Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular section 441

 

AND REGARDING a Proposed Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

 

AND REGARDING an Interim Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

 

CEASE AND DESIST ORDER

 
On October 14, 2011, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposed Cease and Desist Order and an Interim Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar (the “Applicants”). The Applicants requested a hearing in accordance with section 441(3) of the Act.
 
This Order is made pursuant to Minutes of Settlement.

ORDER

 
THE SUPERINTENDENT ORDERS Vijaykumar Ramkumar, unless a valid licence is first obtained, and First Nation Insurance Group and FNIG Holding Corporation, to:
 
a. Cease undertaking or carrying on the business of insurance in the Province of Ontario;
 
b. Cease collecting money or anything else of value from any member of the public, in exchange for assisting in the placement of or placing insurance policies in Ontario of any kind;
 
c. Cease soliciting the sale of insurance in any form in Ontario;
 
d. Cease advertising insurance in any form in Ontario;
 
e. Cease maintaining or operating in Ontario, either in the name of First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar, or in the name of any agent, representative or successor, an office for the transaction of the business of insurance either in or out of Ontario; and
 
f. Cease using the corporate or business names First Nation Insurance Group, FNIG, or any other name making express or implicit reference to the term “insurance”, for the transaction of business of any kind in Ontario.
 
 
ISSUED AT the City of Toronto, this 24th day of October, 2012.
 
 
Original signed by "Philip Howell"
 
 
Philip Howell
Superintendent of Financial Services