Regulatory Alerts2025-07-14
AMF Notice on Cancellation of Damage Insurance Contracts and Short-Term Rate for Premium Overpayment Refunds
The Autorité des marchés financiers (AMF) issued this notice to amend previous guidance on damage insurance contract cancellations, requiring insurers to demonstrate the reasonableness of short-term rates used in cancellation tables. This ensures compliance with Civil Code of Québec article 2479 and guarantees fair treatment for clients receiving premium overpayment refunds. The regulator will verify that insurers apply sound commercial and prudent management practices when calculating these refunds across all damage insurance contracts.
Share