February 26, 2020
The Financial Services Regulatory Authority (FSRA) is warning consumers that Azad Madjedi and Azi River are not licensed to conduct insurance business in Ontario.
Azad Madjedi and Azi River appear to be soliciting auto insurance through Desjardins Insurance. They appear to be using the telephone numbers 647-880-5420, 647-708-9376, 289-380-6462 or 289-804-1648, and the email address [email protected] However, Azad Madjedi and Azi River are not licensed with FSRA and are not affiliated or associated with Desjardins Insurance, which is licensed by FSRA.
FSRA encourages consumers to exercise caution if they are contacted by Azad Madjedi or Azi River or anyone else from these coordinates. Consumers are also advised not to obtain insurance products, including auto insurance, arranged through him.
FSRA licenses insurance agents to safeguard public confidence and trust in Ontario’s financial services sectors that it regulates. A licensed insurance agent in Ontario can provide information and advice on the benefits and risks involved with purchasing different insurance products. 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.
Consumers can find a list of all insurance companies and agents licensed to do business in Ontario on our website. The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. You can find more information on RIBO's website, which contains a list of all brokers licensed to do business in Ontario.
Effective June 8, 2019, the Financial Services Regulatory Authority (FSRA) assumed the regulatory functions of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA is in the process of moving content from this website to www.fsrao.ca. Visit www.fsrao.ca for updates.
For further information
Brian Jantzi, Senior Manager, Corporate Communications
Email: [email protected] (media inquiries)