FSRA Issues Triple Warning Over Unlicensed Insurance Agents in Ontario

Muhammad Bajwa and Husain Trunkwala are not licensed to conduct insurance business in Ontario

Toronto, ON (Dec. 10, 2019) – The Financial Services Regulatory Authority of Ontario (FSRA) is protecting consumers and ensuring public trust in Ontario’s financial services. We are warning consumers that the individuals and company below are not licensed to conduct insurance or mortgage business in Ontario.

Muhammad Bajwa

Muhammad Bajwa appears to be soliciting auto insurance through Sonnet Insurance. He appears to be operating out of 1280 Finch Ave W, Suite 407, North York, Ontario, M3J 3K6 using the telephone number 647-894-5526, and the email address [email protected]. However, Mr. Bajwa is not licensed with FSRA and is not affiliated or associated with Sonnet Insurance, which is licensed by FSRA.

FSRA encourages consumers to exercise caution if they are contacted by Mr. Bajwa or anyone else from these coordinates. Consumers are also advised not to obtain insurance products, including auto insurance, arranged through him.

FSRA licenses insurance agents and brokers to safeguard public confidence and trust in Ontario’s financial services. A licensed insurance agent or broker can provide information and advice on the benefits and risks involved with purchasing different insurance products. Consumers who purchase items or insurance from individuals or entities that are not licensed as agents or insurers in Ontario are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.

Consumers can find a list of all insurance companies and agents licensed to do business in Ontario. The Registered Insurance Brokers of Ontario (RIBO)’s website contains a list of all brokers licensed to do business in Ontario.

Husain Trunkwala

Husain Trunkwala appears to be soliciting auto insurance through Desjardins Insurance. He appears to be using the telephone number 647-786-7847, and the email address [email protected] or [email protected]. However, Mr. Trunkwala is not licensed with FSRA and is not affiliated or associated with Desjardins Insurance, which is licensed by FSRA.

FSRA encourages consumers to exercise caution if they are contacted by Mr. Trunkwala or anyone else from these coordinates. Consumers are also advised not to obtain insurance products, including auto insurance, arranged through him. Consumers who have acquired a fraudulent policy through Mr. Trunkwala should note that they may have any legitimate insurance policies they have cancelled.

Refinance Hotline

Refinance Hotline appears to be soliciting mortgage business through its website, refinancehotline.ca. It also appears to be using the phone number (416) 499-9999 to solicit mortgages. However, Refinance Hotline is not licensed with FSRA.

FSRA encourages consumers to exercise caution if they are contacted by the company or anyone using the above coordinates and claiming to represent Refinance Hotline. Consumers are also advised not to obtain a mortgage arranged through the company.

FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services. If consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario’s licensed mortgage brokerages, brokers and agents.

Consumers may check if a mortgage brokerage, broker or agent is licensed on this website.

Effective June 8, 2019, the Financial Services Regulatory Authority (FSRA) assumed the regulatory functions of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA is in the process of moving content from this website to www.fsrao.ca. Visit www.fsrao.ca for updates.

About FSRA

Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) has assumed the regulatory duties of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.

SOURCE: Financial Services Regulatory Authority of Ontario (FSRA)

Tags: Financial Services Regulatory Authority (FSRA), fraud, OntarioRead the original article at Insurance-Canada.ca