Regulatory Alerts2018-12-21
Notice Regarding Changes to the Guide to Compliance Audit Program and Use of FCSA Data
The Autorité des marchés financiers (AMF) has updated its Guide to Compliance Audit Program and Use of FCSA Data to align with legislative amendments effective July 13, 2018. The revised guide permits insurers to consult the FCSA database at the time of policy application or renewal for risk classification and rate calculation, provided they subsequently verify and document the claims history with the customer. Updated underwriting definitions and compliance rule 2.3 establish specific audit control measures, with the new guide taking effect upon its December 20, 2018 publication in the Authority's Bulletin.
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