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Cease and Desist Order against Summit Underwriting Group Inc., carrying on business as Summit Underwriting Group, and Jared Howard Clarke

​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 Summit Underwriting Group Inc., carrying on business as Summit Underwriting Group, and Jared Howard Clarke.

 

CEASE AND DESIST ORDER

 
Pursuant to section 441(2) of the Act, if the Superintendent of Financial Services (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.
 
Pursuant to sections 441(2) and 441(4) of the Act, the Superintendent issued a Notice of Proposed Cease and Desist Order and Interim Cease and Desist Order on March 30, 2011.  Summit Underwriting Group Inc., carrying on business as Summit Underwriting Group, and Jared Howard Clarke were served with the Notice on March 31, 2011.
 
Summit Underwriting Group Inc., carrying on business as Summit Underwriting Group, and Jared Howard Clarke did not file a request for a hearing before the Financial Services Tribunal within the time allowed under the Act.
 
TAKE NOTICE THAT pursuant to sections 441(2), 441(4) and 441(7) of the Act, the Superintendent orders that Summit Underwriting Group Inc., carrying on business as Summit Underwriting Group, and Jared Howard Clarke, and any of their agents, representatives and successors thereof: 
 
A. Immediately cease acting as insurance agents in the Province of Ontario;
B. Immediately cease offering, or assuming to act in the negotiation of insurance in the Province of Ontario,
C. Immediately cease holding themselves out as insurance agents in the Province of Ontario.
 
AND TAKE NOTICE THAT section 447(2)(b) of the Act  provides that any person who fails to comply with any order made under the Act is guilty of an offence, and section 447(3) of the Act provides that a person convicted of an offence under the Act is liable on a first conviction to a fine of not more than $100,000 and on each subsequent conviction to a fine of not more than $200,000.
 
AND TAKE NOTICE THAT section 447(4) of the Act provides that every director, officer and chief agent of a corporation who caused, authorized, permitted or participated in a corporation committing an offence under the Act, or who fails to take reasonable care to prevent a corporation from committing an offence under the Act, is also guilty of an offence and is liable on a first conviction to a fine of not more than $100,000 and on each subsequent conviction to a fine of not more than $200,000.
 
AND TAKE NOTICE THAT section 447(5) of the Act provides that where a person is convicted of an offence under the Act, the court making the conviction may, in addition to any other penalty, order the person convicted to make compensation or restitution in relation to the offence.
 
DATED at Toronto, Ontario, April 18, 2011  
 
 
Philip Howell 
Superintendent of Financial Services
 
TO:
Summit Underwriting Group Inc.
Jared Howard Clarke
205 - 232 Merton Street
Toronto, Ontario M4S 1A1