Canada FSRA: ‘Exercise Caution’ Before Using

July 1, 2022 | 1 Comment

[Updated] The Financial Services Regulatory Authority of Ontario [FSRA] issued a statement titled “exercise caution before using Relm Insurance Limited in Bermuda,” in which it warns “consumers to refrain from using Relm Insurance Limited in Bermuda to obtain insurance.”

A statement on the FSRA website said, “The company is not licensed to conduct insurance business in Ontario. Relm Insurance Limited is located at Canon’s Court, 22 Victoria Street, Hamilton, HM-12, Bermuda, and advertising through its website

“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. In Ontario, only a FSRA- licensed insurance agent, corporate insurance agency, or an insurance company can sell insurance products.” You can read the full statement here on the FSRA website.

We reached out to Relm and local officials this morning and will update if we get a response.

Update July 2, 4.50pm: A spokesperson said, “Relm Insurance is aware that the Financial Services Regulatory Authority [FSRA] of Ontario has recently indicated that “Relm Insurance [Ltd] is advertising the sale of insurance products in Ontario without a valid license.” We believe this is based on a misunderstanding.

“As a Bermuda-domiciled insurance company, authorized and regulated by the Bermuda Monetary Authority, Relm does not advertise the sale of its insurance products in Ontario and does not hold itself out as being authorized in Ontario. In all instances, Relm has acted appropriately and in accordance with the law.

“Any insurance business for Ontario-based insureds is placed through appropriate distribution channels. Relm brokering partners are authorized to place business with Relm and also authorized to work with local retail brokers in Ontario to obtain coverage for their clients where equivalent coverage is unavailable in the local authorized insurance market. The brokers first exhaust all options for finding coverage locally; when such coverage is not available, brokers can explore and source capacity abroad. In doing so, the brokers must adhere to a strict compliance framework.”

Joseph Ziolkowski, Co-Founder and CEO of Relm, provided the following statement. “Relm is actively reaching out to regulators to clarify any misunderstandings as it relates to the statements made by the FSRA.

“For Ontario companies seeking insurance protection for risks that are underserved in the local insurance market, there is a prescribed path for sourcing capacity abroad, including from insurers that may not otherwise be authorized to transact insurance business in Ontario.

“Over the last three years, Relm has built a global reputation as a solution-oriented insurer, deploying informed and dedicated capacity to companies operating in emerging sectors.

“Relm is positioned to become the leading global capacity provider to companies operating in emerging sectors. We are passionate about creating solutions, through innovation, that support a world where new industries, with the potential to change the way we live for the better, can quickly enter the mainstream economy. That is our vision.”

“For further inquiries in regard to this matter, please reach our Global Head of Marketing, Sara Holland at”

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  1. George says:

    The worst kept secret in the Bermuda Market.

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