The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to refrain from using Relm Insurance Limited in Bermuda to obtain insurance. FSRA said Relm is not licensed to conduct insurance business in Ontario.
Relm is the first and, so far, only commercial insurer globally to hold Bermuda’s Innovative Insurer General Business licence and recently launched Relm II, the world’s first fully regulated collateralised reinsurance business that can accept both fiat and crypto as collateral.
Relm also reinsured the US’s first cryptocurrency insurance product for retail wallet holders.
“It has been reported that Relm Insurance Limited is advertising the sale of insurance products in Ontario without a valid licence,” the regulator said.
“FSRA encourages consumers to exercise caution if they are contacted by the company or anyone using the above website and claiming to represent the company.”