You need to leave the SSL option checked - this error means the email server's certificate doesn't match the server name you are connecting and the certificate can't be verified.
Are you using the correct server name and port #/ssl settings? (465/SSL, 587/TLS)
Is there a checkbox or button to trust the certificate?
FWIW, suppress names checks reg value applies to signed email messages, not SSL for email servers.
When you send a secure message... you may need to use a certificate that does not match your e-mail address. This article describes how to turn off e-mail matching for certificates.
More information
When you send an encrypted email message to a recipient, Outlook uses the recipient's certificate to secure the message. If the email address of the contact or recipient is different from the email address that is specified in the recipient's certificate, you receive the following warning: