Regulatory Alerts2012-03-02
AMF Amendments to Automobile Insurance Form Q.P.F. No. 5 Coming Into Force September 1, 2012
The Autorité des marchés financiers has approved amendments to automobile insurance form Q.P.F. No. 5 that all licensed insurers must adopt by September 1, 2012. These revisions clarify the definitions of primary policy and replacement automobile, expand total and partial loss coverage to include leasing costs and genuine parts, and update contract termination rules for changed vehicle use. Insurers must apply the amended terms to pre-existing contracts sent before the effective date without reducing commitments or increasing obligations, ensuring consistent claim settlements across the sector.
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