RIBO issues consumer warning on Capital Insurance Company
The Registered Insurance Brokers of Ontario (RIBO) report receiving a number of inquiries from consumers who have received information from or purchased auto insurance from “Capital Insurance Company.”
Capital Insurance Company is not licensed to write insurance in Ontario, said the regulator. RIBO said individuals are being asked to sign up for insurance online and deposit the premium money into a specific bank account for the coverage. RIBO warns that false policy documents may or may not have been issued by people claiming to work for Capital Insurance Company.
RIBO advises anyone who has recently purchased insurance from Capital Insurance Company to please contact Rahim Dharssi (416) 590-7226 of the Financial Services Commission of Ontario (FSCO).
“People should exercise caution when purchasing their insurance and make certain they are dealing with a licensed representative,” said RIBO in a statement.
The licensing status of an insurance broker can be checked online here. To check the licensing status of an insurance agent, click here to access the FSCO registry.
