FSCO Warning Notice - November 2, 2006

Gestion Lamca Inc. and Unlicensed Insurance Activity

On October 19, 2006, Gestion Lamca Inc., a Québec company operating in Ontario, was found guilty on two charges arising from breaches of the Superintendent of Financial Services’ Interim Cease and Desist Order.  The court found that the company had violated the Superintendent’s Order to immediately cease carrying on the business of insurance in Ontario. The company was fined $50,000 on each charge.

During an investigation conducted by the Financial Services Commission of Ontario, Société Canadienne de Cautionnement (SCC) Inc. (otherwise known as Canadian Bonding Corporation), Gestion Lamca Inc. (otherwise known as Lamca Holdings Inc.) and Roger Goulet were found to be engaged in the business of insurance in Ontario without a licence.

The Superintendent has issued a Permanent Cease and Desist Order against Société Canadienne de Cautionnement (SCC) Inc., Gestion Lamca Inc., and Roger Goulet, banning them from operating in Ontario.

Consumers should be sure they are always dealing with a licensed agent or company. FSCO’s website contains lists of licensed insurance companies, agents, corporations and partnerships. Insurance broker information is available on the Registered Insurance Brokers of Ontario (RIBO) website.