The Autorité des marchés financiers announced that it has launched penal proceedings against four insurers on allegations that they failed to file certain data.

The AMF reported that it has launched proceedings before the Court of Quebec (Criminal and Penal Division), in the judicial district of Montreal, against Traders General Insurance Co., Scottish & York Insurance Co. Ltd., Aviva Insurance Co. of Canada and Elite Insurance Co

“As authorized insurers, each company faces 12 charges for failure to file with the Groupement des assureurs automobiles, upon request and in the prescribed form, the statistical data and information referred to in section 177 of the Automobile Insurance Act concerning its automobile insurance experience for each month from July 2005 to June 2006,” it said.

If found guilty on all charges, each insurer will be liable to a minimum fine of $8,400, the AMF noted, adding, “However, the AMF will be seeking a higher fine than the minimum amount provided for under the Act, namely, $84,000 for each insurer.”