The Financial Services Regulatory Authority of Ontario (FSRA) has issued a statement warning consumers that Hidden Ace Brokerage is not licensed by the Registered Insurance Brokers of Ontario (RIBO) to conduct insurance business in Ontario. Hidden Ace Brokerage is also not licensed as a corporate insurance agent with FSRA. It is not authorized to sell Auto, Property or Casualty insurance to the public in the province of Ontario.
According to the statement released June 8th, “It has come to FSRA’s attention that Hidden Ace Brokerage is conducting auto insurance business without a licence to sell. FSRA encourages consumers to exercise caution if they are contacted by Hidden Ace Brokerage. Consumers are also advised not to obtain any insurance products through Hidden Ace Brokerage.”
Hidden Ace Brokerage has been soliciting Home and Auto Insurance through their website Hidden Ace Brokerage and is operating out of the Greater Toronto Area using the telephone numbers 1-877-379-2913 and 437-229-5658 on WhatsApp. Their email address is firstname.lastname@example.org. They are also active on Facebook.
A licensed corporate insurance agent regulated by the Insurance Act, or an insurance brokerage licensed by RIBO under the Registered Insurance Brokers Act, can provide information and advice on the benefits and risks involved with purchasing different insurance products.
FSRA advises that “Consumers who purchase items or insurance from individuals or entities that are not licensed as agents or insurers in Ontario are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.”
RIBO has also published a news release confirming that Hidden Ace Brokerage is not a RIBO registered brokerage and is not authorized to sell Auto, Property or Casualty insurance to the public in the province of Ontario.