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Based on feedback from MGA compliance officers, we’ve compiled a few topics and summaries of timely compliance issues. We hope to deliver compliance news to you bi-monthly. Topics are based on current changes, inquiries from compliance officers and topical situations. 

This issue:

Introduction of administrative monetary penalties

o       FSCO receives power to levy administrative monetary penalties

o       Insurance Council of BC in the process of implementing administrative monetary penalties

o       Quebec can impose administrative monetary penalties