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SOS Warranty and Phoenix AMD Will Pay $35,000 in Voluntary Compliance Agreement
BCFSA has entered into a Voluntary Compliance Agreement with SOS Warranty Services and Phoenix AMD International after an investigation.
The investigation concluded that SOS Warranty and Phoenix AMD carried on the business of insurance in B.C. from 2021 to 2024 without being authorized to do so under the Financial Institutions Act (“FIA”). The business practices of the companies related to the supply of product warranty insurance sold to consumers in B.C.
SOS Warranty and Phoenix AMD do not admit they breached the FIA but are committed to future compliance. The companies agreed together to make a payment of $35,000 in lieu of being issued a Notice of Administrative Penalty, and a payment of $4,100 in lieu of BCFSA seeking an order for the entities to pay investigative costs.
Both companies undertake to not carry on any new business of insurance in B.C. until they are authorized or permitted to do so under the FIA.
BCFSA is continuing to engage in proactive market conduct reviews of the insurance sector in an effort to protect consumers.
Voluntary Compliance Agreement — SOS Warranty Services Inc. and Phoenix A.M.D. International Inc.
Media Contact:
Kate Bilney
Communications Manager, kate.bilney@bcfsa.ca
Visit: www.bcfsa.ca
