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Annual Report
Financial Services Commission of Ontario
2012–2013

Table of Contents

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Message from the Chair and the Chief Executive Officer

John M. Solursh, Chair, Financial Services Commission of Ontario, Financial Services Tribunal

John M. Solursh
Chair

Financial Services Commission of Ontario
Financial Services Tribunal

Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Philip Howell
Chief Executive Officer and Superintendent of Financial Services

Financial Services Commission of Ontario

 

We are pleased to present the Financial Services Commission of Ontario (FSCO)’s 2012–2013 Annual Report. Through this annual publication, FSCO reports back to the public, the regulated sectors and the government on how it has fulfilled its mission over the previous 12 months.

An integrated regulatory agency reporting to the Ministry of Finance, FSCO oversees pension plans, insurance, mortgage brokering, credit unions and caisses populaires, co-operatives corporations, and loan and trust companies in Ontario.

These sectors are important in Ontario’s economy. Ontario pension plans have more than 3.8 million members — including retirees — and generate retirement income through assets valued at $417 billion. Insurance is a $41 billion a year business in Ontario, helping families and businesses manage risks. Credit unions and caisses populaires hold more than $37 billion in assets and provide savings, loans and other financial services to 1.5 million Ontarians.

FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO’s objectives include protecting consumers, increasing compliance with laws and regulations, and supporting a healthy and competitive financial services marketplace.

The Environment

Ontario’s economy continues to be affected by Canadian and global economic forces. During the year, growth was moderate.

While 2012 was a better year for pension plan investment returns, low interest rates, volatile equity markets and risks associated with longevity continued to place pressure on defined benefit plans.

Fraud and abuse remain ongoing issues and add pressure to Ontario’s auto insurance system which, if left unchecked, will contribute to rising premiums for the province’s nine million drivers.

Evolving consumer expectations continue to impact product development and distribution in our regulated sectors as well as the ways in which businesses and regulators communicate with consumers. Consumers increasingly expect to be able to complete transactions through a wide variety of mobile devices and to interact with businesses and regulators through many different channels.

Globally, the financial services regulatory environment continues to evolve. Changing regulatory standards and expectations around regulatory outcomes underpin an increased need for an effective risk-based approach to regulating financial services.

Risk-Based Supervision

FSCO’s risk-based regulatory approach allows us to allocate resources toward identifying situations that pose the highest risks to consumers.

This year, we conducted an organization-wide risk-based regulatory assessment of all of our current processes, created an inventory of all information currently available to FSCO for the purposes of risk monitoring and assessment, and identified opportunities for risk-based processes where they did not exist.

FSCO’s risk-based regulatory framework informs our modernization of regulatory instruments and mechanisms.

Modernizing Insurance Regulation

To modernize Ontario’s financial regulation and regulatory practices, in the 2012 Ontario Budget, the government committed to implementing Administrative Monetary Penalties (AMPs) in the insurance sector, providing FSCO with an additional enforcement tool and greater control to respond appropriately to non-compliance in the insurance sector.

An AMP can apply to unfair or deceptive acts or practices by any individual or business including insurers, agents, brokers, adjusters and those involved in the provision of goods and services to insurance claimants.

FSCO helped the Ministry of Finance develop the new regulations providing for AMPs in the insurance sector, which came into force on January 1, 2013.

Efficient, Effective, Transparent

To support and transform the way we deliver regulatory services, we have been developing a centralized web-based platform to provide stakeholders with one-window access to manage all of their dealings with FSCO. This initiative will improve our overall performance and reshape our entire service delivery model in 2014.

As part of our commitment to modernizing our regulatory services, we continued to develop service standards in consultation with affected stakeholders.  New service standards and performance results for existing standards were published in 2012.  We will continue to develop service standards in phases, monitor performance regularly and report results annually.

Focusing on Auto-Insurance

The Ontario government continues to focus on reducing costs and fraud in the auto insurance system. Major initiatives announced in the past two Ontario budgets included the establishment of an Auto Insurance Anti-Fraud Task Force and a heightened focus on an evidence-based approach for the treatment and recovery of auto accident injuries.

As an early response to some of the recommendations outlined in the Task Force’s final report, FSCO worked with the Ministry of Finance to develop and implement amendments to three Insurance Act regulations in January 2013. These changes will come into force on June 1, 2013 and increase the role and responsibilities of claimants, insurers and healthcare providers in fraud prevention.

