Interim Cease And Desist Order Against Carlos And Manuel Castro

The allegations contained in these documents have not been proven in a hearing before the Financial Services Tribunal.

REGARDING the Insurance Act, R.S.O. 1990,
Chapter I.8, as amended, in particular section 441

AND REGARDING an Interim Cease and Desist Order Against Carlos and Manuel Castro

 

EXTENSION OF INTERIM CEASE AND DESIST ORDER

On December 2, 2004, the Superintendent of Financial Services (“Superintendent”) issued an Interim Cease and Desist Order against Carlos and Manuel Castro.

The Interim Cease and Desist Order required Carlos and Manuel Castro, and any agents or representatives thereof, to:           

A.        Immediately cease carrying on business as statutory accident benefits representatives;

B.         Immediately notify in writing all of their clients who have claims for statutory accident benefits that they can no longer act for them; provide them with a copy of this cease and desist order; and, provide copies of every notification sent to each client to the Superintendent forthwith; and,

C.        Immediately cease advertising or holding themselves out, in any form, as  statutory accident benefits representatives within Ontario;

The Interim Cease and Desist Order was issued pursuant to subsection 441(4) of the Insurance Act.

On December 10, 2004, Carlos and Manuel Castro each filed a Request for Hearing by the Financial Services Tribunal. No hearing date has been scheduled as yet.

The Superintendent is of the opinion that the Interim Cease and Deist Order should be extended until the hearing in this matter has been concluded and Interim Cease and Desist Order is either confirmed, varied or revoked by the Financial Services Tribunal. The Superintendent continues to be of the opinion that the interests of the public may be prejudiced or adversely affected by any delay.

ORDER

TAKE NOTICE THAT pursuant to subsection 441(6) of the Insurance Act ,the Superintendent orders that the Interim Cease and Desist Order issued December 2, 2004, be extended until the hearing before the Financial Services Tribunal is concluded and the Interim Cease and Desist Order is confirmed, varied or revoked.

           

ISSUED AT the City of Toronto, December 16 , 2004

                                                                 

Bryan P. Davies

Superintendent of Financial Services

TO:                 

Manuel Castro
c/o 1183 Finch Avenue West
Suite 509
Toronto, Ontario
M3J 2G2

AND TO:        

Carlos Castro
c/o 1183 Finch Avenue West
Suite 509
Toronto, Ontario
M3J 2G2