statement.
Peace Hills delivers our products in Western Canada through insurance brokers, who at the end of the day provide value to consumers for all their insurance needs, and the BIPPER symbol projects this, she added.