The Autorité des marchés financiers announced that it has reached an agreement with RBC General Insurance Company to close a file concerning the collection of statistical data concerning auto insurance.

The AMF recommended improvements to the procedure for the collection and transmission of the required information in order to ensure better supervision, particularly regarding the reliability and consistency of the data. And, the regulator announced that, following its recommendations, the firm has, “diligently implemented a new procedure for the collection and transmission of statistical data that meets the AMF’s requirements.”

“The new procedure will ensure that statistical data and information concerning the insurer’s automobile insurance experience in Quebec allows the Authority to perform its supervisory role even more effectively, particularly with regard to classification and rate practices,” it says. As a result, this also puts an end to proceedings brought against the company on December 13, 2005.

Pursuant to the agreement, the insurer will also pay the AMF $42,000 to be used in part to cover the costs of its investigation.