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Interim Cease and Desist Order Against Joseph London ("London") and Almada Insurance Limited, also known as Almada Insurance Ltd and Almada Insurance Group Inc. ("Almada")

REGARDING the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act"), in particular, sections 401, 438, 441(2) and 441(4), and Ontario Regulation 7/2000, as amended (the "Regulation")

AND REGARDING Joseph London ("London") and Almada Insurance Limited, also known as Almada Insurance Ltd and Almada Insurance Group Inc. ("Almada")

NOTICE OF PROPOSED CEASE AND DESIST ORDER

and

INTERIM CEASE AND DESIST ORDER

The Superintendent of Financial Services (the "Superintendent") is of the opinion that London and Almada have committed, and are committing, unfair or deceptive acts or practices by engaging in the business of insurance while not licensed to do so in any capacity. The particulars are set out in the Report of the Superintendent that will be served with this Notice.

TAKE NOTICE THAT pursuant to section 441(2) of the Act the Superintendent intends to order London and Almada to:

A) cease carrying on the business of insurance in any capacity, in particular as an agent or broker; and

B) cease advertising or holding out to the public in any way,  that services of any kind relating to insurance are offered or provided.

NOTE

WITHIN 15 DAYS after receiving this Notice, you may request in writing that the Financial Services Tribunal hold a hearing on whether or not a Cease and Desist Order should be issued.

IF NO HEARING IS REQUESTED within 15 days, the Superintendent may make a Cease and Desist Order in accordance with this Notice, which shall take effect on the date set out in the Cease and Desist Order.

A request for a hearing should be directed, in writing, to:

Financial Services Tribunal
5160 Yonge Street
Box 85
Toronto ON M2N 6L9          
Attention:  Registrar
Fax: 416.226.775

INTERIM CEASE AND DESIST ORDER

Pursuant to section 441(4) of the Act, if the Superintendent is of the opinion that the interest of the public may be prejudiced or adversely affected by any delay in the issuance of a permanent Cease and Desist Order, the Superintendent, without prior notice, may make an Interim Cease and Desist Order which shall take effect immediately and which shall become permanent unless within 15 days of receipt of the Interim Cease and Desist Order the named person requests a hearing before the Financial Services Tribunal.

The Superintendent is of the opinion that the interests of the public may be prejudiced or adversely affected by any delay in the issuance of a permanent order. The Superintendent is of this opinion because members of the public had purchased from London and/or Almada insurance policies that are invalid and of no force and effect. Persons who have purchased such insurance or who may purchase such insurance in the interim before a permanent order is issued are exposed to significant financial and property loss as a result of not having insurance coverage. Effective this date, pursuant to section 441(4) of the Act, the Superintendent orders that London and Almada:

C. cease carrying on the business of insurance in any capacity, in particular as an agent or broker;
and

D. cease advertising or holding out to the public in any way,  that services of any kind relating to insurance are offered or provided.

AND TAKE NOTICE THAT the above Interim Cease and Desist Order shall become permanent on the 15th day after you receive it, unless within 15 days a written request for a hearing before the Financial Services Tribunal is made.

AND TAKE NOTICE THAT if a hearing is requested, the Superintendent may extend the Interim Cease and Desist Order until the hearing before the Financial Services Tribunal is concluded.

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 thatwhere 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, February 8, 2008.  

 

 

_____________________________

Robert E. Christie

Superintendent of Financial Services

TO:              

John Joseph London
4536 Woodkilton Road
Woodlawn, Ontario  K0A 3M0

AND TO:                                                                               

Almada Insurance Limited
4536 Woodkilton Road 
Woodlawn, Ontario  K0A 3M0   

Attn:

John Joseph London, Vice President and Director