FSCO issues warning of unlicensed company offering insurance

The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that Royal Insurance Company and Stock Exchange Insurance are not licensed to do insurance business in the province. 

The phone number that has been used in relation to this scam is 601-990-6303.  Victims report being directed to call this number and speak with “Gina” about arranging insurance, FSCO said.    FSCO had issued a warning last year about Royal Insurance Company, noting at that time and in its most recent warning that the companies are not affiliated or associated with Royal & Sun Alliance Insurance Company of Canada.   FSCO has already issued a few fraud warnings this year, including one of an unlicensed woman acting as a broker in an auto insurance scam.    FSCO’s website has a list of tips for consumers about how to avoid becoming the victim of an insurance scam.