Additionally, the government announced a number of longer-term initiatives as part of the September 2010 auto insurance reforms to support greater rate stability going forward. These initiatives focused on the accident benefits system and were based on the presumption that using scientific, medical evidence and treatment outcome based approaches was the best way to determine appropriate benefits for accident victims.

In 2012, FSCO retained the services of medical and scientific experts to develop a medical evidence-based Minor Injury Treatment Protocol for the most common injuries resulting from motor vehicle accidents. This initiative was in keeping with the government’s direction to ensure that, where possible, insurance regulations reflect the most relevant science on identifying and treating injuries from automobile accidents.

Mediation is a mandatory first step in the disputes over statutory accident benefits arising out of auto accidents. An unprecedented increase in Applications for Mediation between 2007 and 2012 resulted in a major backlog of mediation files. In 2012, we implemented a number of initiatives, including the development of an online scheduling system and the use of an external dispute resolution service provider, which significantly reduced the backlog of mediation files in the dispute resolution services system. As a result, the backlog is expected to be completely eliminated by the end of 2013.

Fostering National Regulatory Coordination

In 2012, FSCO worked with mortgage broker regulators across Canada to create the Mortgage Broker Regulators’ Council of Canada (MBRCC). The MBRCC provides a forum for mortgage broker regulators to work together on common regulatory issues and promote harmonization of regulatory practices. It is increasingly important for regulators to work together to address common jurisdictional issues. During 2012-2013, FSCO participated actively in the Canadian Association of Pension Supervisory Authorities (CAPSA), the Canadian Automobile Insurance Rate Regulators Association (CARR), the Canadian Council of Insurance Regulators (CCIR), the General Insurance Statistical Agency (GISA) and the Joint Forum of Financial Market Regulators (Joint Forum).

An Integrated Approach

The results outlined in this report are a foundation for progress. Continued support for effective interjurisdictional collaboration will be a hallmark of FSCO’s regulatory efforts in the coming years. FSCO will keep working with the government to implement changes in the areas of fraud prevention, detection and reporting. We will keep strengthening our risk-based approach to regulation, measure performance, and ensure alignment with the international standards for market conduct regulation. FSCO will continue to provide robust regulatory services to protect the public interest and enhance public confidence in the regulated sectors.


Signature of John M. Solursh, Chair, Financial Services Commission of Ontario, Financial Services Tribunal

John M. Solursh
Chair
Financial Services Commission of Ontario
Financial Services Tribunal


Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Philip Howell
Chief Executive Officer and Superintendent of Financial Services
Financial Services Commission of Ontario

 

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About FSCO

The Financial Services Commission of Ontario (FSCO) is a regulatory agency accountable to the Minister of Finance, established by the Financial Services Commission of Ontario Act, 1997 (FSCO Act). FSCO is an integrated regulator, which oversees insurance, pension plans, mortgage brokering, credit unions and caisses populaires, co-operative corporations, and loan and trust companies in Ontario.

FSCO has a legislative mandate to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors. As an organization, it is committed to being a progressive and fair regulator, supporting a healthy and competitive financial services marketplace.

Who We Regulate

As of March 31, 2013, FSCO regulated or registered:

Statutes and Regulations We Administer

Governance and Accountability

Commission Membership and Purposes

FSCO is comprised of a five-member Commission, the Superintendent of Financial Services and staff.

Appointments to the Commission are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat.

The Commission meets quarterly and reviews and approves key planning, strategic and accountability documents, including FSCO’s Agency Business Plan, Results-Based Plan, Risk Mitigation Plan, Statement of Priorities and Annual Report. Commission members are also invited to attend FSCO’s Audit and Risk Committee meetings.

FSCO has established a series of on-going internal committees on various policy and operational issues, which play a key role in FSCO’s day-to-day activities. Internal steering committees have also been created to guide key projects that involve different units or affect a number of areas within FSCO.

