TORONTO (December 24, 2004) – The Superintendent of Financial Services issued an Interim Cease and Desist Order against Myrtie Rose Benefit Program Inc. and its four directors. The Order is effective immediately.
The Financial Services Commission of Ontario (FSCO) is alerting members of the public who may have been doing insurance business with Myrtie Rose Benefit Program Inc. that they should not do business with this company as it is not licenced to carry on the business of insurance in Ontario.
FSCO is also informing those clients of Myrtie Rose Benefits Program Inc. whose premiums are automatically deducted from their bank accounts that they should take appropriate action to stop these payments.
The Order reads:
Under section 441(4) of the Insurance Act, the Superintendent orders that Myrtie Rose, Joy Morris, Ian Anthony Morris, Fisola Robinson and Tinuola Shaw, and any agents or representatives thereof:
A. Immediately cease carrying on business as an insurer, and in particular cease undertaking or offering to undertake, directly or indirectly, insurance, as defined in the Act, in any form including through a Group Benefit Plan or any form of policy and in particular optical, dental, drug and health care policies;
B. Immediately cease withdrawing any funds, directly or indirectly, from any person in respect of any form of insurance, as defined in the Act;
C. Immediately notify, in writing, all persons who have purchased or are purchasing any form of insurance, as defined in the Act, that they are not authorized to provide or sell any form of insurance, provide such persons with a copy of this cease and desist order, and provide copies of every notification sent to such person to the Superintendent forthwith; and
D. Immediately cease advertising or holding themselves out, in any form, as being able to undertake, or in any other way provide, insurance, as defined in the Act.
A copy of the Interim Cease and Desist Order is available on the FSCO website.
FSCO lists all companies licensed to carry on the business of insurance in Ontario on its website at: .
FSCO is an arm's-length agency of the Ministry of Finance. It regulates insurance companies, pension plans, loan and trust companies, credit unions and caisses populaires, mortgage brokers and co-operatives.
Senior Manager, Public Affairs
Permanent Cease And Desist Order Against Myrtie Rose Benefit Program Inc.
Interim Cease And Desist Order Against Myrtie Rose Benefit Program Inc.