March 19, 2013
Insurance Fraud
Recently the Registered Insurance Brokers of Ontario has experienced a number of calls from people who have been caught in an insurance scam.
Consumers are being directed to send money by wire transfer or money gram to purchase insurance coverage.
Licensed insurance Brokers or Agents would NOT request premium payments by wire transfer. People should exercise caution when purchasing their insurance and make certain they are dealing with a legitimate Insurance Broker or Agent. To check the licensing status of an insurance Broker or Brokerage, please go to RIBO/Search Licensed Broker/Brokerage. To check the licensing status of an insurance Agent, please go to FSCO/Licensed Representatives Listings and for an insurance Company, please go to FSCO/Licensed Insurance Companies.
Any persons who may have been caught by the above scam, please call the Registered Insurance Brokers of Ontario at 416-365-1900 or 1-800-265-3097.
The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.