Ontario, BC regulators stop unlicensed insurers

Both Ontario and B.C.’s financial services regulators are putting the stop to a “Stop ‘N Cash” operation selling insurance without a license.The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order for SNC Insurance Company (Barbados) Inc. and Stop ‘N’ Cash 1000 Inc., located in Kitchener, ON. “An investigation found that these companies are providing insurance as part of financing payroll loans and are not authorized to conduct insurance business in Ontario,” states a FSCO release.The B.C. Financial Institutions Commission (FIC) issued the same order for 609662 BC Ltd., which operates as a Stop ‘N Cash franchise in Abbotsford, BC, as well as the Stop ‘N’ Cash 1000 operation.B.C.’s FIC also recently issued a cease and desist order for International Insurance Group Inc. dba Mexico Insurance Professionals of Flagstaff, Arizona for selling unlicensed insurance. As well, the regulator has required James Barrie Cartnell and Good Holiday Inc. to cease soliciting clients for the unlicensed insurer. The entities and people involved still have the right to appeal the FIC’s decision.