FSRA Warns Consumers about Unlicensed Individuals Offering Automobile Insurance for cash in Ontario

TORONTO, Dec. 20, 2021 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to be aware of individuals selling automobile insurance who are not licensed with FSRA to conduct insurance business in Ontario.

It has come to FSRA's attention that there may be individuals soliciting automobile insurance policies and meeting with clients in coffee shops in and around the Windsor area. It is our understanding that most transactions for insurance resulted in a cash payment for arranging false automobile insurance coverage.

FSRA encourages consumers to exercise caution if they are contacted by any individual not licensed through FSRA, and are advised not to purchase insurance products, including automobile insurance through them.

A licensed insurance agent can provide information and advice on the benefits and risks involved with purchasing different insurance products. Consumers who purchase items or insurance from individuals or entities that are not licensed as agents or insurers in Ontario are not protected under the Insurance Act and the regulations that govern Ontario's licensed agents and insurance companies.

Consumers can find a list of all insurance companies and agents licensed to do business in Ontario on FSRA's website. The Registered Insurance Brokers of Ontario (RIBO)'s website contains a list of all brokers licensed to do business in Ontario.

FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more www.fsrao.ca.

SOURCE Financial Services Regulatory Authority of Ontario

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