September 6, 2004 by Canadian Underwriter
Lloyd’s has been granted an injunction in Ontario Superior Court against Ian Stuart, who, the London market contends, has been holding himself out as a Lloyd’s representative without authorization.
The court order prohibits Stuart from purporting to place business with Lloyd’s or any of its syndicates or from using any named other than Ian Stuart. Stuart is also known as Ian Stuart Smith, Ian Stewart, Ian Smith, John Harris, John Harrington, Surplus Lines Inc, Heritage International Inc., KRL Enterprises Inc., KRL Enterprises Ltd. and John Harris.
The injunction follows a notice published by Lloyd’s in July 2002 to the effect that Stuart, or any of the other above mentioned individuals or entities, had not authority to place insurance with the London market. At that time, the Court of Queen’s Bench in Saskatoon had also prohibited Stuart from purporting to act on behalf of Lloyd’s or any other insurance company. At the time, other insurers, including Great American Insurance Group, had also issued notices stating Stuart did not have authority to transact business with them or on their behalf.
Now, Lloyd’s says it has learned of other parties in the U.S. and Canada who have purchased insurance from Stuart, or other of the individuals and entities named in the court order. “Lloyd’s has also drawn this matter to the attention of insurance regulators in Canada and the United States, including the Insurance Council of Saskatchewan, the Registered Insurance Brokers of Ontario, the Financial Services Commission of Ontario, the New York Department of Insurance, the California Department of Insurance, and the United States Department of Justice,” notes a statement released by Nicholas Smith, Lloyd’s Underwriters’ attorney in fact in Canada.