May 10, 2005 by Canadian Underwriter
Approximately 400 insureds who purchased home, auto or commercial insurance from York Commonwealth Direct Insurance Co. do not have coverage at the moment, says a Registered Insurance Brokers of Ontario (RIBO) statement. The broker self-regulating body says it has begun contacting the parties in question to inform them of their current situation, and that York Commonwealth is not licensed to write insurance in Ontario. "Our primary concern at this stage is to advise anyone who has purchased insurance from Peter Bariamis that their insurance is not valid and they need to take immediate steps to protect their interest by contacting another insurance broker or agent," notes Jeff Bear, CEO of RIBO.
RIBO is currently engaged in an investigation of York Commonwealth and Bariamis, the statement confirms. RIBO was able to secure Bariamis’ "consumer list" which identifies the 400 insureds that the organization is in the process of contacting. RIBO is also coordinating its efforts with local police and other insurance regulatory bodies, including the Financial Services Commission of Ontario (FSCO), the statement adds.