(October 12 – 11:45 ET) – The Financial Services Commission of Ontario has banned another Ontario barter company from advertising and soliciting the sale of invalid insurance over its Web site.
The cease and desist order issued by FSCO orders Barter Connection International (also known as BCI-Genesis and BCI-Ottawa) of Durham, Ont., to “immediately cease and desist advertising, publishing or soliciting the sale, promotion or availability of insurance products of insurers not licensed to do business in Ontario.” Barter companies are not licensed to sell insurance.
Barter Connection International was advertising insurance products for Robert L. Brown, Tri-Continental Exchange Ltd., John Madsen and Interchange Ad Corp. Brown, Tri-Continental and Madsen have all been previously ordered to cease and desist their “insurance” business in Ontario.
Superintendent of Financial Services Dina Palozzi said “I am concerned about the total disregard shown by Robert L. Brown, Tri- Continental Exchange Ltd. and John Madsen for the Cease and Desist Orders made against them in 1996.” Palozzi added “Anyone owning or driving a car that is insured by or through Tri-Continental Exchange is in violation of the Compulsory Automobile Insurance Act. This means that the owner, driver, and other members of the public are all at risk as a result of this unlicensed insurance.”
“People looking for short term savings could be looking at lifetime payments if they are involved in a serious accident,” said Palozzi. “They have put themselves and other people at risk by purchasing unlicensed, invalid insurance.”
Barter Connection International has complied with the interim cease and desist order.
-IE Staff