How can you trust that your insurance broker or agent is qualified to advise and sell insurance products to you?
FSCO - Financial Service Commission of Ontario
The Financial Services Commission of Ontario (FSCO's) legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
FSCO regulates insurance companies, insurance agents and agencies, insurance adjusters, co-operatives, credit unions/caisses populaires, loan and trust companies, Mortgage Brokerages, Administrators, Mortgage Agents, and Mortgage Brokers Registered in Ontario, and pensions. FSCO is accountable to the Minister of Finance.
Regulation includes registration or issuing a licence to those who are qualified.
RIBO - Registered Insurance Brokers of Ontario
Another governing body for the insurance industry is RIBO (Registered Insurance Brokers of Ontario.) It is a self-governing, self-supporting organization of general insurance brokers in Ontario. RIBO was established by the Ontario government in 1981 to protect the public during insurance transactions with brokers, through self-governance.
RIBO regulates the licensing, professional competence, ethical conduct and insurance related financial obligations of all independent general insurance brokers in the province of Ontario.
Before purchasing any financial products, check to make sure you are dealing with a licensed agent/company: