THE AMF CONDITIONALLY LEGALIZED PAYMENT OF COMMISSION ON TERM CONVERSION TO UNLICENSED INDIVIDUALS AND MUCH MORE…

In a notice on May 23rd, the AMF informed insurers and advisors that the existence of orphan policies was in violation of several articles of the Law on the distribution of financial products and services and of the Insurance Act.

However the AMF went much further than this. Instead of interpreting the law, the AMF modified and added words to the law therefore usurping the legislative powers of the elected legislators in regards to when an unlicensed individual can receive commission from the sale and service of an insurance product….

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