Insurance regulators are warning about a couple of unlicensed firms, stressing that they are not associated with licensed companies that have similar names.
The Financial Services Commission of Ontario issued warnings that firms known as Royal Insurance and American Insurance are not licensed to do insurance business in Ontario.
FSCO says that Royal Insurance is not affiliated, or associated, with Royal & Sun Alliance Insurance Company of Canada. Similarly, it notes that American Insurance isn’t affiliated with either The American Road Insurance Company or The Great American Insurance Company.
“If consumers purchase insurance from 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,” it warns. FSCO’s website lists all insurance companies and agents licensed to do business in Ontario.