Notification regarding TruStar Underwriting Inc.

The Insurance Council of BC notifies general insurance agencies and adjusting firms of the following:

In November and December 2024, TruStar Underwriting Inc. (TruStar), and its former CEO Daniel Moses, were the subject of Ontario Superior Court of Justice hearings related to concerns that TruStar had purportedly bound risks and collected premiums when no such coverage had been bound. Legal proceedings in this matter are still ongoing.

On December 24, 2024, the Ontario Superior Court of Justice placed TruStar in receivership, appointing Grant Thornton Limited as receiver of all assets, undertakings and properties of TruStar, including all assets held in trust on behalf of policyholders and claimants under TruStar’s insurance policies.

TruStar holds insurance licences in several provinces, including BC.

Agencies and firms that have conducted business with TruStar and are seeking information on current proceedings can find documents and updates on the receiver’s website, www.DoaneGrantThornton.ca/Trustar, including a notice for brokers dated January 3, 2025, regarding policies underwritten by Daniel Moses.

As a fiduciary, licensees are obligated to disclose all material information and protect clients’ interests as required by the Insurance Council’s Code of Conduct. Agencies that have business underwritten by TruStar should advise clients of the situation, determine the validity and sufficiency of any existing policies, and take appropriate action where required.

BC licensees with practice questions or relevant information regarding this matter may contact us at practice@insurancecouncilofbc.com. For licensees and/or clients seeking to file a formal complaint, information on this process can be found on our website: insurancecouncilofbc.com/consumer-information/making-a-complaint/.