Financial Services Commission of Ontario warns CC&B Group Inc. and Serafattin Solak are connected to auto insurance scam

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Toronto, ON (Jun. 13, 2013) – The Financial Services Commission of Ontario is warning consumers that CC&B Group Inc. and Serafattin Solak are not licensed to do insurance business in Ontario and are connected to a fake auto insurance scam.

It has come to FSCO’s attention that Mr. Solak (who also goes by the name “George”) is soliciting insurance business through ads on Craigslist and is misrepresenting himself as an insurance broker. Consumers who responded to these Craigslist ads were directed to pay their premium in cash and provide additional payment by personal cheque to Mr. Solak. Consumers then received fake pink slips that listed CC&B Group Inc. and Jevco Insurance Company as their insurers.

The CG&B Group Inc., a legitimate brokerage registered by the Registered Insurance Brokers of Ontario, has confirmed that it is not affiliated or associated with Mr. Solak or this scam.

It should also be noted that Jevco Insurance Company, an insurance company that is licensed by FSCO, is not affiliated or associated with Mr. Solak or this scam.

Consumers should exercise caution when responding to ads or offers to purchase auto insurance that promise extremely low rates and do not provide the name of a licensed company or brokerage.

Consumers are also advised not to pay their auto insurance premium via a wire or email money transfer service – these are not common practices in the insurance industry. Cash transactions should only be made at a registered insurance broker’s or licensed insurance company’s office.

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.

FSCO’s website contains a list of all insurance companies and agents licensed to do business in Ontario as well as tips on avoiding auto insurance sales scams.

An Ontario insurance broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario’s website (RIBO) contains a list of all brokers licensed to do business in Ontario.

Further Information

Visit the FSCO website: What to Do If You Think You are a Victim of a Scam or Fraud.

SOURCE: Financial Services Commission of Ontario