Members of the Commission
Name Position Tenure
Solursh, John M. Chair February 25, 2005 August 7, 2014
Shilton, Elizabeth* Vice-Chair February 1, 2013 January 31, 2015
Holden, Florence A. Vice-Chair October 2, 2007 September 5, 2017
Golfetto, Tom Director of arbitrations May 4, 2009 May 3, 2014
Howell, Philip CEO and Superintendent of Financial Services August 19, 2009 N/A

* Anne Corbett’s appointment as Vice-Chair ended August 8, 2012.

Elizabeth Shilton was appointed Vice-Chair on February 1, 2013.

Superintendent and Staff

The Superintendent of Financial Services administers and enforces the FSCO Act and all other Acts that confer powers on or assign duties to the Superintendent. All FSCO staff report directly or indirectly to the Superintendent. FSCO staff, who are public servants under the Public Service of Ontario Act, 2006 perform FSCO’s day-to-day work.

Under the FSCO Act, the powers and duties of the Superintendent of Financial Services include:

Financial Services Tribunal

Established by the FSCO Act, the Financial Services Tribunal (FST) is an expert, independent adjudicative body. For more information on the FST, refer to page 21 of the Annual Report.

Governance and Management Processes

The foundation for FSCO’s corporate governance is provided by the Management Board of Cabinet’s Agency Establishment and Accountability Directive (AEAD) and the Memorandum of Understanding (MOU) between the Minister of Finance, the Chair of the Commission and the Superintendent of Financial Services/Chief Executive Officer.

The AEAD sets out the process for establishing a new agency classified under the directive, the accountability framework governing agencies and ministries in the operation of agencies, and uses a risk-based approach in managing agency accountability.

The MOU outlines the accountability framework between the Minister and FSCO, establishes tools for governance and accountability and explains roles, relationships and mutual expectations. The MOU is updated every five years or more often if necessary.

Financial Reporting

As an Ontario government agency, FSCO receives an annual spending authority through the government planning process, based on needs and government priorities. FSCO files quarterly reports on its spending. The Office of the Auditor General of Ontario audits FSCO’s annual financial statements.

Performance Management Framework

FSCO’s Performance Management Framework ensures greater transparency, accountability and value-for-money. It ensures that FSCO measures performance and focus on results that matter, and that it defines success and delivers on outcomes.

Human and Fiscal Resources

On March 31, 2013, FSCO had a staff complement of 480. This total does not include Legal Services staff who are employees of the Ministry of the Attorney General.

In 2012–2013, FSCO’s expenditures totaled $72.62 million.

Recovering FSCO’s Costs

FSCO’s costs are recovered from the regulated sectors through a combination of assessments and fees. Under the FSCO Act, the Lieutenant Governor in Council may assess all entities that form part of a regulated sector with respect to expenditures incurred by the Ministry of Finance, the Commission and the FST. The Minister of Finance is authorized to establish fees with respect to the regulated services provided by FSCO.

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Financial Services Commission of Ontario Organizational Chart

Financial Services Commission of Ontario Organizational Chart

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Click here to view a full-size version of this chart image.

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The Regulated Sectors in Profile

Together, the financial services sectors regulated by FSCO represent a large, stable and dynamic industry that underpins Ontario’s economy and quality of life. The industry delivers products and services that support the financial security of individuals and families and the financial stability of businesses and other organizations.

Pension Plans

FSCO regulates the following types of pension plans registered in Ontario:

Some defined benefit plans are hybrid plans combining defined benefit and defined contribution provisions, or providing the greater of a defined benefit or defined contribution provision.

Employment pension plans registered in Ontario must meet minimum standards for administration and funding under the Pension Benefits Act and regulations. FSCO monitors and enforces compliance with the legislation and regulations and advises the government on pension issues. As well, FSCO administers a guarantee fund that protects a minimum level of benefits in most private single employer defined benefit plans if the employer is insolvent.

