The Autorité des marchés financiers (AMF) has unveiled the results of a self-assessment survey completed by 219 insurers that are licensed to do business in Quebec. It covers various aspects of their business practices. The regulator issued the request that insurers complete the self-assessment in May 2014, and it is aimed at obtaining an overall view of how much progress they have made in meeting the expectations the AMF laid out in the sound business practice guidelines it published in June 2013.
“The self-assessment performed by insurers is a general indication of how best practices have been implemented in the industry,” said AMF CEO Louis Morisset. “However, we have identified some areas of concern that will guide how we address sound business practices with insurers over the coming months. As a result, work and consultations with industry and will be undertaken shortly", he explained.
For the most part, these areas of concern center on the lack of formalized processes and control measures, particularly in terms of managing incentives, the design and marketing of products, as well as the areas of governance and corporate culture.