Public Alert - Unlicensed Entity Selling False Insurance
TORONTO, June 5, 2014 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that an organization known as Strategy Insurance Limited is not licensed to do insurance business in Ontario.
This entity appears to have issued a fraudulent insurance policy to an individual against any amounts owed to the Canada Revenue Agency, following the individual's donation to a charity.
Consumers should exercise caution if they are contacted by anyone matching this description.
If consumers purchase items or insurance from agents or insurers that are not licensed in the province, they are not protected under the Insurance Act and the regulations that govern Ontario's licensed insurance companies and agents.
An Ontario insurance agent or broker can provide information and advice on the risks involved with purchasing different insurance products.
FSCO's website contains 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.
SOURCE: Financial Services Commission of Ontario
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