TORONTO, Dec. 6, 2022 /CNW/ - On June 30, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) warned Ontario consumers to avoid using Relm Insurance Limited (Relm) to obtain insurance.
After discussions, Relm has made the following changes to their website:
Included disclosures and disclaimers clarifying that Relm is a Bermuda-domiciled insurance company, authorized and regulated by the Bermuda Monetary Authority.
Stated that Relm is not licensed outside of Bermudaand works with appropriate insurance brokers to facilitate the placement of coverage outside Bermuda.
Informed consumers seeking insurance coverage that they must contact a local licensed insurance broker in their jurisdiction.
FSRA licenses insurance agents and insurers to safeguard public confidence and trust in Ontario's financial services.
If purchasing insurance products from individuals or entities not licensed in Ontario, consumers are not protected under the Insurance Act.
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