Ontario regulator warns of individual selling false insurance cards

The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Bosko Kostovski is not licensed to do insurance business in the province.

Police have charged Kostovski for fraud, forgery, and sale of false or invalid insurance cards, FSCO said.  The investigation is ongoing and police are aware of victims in Scarborough, Brampton and Peel, all in the Greater Toronto Area. 

“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,” FSCO noted.   Earlier this month, FSCO issued a warning that Royal Insurance Company and Stock Exchange Insurance are not licensed to do insurance business in the province. Earlier this year, the regulator also warned of an unlicensed woman acting as a broker in an auto insurance scam.    More information and tips for consumers to avoid becoming victims of insurance fraud are available on FSCO’s website.