Unlicensed Entity Selling False Proof of Auto Insurance

TORONTO, April 5, 2017 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that an organization known as Switzerland Imperial Bank AG ("S I B AG Corporation") is not licensed to do insurance business in Ontario.

Switzerland Imperial Bank AG appears to have issued a fraudulent liability slip ("pink card") to a consumer as proof of auto insurance.

Switzerland Imperial Bank AG is not licensed with FSCO or the Registered Insurance Brokers of Ontario.

Switzerland Imperial Bank AG is using the email address info@s-i-b-ag.com, is soliciting insurance business through their website, https://www.s-i-bank-ag.com/, and appears to be directing Ontario consumers to their Ontario director, Enzo Jones, at phone number (905) 551-0346.

Also, on its website, the address of Switzerland Imperial Bank AG's headquarters is listed as Bosch 73 Huenenberg, Switzerland, and its telephone is listed as + 41 41 819 16 50.

Consumers should exercise caution if they are contacted by anyone claiming to represent Switzerland Imperial Bank AG or using these coordinates. Consumers should not purchase insurance items through Switzerland Imperial Bank AG, but instead are encouraged to contact the Canadian Anti-Fraud Centre.

If consumers purchase items or insurance through individuals or companies that are not licensed in the province, they are not protected under the Insurance Act and the regulations that govern Ontario's licensed insurance companies and agents.

FSCO's website contains a list of all insurance companies and agents licensed to do business in Ontario. The website of the Registered Insurance Brokers of Ontario contains a list of all brokers licensed to do business in Ontario.

Additional Information:

What to Do If You Think You are a Victim of a Scam or Fraud

SOURCE Financial Services Commission of Ontario

CONTACT: For media inquiries, please contact: Malon Edwards, Senior Communications Officer, Telephone: 416-590-7536, Toll free: 1-800-668-0128, ext. 7795, Fax: 416-590-7070, TTY Toll Free: 1-800-387-0584, Email: malon.edwards@fsco.gov.on.ca; Public inquiries, 1-800-668-0128, contactcentre@fsco.gov.on.ca