Ontario’s financial services regulator has issued a consumer alert regarding an individual allegedly selling insurance without a license.
The Financial Services Regulatory Authority of Ontario (FSRA) stated that Wangro Antoun, also known as Yasser Antoun, is not licensed to conduct insurance business in the province. Antoun is reported to be operating in the Greater Toronto Area and Windsor and is believed to be offering discounted auto insurance premiums to consumers.
According to FSRA, Antoun has been misrepresenting himself as an insurance broker. In one instance, a policy was issued in Antoun’s name despite him not owning the vehicle listed on the policy.
FSRA further noted that some consumers had sent e-transfers to Antoun, assuming they were dealing with a legitimate and licensed insurance professional. The regulator is now warning consumers not to purchase insurance from Antoun, advising that individuals dealing with unlicensed sources are not protected under Ontario’s Insurance Act.
The consequences of purchasing insurance from unlicensed individuals include the risk that the policy may not be valid, which could result in claims not being covered. In some cases, policies may be voided or cancelled for misrepresentation. Additionally, policy cancellations can negatively impact a consumer’s insurance history, potentially leading to higher premiums in the future, according to the FSRA.
The regulator also encouraged consumers to verify the licence status of anyone offering insurance services by consulting the regulator's online registry. Consumers are also urged to report any unlicensed activity they encounter.
Ontario’s insurance market is one of the largest and most regulated in Canada. It includes a variety of products, such as auto, home, life, health, and commercial insurance, all subject to stringent rules designed to protect consumers.
The FSRA oversees the market to ensure that all insurance brokers, agents, and companies meet licensing requirements and operate within the framework of the Insurance Act. This helps maintain the integrity of the market and ensures that consumers can trust the professionals they engage with.
