Permanent Cease and Desist Orders Against Peter Bariamis and Interamerican Financial Inc. Carrying on Business as York Commonwealth Direct
REGARDING the Insurance Act, R.S.O. 1990, Chapter I.8, as amended, in particular section 441 (the “Act”)
AND REGARDING a Proposed Permanent Cease and Desist Order against Peter Bariamis and Interamerican Financial Inc. carrying on business as York Commonwealth Direct
AND REGARDING an Interim Cease and Desist against Peter Bariamis and Interamerican Financial Inc., carrying on business as York Commonwealth Direct
NOTICE OF PERMANENT CEASE AND DESIST ORDER
Subsection 441(2)of the Insurance , (the “Act”), provides that where the Superintendent is of the opinion that a person has committed or is committing any act, or has pursued or is pursuing any course of conduct, that is an unfair or deceptive act or practice, or might reasonably be expected to result in a state of affairs that would constitute an unfair or deceptive act or practice, the Superintendent may give notice in writing of his intention to order any person to cease or refrain from doing any act or pursuing any course of conduct identified by the Superintendent or to perform such acts that, in the opinion of the Superintendent, are necessary to remedy the situation. Within 15 days of receiving the notice, a person may request in writing that the Financial Services Tribunal hold a hearing before the Superintendent takes any action described in the notice.
Subsection 441(4) of the Act provides that if the Superintendent is of the opinion that the interests of the public may be adversely affected by any delay in the issuance of the order, the Superintendent may, without prior notice, make an interim order which takes effect immediately and which shall become permanent on the 15th day after its making unless within that time a hearing is requested.
On June 6, 2005, the Superintendent issued a notice under subsection 441(2) and an Interim Order under subsection 441(4) of the Act. There has been no request for a hearing and, in accordance with subsection 441(4) of the Act, the Interim Order became permanent on June 22, 2005.
The Superintendent confirms that the Interim Order dated June 6, 2005 (attached) is a Permanent Order as of June 22, 2005.
DATED at the City of Toronto on the th day of June, 2005.
Bryan P. Davies
Superintendent of Financial Services
769 Pape Ave
Interamerican Financial Inc., carrying on business
as York Commonwealth Direct
769 Pape Ave