Quebec vehicle dealers reiterate their complete cooperation with the AMF regarding the distribution of insurance products

MONTREAL, June 3, 2020 /CNW Telbec/ - The members of the Table de concertation portant sur l'offre de produits d'assurance par l'entremise des concessionnaires d'automobiles, de véhicules récréatifs et de véhicules de loisirs au Québec (Round Table on the distribution of insurance products by automobile and recreational vehicle dealers) take note of the 2016-2018 Insurer Disclosure Analysis Report of the Autorité des marchés financiers' (AMF) on the offering of insurance products by dealers.

Stakeholders in this industry state that they have had continuous dialogue and have continuously cooperated with the AMF for several years and that, in 2017, they created the Table de concertation portant sur l'offre de produits d'assurance par des concessionnaires d'automobiles, de véhicules récréatifs et de loisirs, in which the key players in the distribution of insurance products by vehicle dealers have participated actively.

 "Since the creation of the Table de concertation portant sur l'offre de produits d'assurance par des concessionnaires d'automobiles, de véhicules récréatifs et de loisirs, we have worked closely with the AMF in the spirit of continuous improvement of the distribution of insurance products and of our business models", confirm the members of the Table de concertation portant sur l'offre de produits d'assurance par des concessionnaires d'automobiles, de véhicules récréatifs et de loisirs.

However, the members of the Table de concertation portant sur l'offre de produits d'assurance par des concessionnaires d'automobiles, de véhicules récréatifs et de loisirs are disappointed that the AMF's portrait does not include information about 2019, during which unprecedented resources were invested by all industry players to meet the AMF's requirements and deadlines and to launch new training on the related regulatory framework for individuals and their managers assigned to product distribution. The actions taken by industry stakeholders, the creation of a code of ethics and the enactment in June 2019 of a new regulation regarding alternative methods of insurance product distribution demonstrate the spirit of long-term cooperation with the AMF by the stakeholders and stricter, continuous oversight of the industry.

 "We want to clearly express our commitment to the future of distribution without a representative at dealerships, to cooperation with the Autorité des marchés financiers and to a transparent regulatory framework that encourages the fair treatment of consumers", insist the members of the roundtable. "We remain convinced that we are distributing quality products that meet consumers' needs."

Moreover, in the current context of the COVID-19 pandemic, many clients are glad that they have a debtor life, health and employment insurance policy under which they can submit claims to their insurer.

About the industry stakeholders

The Table de concertation portant sur l'offre de produits d'assurance par l'entremise des concessionnaires d'automobiles, de véhicules récréatifs et de véhicules de loisirs au Québec includes the following organizations: the Corporation des concessionnaires d'automobiles du Québec (corporation of Quebec automobile dealers), the Quebec Used Car Dealers Association, the Association des commerçants de véhicules récréatifs du Québec (Quebec association of recreational vehicle dealers), the Quebec Powersports Dealers Association, iA Financial Group and SSQ Insurance.

SOURCE Table de concertation portant sur l'offre de produits d'assurance par des concessionnaires d'automobiles, de véhicules récréatifs et de loisirs