Quebec’s financial sector regulator says Apple Canada has agreed to pay an administrative penalty of $175,000 after an investigation into the company’s AppleCare plan.
The Financial Markets Authority (AMF) indicated on Friday that this agreement followed an investigation into plans offering coverage against accidental damage.
The organization has determined that the terms of Apple’s offer constitute insurance, because the risk covered is not limited to defects or malfunctions of the device and must be offered by an insurer.
The AMF indicated that Apple had committed to ensuring that the AppleCare plan would be offered by an insurer authorized in Quebec.
The regulator added that Apple began changing the way plans are offered and distributed in the province before the agreement was signed.
In order to protect the customers concerned, the AMF specifies that existing contracts or those which will be concluded as part of this standardization process will remain in force.