Extension of Interim Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

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 First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

 

AND REGARDING an Interim Cease and Desist Order against First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar

 

EXTENSION OF INTERIM CEASE AND DESIST ORDER

 
 
On October 14, 2011, the Superintendent of Financial Services (“Superintendent”) issued an Interim Cease and Desist Order and Notice of Proposed Cease and Desist Order pursuant to the Act. The Interim Order took effect immediately and provided that First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar and any agents, representatives and successors thereof:
  
A.   Immediately cease undertaking or carrying on the business of insurance in the Province of Ontario;
 
B.   Immediately cease advertising insurance in any form in Ontario; and
 
C.   Immediately cease maintaining or operating in Ontario, either in the name of First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar, 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.
 
On November 1, 2011, First Nation Insurance Group, FNIG Holding Corporation and Vijaykumar Ramkumar requested a hearing before the Financial Services Tribunal (“Tribunal”) in respect of the Superintendent’s Notice of Proposed Cease and Desist Order.
 
Pursuant to section 441(6) of the Act, as a hearing has been requested, the Superintendent may extend the Interim Order until the hearing is concluded and the order is confirmed, varied or revoked.
 
The Superintendent continues to be 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.
 

ORDER

 
The Superintendent orders that the Interim Order to Cease and Desist issued October 14, 2011, is extended until the hearing is concluded and the order is confirmed, varied or revoked.
 
 
DATED at Toronto, Ontario, November    17   , 2011.
 
 
Philip Howell
Superintendent of Financial Services
 
TO:                
 
First Nation Insurance Group and FNIG Holding Corporation                       
4544 Sheppard Avenue East, Suite 211
Toronto, Ontario
M1S 1V2
 
Attention:
 
Mr. Vijaykumar Ramkumar
 
AND TO:      
 
Mr. Vijaykumar Ramkumar
199 Morningview Trail
Scarborough, Ontario
M1B 1V2
 
AND TO:      
 
Larissa Easson
Financial Services Commission of Ontario
Legal Services Branch
5160 Yonge Street, Suite 1700
Toronto ON  M2N 6L9
Tel: 416-226-7842
Fax: 416-590-7556