FSCO warns of unlicensed activity by Sentel Insurance

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Warning: ‘Sentel Insurance’ is not licensed to do insurance business in Ontario

Toronto, ON (Jul. 30, 2013) – The Financial Services Commission of Ontario is warning consumers that Sentel Insurance is not licensed to do insurance business in Ontario.

FSCO has been informed that a company or individual identifying themselves as “Sentel Insurance” has been placing phone calls to Royal Bank of Canada clients. The calls come from the phone number 587-880-4306, and ask for the recipient’s personal information for the purposes of offering identity theft protection insurance on behalf of RBC.

Consumers should exercise caution if they are contacted by anyone from these coordinates.

FSCO has confirmed with RBC that Sentel Insurance does not appear to be selling a valid product, and is not a valid insurance agency associated with RBC.

If consumers purchase insurance from agents or insurers 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.

An Ontario insurance agent or broker can provide advice on the risks involved with purchasing different insurance products. For more information, see What to Do If You Think You are a Victim of a Scam or Fraud from the FSCO.

About the Financial Services Commission of Ontario

FSCO is an agency of the Ontario Ministry of Finance, and regulates insurance, pensions, credit unions, caisses populaires, co-operatives, mortgage brokers, and loan and trust companies. For more information visit, www.fsco.gov.on.ca.

SOURCE: Financial Services Commission of Ontario