Unlicensed entity selling false insurance in Ontario: FSCO

The Financial Services Commission of Ontario (FSCO) has issued a public alert warning consumers that an organization known as Strategy Insurance Limited is not licensed to do insurance business in the province.

Emphasizing the need to exercise caution if contacted, FSCO reports the entity appears to have issued a fraudulent insurance policy to an individual against any amounts owed to the Canada Revenue Agency, following the individual’s donation to a charity.

FSCO warns that consumers who purchase items or insurance from agents or insurers who are not licensed in Ontario are not protected under the provincial Insurance Act and 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.

If a person suspects that he or she may be a victim or target of a scam or fraud, FSCO advises reporting the matter to police. If one wishes to remain anonymous, concerns can be reported to Crime Stoppers.