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 Security Insurance Inc.
AND REGARDING an Interim Cease and Desist Order against Security Insurance Inc.
CEASE AND DESIST ORDER
On March 29, 2011, the Superintendent issued a Notice of Proposal to issue a Cease and Desist Order under section 441(2) and an Interim Cease and Desist Order under section 441(4) of the Act against Security Insurance Inc.
No request for a hearing was made within 15 days and in accordance with section 441(4) of the Act, the Interim Cease and Desist Order became permanent on April 14, 2011.
THE SUPERINTENDENT CONFIRMS THAT the Interim Cease and Desist Order issued March 29, 2011 against Security Insurance Inc. is a permanent Cease and Desist Order and that Security Insurance Inc., and any agents, representatives and successors thereof, are ordered to:
- Immediately cease undertaking or carrying on the business of insurance in the Province of Ontario;
- Immediately 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;
- Immediately cease soliciting the sale of insurance in any form in Ontario;
- Immediately cease advertising in any form within Ontario; and
- Immediately cease maintaining or operating in Ontario, either in the name of Security Insurance Inc. 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.
ISSUED AT the City of Toronto, this 26 day of April, 2011.
Superintendent of Financial Services