TORONTO, Dec. 10, 2019 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is protecting consumers and ensuring public trust in Ontario's financial services. We are warning consumers that Husain Yusuf Trunkwala is not licensed to conduct insurance business in Ontario.
Mr. Trunkwala appears to be soliciting auto insurance through Desjardins Insurance. He appears to be using the telephone number 647-786-7847, and the email address [email protected] or [email protected]. However, Mr. Trunkwala is not licensed with FSRA and is not affiliated or associated with Desjardins Insurance, which is licensed by FSRA.
FSRA encourages consumers to exercise caution if they are contacted by Mr. Trunkwala or anyone else from these coordinates. Consumers are also advised not to obtain insurance products, including auto insurance, arranged through him. Consumers who have acquired a fraudulent policy through Mr. Trunkwala should note that they may have any legitimate insurance policies they have cancelled.
FSRA licenses insurance agents and brokers to safeguard public confidence and trust in Ontario's financial services. A licensed insurance agent or broker in Ontario 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 insurance companies and agents.
Consumers can find a list of all insurance companies and agents licensed to do business in Ontario. The Registered Insurance Brokers of Ontario (RIBO)'s website contains a list of all brokers licensed to do business in Ontario.
Effective June 8, 2019, the Financial Services Regulatory Authority (FSRA) assumed the regulatory functions of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA is in the process of moving content from this website to www.fsrao.ca. Visit www.fsrao.ca for updates.