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Unlicensed entity selling false proof of auto insurance: FSCO


April 5, 2017   by Canadian Underwriter


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The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that an organization known as Switzerland Imperial Bank AG, or S I B AG Corporation, is not licensed to conduct insurance business in Ontario.

“Switzerland Imperial Bank AG appears to have issued a fraudulent liability slip (“pink card”) to a consumer as proof of auto insurance,” FSCO said in a statement issued on Wednesday, adding that the entity is not licensed with FSCO or the Registered Insurance Brokers of Ontario (RIBO).

The statement said that Switzerland Imperial Bank AG is using the email address info@s-i-b-ag.com, is soliciting insurance business through their website, https://www.s-i-bank-ag.com/, and “appears to be directing Ontario consumers to their Ontario director, Enzo Jones,” at phone number (905) 551-0346.

On its website the address of Switzerland Imperial Bank AG’s headquarters is listed as Bosch 73 Huenenberg, Switzerland, and its telephone is listed as + 41 41 819 16 50.

Consumers should exercise caution if they are contacted by anyone claiming to represent Switzerland Imperial Bank AG or using these coordinates, FSCO warned. Consumers should also not purchase insurance items through the entity and are encouraged to contact the Canadian Anti-Fraud Centre.

If consumers purchase items or insurance through individuals or companies 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, the statement pointed out.

FSCO’s website contains a list of all insurance companies and agents licensed to do business in Ontario. The RIBO website contains a list of all brokers licensed to do business in Ontario.