I Have Received a Notice of Inspection

In 2005, the Autorité des marchés financiers (AMF) mandated the ChAD to inspect brokerage and claims adjustment firms consisting of 24 representatives or less. Each year, ChAD carries out the inspection of some 230 cabinets, the list of which is transmitted to it by the AMF.

Although inspections are compulsory, they should be seen as an opportunity to reinforce the quality and the compliance of the practice. They is indeed a chance to tap into the knowledge of the ChAD inspectors, who are professionals of the damage insurance industry. Only the deficiencies that are noted but are not corrected within the prescribed time limits can lead to sanctions by the AMF.

Overview of a Professional Inspection

The AMF provides the ChAD with a list of firms where inspections are required.

Two weeks before the inspection, these firms receive a notification message from the ChAD inspector informing them of the inspection date and of the documents they need to prepare.

The inspection takes place, generally in one day, in the presence of the firm’s manager and the majority of the firm’s employees, for individual interviews.

Within 15 days following the inspection, a report is sent to the firm, mentioning the deficiencies, if any, noted by the inspector as well as the time limit granted to correct the situation.

If the corrective measures are not carried out within the prescribed time limit, the ChAD notifies the AMF.