Cease and Desist Order Against Timothy David Magill and Ben Net Corporation

REGARDING the Insurance Act, R.S.O. 1990, Chapter I.8, as amended, in particular section 441

AND REGARDING a Proposed Cease and Desist Order against Timothy David Magill and Ben Net Corporation


CEASE AND DESIST ORDER

BACKGROUND

The Superintendent of Financial Services ("Superintendent") is of the opinion that Timothy David Magill ("Magill") and Ben Net Corporation ("Corporation") have committed unfair or deceptive acts or practices by contravening section 393(23) of the Insurance Act, (the "Act") by acting as agents without being the holder of a licence issued under the Act.

 

Following an investigation into this matter, Magill agreed by Minutes of Settlement to waive his rights to a hearing and to consent to the following Order. Magill also executed the Minutes of Settlement on behalf of the Corporation.

 

PURSUANT TO section 441(2) of the Insurance Act and to the Minutes of Settlement between Magill and the Corporation and the Superintendent,

ORDER

THE SUPERINTENDENT HEREBY ORDERS that Magill, the Corporation, and any agents or representatives thereof:

A. Immediately cease conducting the business of an insurance agent;

B. Refrain from contacting any insurance company directly or indirectly for the purpose of putting in place insurance on vehicles, property or other things of value that do not belong to Magill.

 

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 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 FURTHER TAKE NOTICE THAT section 447(4) of the Act provides that every director, officer, and chief agent of a corporation who caused, authorised, permitted or participated in a corporation committing an offence, or who fails to take reasonable care to prevent a corporation from committing an offence, 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.


ISSUED AT the City of Toronto, December 29, 2005


Robert Christie
Chief Executive Officer and
Superintendent of Financial Services

TO:

Timothy David Magill
39 Balmoral Crescent
North Bay, ON
P1A 2E3