Regulatory Alerts2024-11-28
AMF Notice: Amendments to Q.E.F. No. 43 and 4-43 Endorsements Effective January 15, 2025
The Autorité des marchés financiers (AMF) issued this notice to amend Q.E.F. No. 43 and 4-43 motor vehicle endorsements, mandating that insurers calculate partial loss repairs using new original equipment manufacturer parts and total loss cash settlements based on a marked-up purchase price adjusted by the Quebec automobile consumer price index. These standardized indemnity options take effect on January 15, 2025, and apply to all active insurance contracts until the updated forms are delivered. Policyholders thereby secure guaranteed access to full coverage benefits, with insurers required to apply the revised calculations regardless of whether vehicles are replaced or retained as cash settlements.
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