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 has been used in relation to this scam: 601-990-6303. Victims 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 and the regulations that govern Ontario’s licensed insurance companies and agents.
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 contains a list of all brokers licensed to do business in Ontario.