REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended, in particular section 441;
AND REGARDING Kostyantyn Poshtarenko.
Interim Cease & Desist Order
TO: Kostyantyn Poshtarenko
Section 441 of the Insurance Act (the “Act”) provides that the Superintendent of Financial Services may give notice in writing of a cease and desist order with respect to unfair or deceptive acts or practices.
Section 441(4) of the Act provides that if the Superintendent is of the opinion that the interests of the public may be prejudiced or adversely affected by any delay in the issuance of a permanent order, the Superintendent, without prior notice, may make an interim order which shall take effect immediately and which will become permanent on the 15th day after its making unless within that time the person requests a hearing before the Financial Services Tribunal.
The Superintendent is of the opinion that Kostyantyn Poshtarenko has been soliciting the public and holding himself out as a licenced insurance agent under the Insurance Act, R.S.O. 1990, c. I.8 (the “Act”). Section 2(1) of Ontario Regulation 347/04 prohibits any individual, partnership or corporation from acting as an insurance agent without being licensed to do so.
Accordingly, the Superintendent will issue a Notice of Proposal to Make a Permanent Cease and Desist Order and makes this Interim Cease and Desist Order.
Interim Cease & Desist Order
TAKE NOTICE THAT pursuant to section 441 of the Act, Kostyantyn Poshtarenko is ordered to immediately cease and refrain from conducting insurance business in the Province of Ontario, including the advertising, soliciting, offering, sale and adjusting of auto insurance;
TAKE NOTICE THAT this Interim Order takes effect immediately and will remain in effect until the expiry of the period for requesting a hearing in respect of the Superintendent’s Notice of Proposal to Make a Permanent Cease and Desist Order (15 days after the Notice is given, or deemed to have been delivered).
AND TAKE NOTICE THAT pursuant to subsections 447(2)(b) and (3) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every person convicted of an offence under the Act is liable to a fine of not more than $250,000.00 on a first conviction and to a fine of not more than $500,000.00 on each subsequent conviction.
AND TAKE NOTICE THAT pursuant to subsection 447(4) of the Act, every director or officer of a corporation who caused, authorized, permitted or participated in the corporation or unincorporated association committing an offence, or who failed to take reasonable care to prevent the corporation or unincorporated association from committing an offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted, and liable to a fine of not more than $100,000.00 on a first conviction and a fine of not more than $200,000.00 on each subsequent conviction.
Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, 14em, Toronto ON M2N 6L9.
ISSUED at the City Toronto, Ontario, January 18, 2017.
Original signed by “BrianMills”
Superintendent of Financial Services