FSRA names an individual known to have issued fraudulent certificate slips
The Financial Services Regulatory Authority of Ontario (FSRA) has issued a warning about an unlicensed individual operating as an insurance professional in the province.
Dean Wright is operating out of the Greater Toronto Area and the regulator says he is known to have fraudulently issued insurance certificate slips in the name of Aviva Insurance Company of Canada as insurer and HUB International Ontario Limited as broker.
He is not licensed to conduct insurance business in Ontario and the FSRA is advising consumers to avoid purchasing any insurance including auto insurance from Wright, highlighting that buying insurance from unlicensed individuals or companies means they do not have protection provided for in the Insurance Act.
There is no guarantee that the policy is genuine leading to potential rejection of any claims made. Additionally, policies may be voided or cancelled for misrepresentation which may impact insurance history and lead to higher costs.
Dean Wright is known to be using the following contact information:
- Phone number: 647-557-4524
- E-mail: [email protected]
More advice and recommendations can be offered by a FSRA-licensed insurance agent, or an insurance broker licensed by RIBO.
The warning from the FSRA follows the recent Fraud Prevention Month during March, during which the Canadian Insurance Services Regulatory Organizations (CISRO) also warned about the risks of unlicensed insurance providers.
"When it comes to detecting fraud, the old adage 'if it sounds too good to be true, it probably is,' can be a guiding principle. It can also apply to shopping for insurance,” said Patrick Ballantyne, the Chair of CISRO.
