What’s New: In Brief (February 25, 2009)

A Quebec firm and two individuals have been found guilty and fined a total of Cdn$5,500 by the Court of Quebec for operating as an adjustment firm without the proper certification.
The Autorité des marches financiers (AMF) brought four charges against Jacques Belval, Warren Jang and Developpement W.J. Infinité Projet Inc.
The Court of Quebec found Belval guilty of acting as a claims adjuster without holding the appropriate certificate issued by the AMF. He was fined Cdn$4,000, four times the minimum amount prescribed by law.
Warren Jang was found guilty of aiding Developpement W.J. Infinité Projet Inc. in its claims adjustment activities without being registered and was fined Cdn$500.
Developpement W.J. Infinité Projet Inc. was fined Cdn$1,000 for acting as a claims adjustment firm without holding the appropriate certificate issued by the AMF.

Companies exposed to earthquakes in British Columbia and Quebec are required to file the Earthquake Exposure Data form with the Office of the Superintendent of Financial Institutions (OSFI) by Apr. 15, 2009.
Companies without earthquake exposure should submit a letter stating this fact.
Because of changes to Cresta Zone definitions used in the current version of the form, some companies may not be able to complete the Total Sum Insured portion of the form; as a result, they might not be able to calculate default probable maximum losses (PMLs), an OSFI memo said.
If this is the case, OSFI asks companies to indicate this in their filings and include a table showing the total sum insured for each of the new Cresta Zones.
For more information contact david.lim@osfi-bsif.gc.ca