November 24, 2011
The Financial Services Commission of Ontario (FSCO) is warning consumers that Best Term (www.bestterm.ca) is not licensed to do insurance business in Ontario as an insurance agent.
If consumers purchase 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.
FSCO’s website contains a list of all insurance companies and agents licensed to do business in Ontario.
An Ontario insurance agent or broker can provide information and advice on the risks involved with purchasing different insurance products.