NEWS photo Cindy Goodman

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Wednesday, December 9,°1992 ~ North Shofe News = 4

NV insurance co. assets frozen

THE SUPERINTENDENT
of Financial Institutions,
Robert Hobart, has frozen
the assets of two North
Vancouver-based businesses
and one businessman.

The assets of Schmidt Insurance
Underwriting Corp., Ernest Ed-
ward Schmidt and Ernie Schmidt
inc. have been frozen while
allegations of misconduct are in-
vestigated.

Schmidt and the two insurance
agencies conduct business at 1087
Churchill Cres. in North Van-
couver,

According to the Financial {n-
stitutions Commission, allegations
have been made that persons or
companies who have paid in-
surance premiums for Lioyd’s of
London coverage may not have

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Alan) Clack, dircetor of | in-
vestigations for the Financial In-
stitutions Comn On, said it is
important that clients of these
agencies request a review of their
irsucance coverage by an in-
surance agent. They can also con-
tact Clark at 660-2508 for further
information.

In addition, Hobart said an in-
formation letter, will be sent to the
clients and brokers believed to be
affected.

The freeze order, which may be
appealed, was issued on Dec. 3
under Section 237 of the Financial
Institutions Act.

On Dec. 4, the licences for Er-
nie Schmidt Inc., Schmidt In-
surance Underwriting Corp. and
their, employees, Ernest Edward
Schmidt, James Elvin Moran and
Paul David Madili were returned

to the Insurance Council of B.C.
As a result,

licensed to conduct

business in B.C.

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