April 27, 2012
The Financial Services Commission of Ontario (FSCO) is warning consumers that Ottawa Insurance Broker Services (www.ottawainsurancebrokerservices.com) is not licensed to do insurance business in Ontario as either an insurance agency or an insurance broker.
The Registered Insurance Brokers of Ontario (RIBO) have also published a warning about this company.
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.
An Ontario insurance agent or broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario (RIBO)'s website contains a list of all brokers licensed to do business in Ontario.