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Royal Insurance Company and Stock Exchange Insurance are not licensed to do insurance business in Ontario

The Financial Services Commission of Ontario (FSCO) is warning consumers that Royal Insurance Company and Stock Exchange Insurance are not licensed to do insurance business in Ontario.  
 
The following phone number and address have been used in relation to this scam:
 
601-990-6303
 
1400 Provincial Road
Windsor, Ontario
Canada
N8W 5W1
 
Victims of this scam report being directed to call this number and speak with “Gina” about arranging insurance. False insurance slips with the above address were also issued to victims.
 
The following phone number has been used in relation to this scam: 601-990-6303Victims of this scam report being directed to call this number and speak with “Gina” about arranging insurance.
 
This scam is similar to a previous scam that FSCO issued a warning about (see Royal Insurance).
 
It should be noted that Royal Insurance Company and Stock Exchange Insurance are not affiliated or associated with Royal & Sun Alliance Insurance Company of Canada, an insurance company that is licensed by FSCO. 
 
If consumers purchase insurance from agents that are not licensed in the province, they are not protected under the Insurance Act [New Window] 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 as well as tips on avoiding auto insurance sales scams. Some of the tips include how to spot false advertising and how to identify common scams.
 
An Ontario insurance broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario (RIBO)'s website [New Window] contains a list of all brokers licensed to do business in Ontario.
 

CONTACT

Public inquiries

1-800-668-0128

Auto Insurance Fraud Hotline

 
Phone: 1-855-5TIP-NOW
 
 
 

ADDITIONAL INFORMATION