The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to beware of people selling car insurance who aren’t licensed to do so.
FSRA cautions that there could be individuals soliciting automobile insurance policies and meeting with clients in coffee shops in and around the Windsor area with most transactions being made in cash.
“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,” it said.
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 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.
