Ontario’s financial services regulator has warned that Hero Life Insurance is not licensed to conduct insurance business in the province.
FSRA advised consumers not to obtain insurance products from Hero Life Insurance or make any arrangements through the company. It reminded the public that those who purchase insurance from unlicensed individuals or companies are not protected under the Insurance Act.
Hero Life Insurance reportedly sells life and health insurance by contacting consumers via phone and email. There are allegations that its sales representatives pose as licensed insurance agents in Ontario and pressure individuals to provide personal and confidential information.
FSRA urged individuals who believe they may have been a victim of fraud involving Hero Life Insurance are encouraged to contact the local police department.
The regulator also clarified that Hero Life Insurance is not the same as InsuranceHero.ca, which is a licensed independent brokerage in Ontario registered through the Registered Insurance Brokers of Ontario.
Recently, FSRA issued an order denying Loretto Ifeoma Okafor a life insurance agent license after it found that Okafor was not suitable to hold a license due to false information she provided in the application.
In February, the Ontario regulator also issued an administrative penalty of $100,000 and a compliance order against Ulrich Fabrice Avognon, who allegedly sought payment for goods or services related to an insurance claim that were either not provided to a claimant or were provided in a substantially deficient manner.
Meanwhile, Nakhwattie Somai’s insurance agent license was also revoked by the regulator last month. The regulator said the revocation followed Somai’s failure to provide requested information to the regulator. She also allegedly breached a licensing condition by not facilitating an examination by FSRA.
