TORONTO, Dec. 6, 2022 /CNW/ - On June 30, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) warned Ontario consumers to avoid using Relm Insurance Limited (Relm) to obtain insurance.
After discussions, Relm has made the following changes to their website:
Included disclosures and disclaimers clarifying that Relm is a Bermuda-domiciled insurance company, authorized and regulated by the Bermuda Monetary Authority.
Stated that Relm is not licensed outside of Bermuda and works with appropriate insurance brokers to facilitate the placement of coverage outside Bermuda.
Informed consumers seeking insurance coverage that they must contact a local licensed insurance broker in their jurisdiction.
FSRA licenses insurance agents and insurers to safeguard public confidence and trust in Ontario's financial services.
If purchasing insurance products from individuals or entities not licensed in Ontario, consumers are not protected under the Insurance Act.
FSRA encourages consumers to check the public registry to ensure they work with a FSRA licensed insurance company. They can also visit the Registered Insurance Brokers of Ontario (RIBO)'s website for a list of all brokers licensed to do business in Ontario.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca
For public inquiries, please email firstname.lastname@example.org
For media inquiries:
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
SOURCE Financial Services Regulatory Authority of Ontario
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