The Superintendent of Financial Services in Ontario is seeking a permanent cease and desist order against an individual it accuses of selling insurance without registration. In the meantime, it has issued an interim order requiring, among other things, that any premiums paid by Ontario customers in this case be refunded.

The Financial Services Commission of Ontario says that in its opinion, Peter Bariamis and Interamerican Financial Inc., carrying on business as York Commonwealth Direct have committed, and are committing, unfair or deceptive acts or practices in insurance. These allegations have not been proven. A hearing may be requested within 15 days; otherwise, the Superintendent may make a permanent order.

FSCO has imposed an interim order that takes effect immediately. It orders that Bariamis and any agents or reps stop acting as insurance agents, cease soliciting, selling, attempting to sell or negotiate insurance contracts, stop collecting or receiving money for insurance coverage of any kind and reimburse all premiums or monies paid by Ontario customers who purchased insurance from Peter Bariamis and/or Interamerican Financial Inc., carrying on business as York Commonwealth Direct.

It also orders the firm to stop carrying on business as an insurer and notify, in writing, all persons who have purchased or are purchasing any form of insurance with a copy of the cease and desist order. If a hearing is requested, the Superintendent may extend the interim order until the hearing before the Financial Services Tribunal is concluded.

In a notice, the Superintendent says the public interest may be adversely affected by a delay in issuing a permanent order because Bariamis is not licenced to act as either an insurance broker or an insurance agent in Ontario but has sold contracts to at least 393 Ontario customers. The majority of these are automobile insurance policies and the holders of those policies have been placed at risk of being exposed to uninsured losses and liabilities, it warns.