AMF extends transition period for sale of replacement guarantees
The Autorité des marchés financiers (AMF) is extending the transition period for the sale of replacement guarantees to September 30, 2010. As a result, the date set for full and final implementation of the new rules governing replacement insurance and use of the AMF-approved form is now October 1, 2010.
In a Notice published on its website, the AMF indicated that replacement guarantees will no longer be sold as of October 1, 2010 (previously, the deadline was August 1, 2010). This product will be replaced by motor vehicle replacement insurance, which will be issued by duly authorized insurers.
Therefore, as of October 1, automobile insurance policy Q.P.F. No. 5 and endorsement Q.E.F. No. 5-25 – Modified Declarations Endorsement must be used.
The AMF said this exceptional measure is intended to ensure the effective implementation of the new regime and to protect consumers.
