Yasmine Sharaf believed she had gotten a good deal on car insurance. Four months later, she was astounded to learn that her insurance policy had been canceled. She discovered she had been a victim of fraud. A former Aaxel employee was arrested and charged with defrauding the public.
Peel Police confirm that they have received reports from 20 victims who claim Daniel Conrado stole their money and left them without adequate coverage. The CBC News Go Public team investigates allegations of fraud in Canada. The allegations have yet to be proven in court, and Conrados’ attorney has declined to comment on how his client will plead to the charges. .
Sharaf was listed as having insufficient funds on intact insurance. “I always pay my bills on time. I pay on time for everything “- says Sharaf. Sharaf’s credit issue has since been removed from his record by Intact. She has requested that Aaxel reimburse her for the $6,000 she transferred to Conrado’s work email. The insurance company has apologized to Sharaf and stated that it is investigating the situation and working to resolve it.
Aaxel Insurance has not filed a claim against Conrado, but it has informed its insurer about the situation. Sharaf does not intend to wait years for her money to be returned. She has filed a small claims court lawsuit against the insurance company. According to Ontario’s insurance broker regulator, this is a one-time occurrence.
“It is the actions of a lone, rogue individual,” the CEO of the Registered Insurance Brokers of Ontario says (RIBO). According to Ballantyne, the regulator lacks the authority to compel compensation. He says about 10% of RIBO inquiries warrant further investigation and the vast majority of insurance transactions in the province are “absolutely fine.”
Be wary of insurance premium quotes that appear to be too good to be true. Consumer advocates advise that significantly lower quotes should be regarded as a red flag. Confirm that your broker is licensed and in good standing with your provincial regulator.