Ontario-Registered Active Pension Plans and Membership
Pension Plan Type As of March 31, 2013 As of March 31, 2012
# % of Total # % of Total
Single Employer Plans* 7,396 98% 7,646 98%
Defined Benefit Plans* 4,241 56% 4,419 57%
Members** 1,343,000 35% 1,283,000 34%
– Active Members*** 684,000 32% 661,000 31%
– Retired Members, Deferred Members and Other Beneficiaries**** 659,000 39% 622,000 37%
Defined Contribution Plans* 3,155 42% 3,227 41%
Members** 403,000 11% 399,000 11%
– Active Members*** 345,000 16% 343,000 16%
– Retired Members, Deferred Members and Other Beneficiaries**** 58,000 3% 56,000 3%
Multi-Employer Plans* 118 2% 118 2%
Defined Benefit Plans* 77 1% 77 1%
Members** 836,000 22% 822,000 22%
– Active Members*** 367,000 17% 365,000 17%
– Retired Members, Deferred Members and Other Beneficiaries**** 469,000 28% 457,000 27%
Defined Contribution Plans* 41 1% 41 1%
Members** 62,000 0% 56,000 1%
– Active Members*** 38,000 2% 32,000 1%
– Retired Members, Deferred Members and Other Beneficiaries**** 24,000 1% 24,000 1%
Jointly Sponsored Plans* 10 0% 11 0%
Defined Benefit Plans* 10 0% 11 0%
Members** 1,199,000 32% 1,255,000 33%
– Active Members*** 701,000 33% 732,000 34%
– Retired Members, Deferred Members and Other Beneficiaries**** 498,000 29% 522,000 31%
Total Pension Plans* 7,524 100% 7,775 100%
Total Members** 3,843,000 100% 3,815,000 100%
– Active Members*** 2,133,000 100% 2,134,000 100%
– Retired Members, Deferred Members and Other Beneficiaries**** 1,709,000 100% 1,681,000 100%

* Percentages are expressed as a percentage of the total number of Plans.

** Percentages are expressed as a percentage of the total number of Members in all Plans.

*** Percentages are expressed as a percentage of the total number of Active Members in all Plans.

**** Percentages are expressed as a percentage of the total number of Retired Members, Deferred Members and Other Beneficiaries in all Plans.

Notes:

  1. Membership numbers rounded to the nearest thousand.
  2. Percentages may not add up due to rounding.
  3. Data on defined benefit plans includes hybrid/combination plans with both defined benefit and defined contribution components.
  4. Percentages for JSPPs are reported as zero as they represent less than 0.1%.
Ontario Pension Plans and Membership 2004–2013
  2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Total Pension Plans 6,254 6,518 6,913 7,539 7,764 7,848 7,835 7,774 7,775 7,524
Total Members (in ‘000) 3,363 3,366 3,516 3,615 3,713 3,776 3,837 3,769 3,815 3,843
Active Members (in ‘000) 2,025 2,056 2,093 2,104 2,130 2,168 2,184 2,118 2,134 2,133
Retired Members, Deferred Members, Other Beneficiaries (in ‘000) 1,337 1,309 1,422 1,511 1,583 1,608 1,653 1,651 1,681 1,709

Pension Plan Transactions Processed by FSCO

Under the Pension Benefits Act, the Superintendent of Financial Services makes regulatory decisions on various pension plan transactions, from initial registration to full wind-up. The following table lists key plan transactions dealt with by FSCO.

Transaction Type 2012–13 2011–12
New Plans Registered
Single Employer Plans    
Defined Benefit 113 195
Defined Contribution 55 92
Multi-Employer Plans    
Defined Benefit
Total 168 287
Plan Amendments Registered 2,184 1,859
Full Wind-Ups Processed
Single Employer Plans    
Defined Benefit 209 193
Defined Contribution 111 111
Multi-Employer Plans    
Defined Contribution 1 1
Total 320 305
Partial Wind-Ups Processed
Single Employer Plans    
Defined Benefit 26 19
Defined Contribution 17 21
Multi-Employer Plans    
Defined Benefit 4 1
Defined Contribution 8 5
Total 55 46
Plan Mergers/Asset Transfers Processed
Single Employer Plans    
Defined Benefit 24 24
Defined Contribution 43 33
Multi-Employer Plans    
Defined Benefit 1 1
Defined Contribution 1
Jointly Sponsored Plans    
Defined Benefit
Defined Contribution 1
Total 69 70
Surplus Refunds to Employers on Full Wind-Up Applications Processed
Single Employer Plans    
Defined Benefit 2 7
Defined Contribution
Total 2 7
Surplus Refunds to Employers on Partial Wind-Up Applications Processed
Single Employer Plans    
Defined Benefit 5 4
Total 5 4

Financial Hardship Unlocking

Funds transferred from a registered pension plan into a locked-in account can normally be used only for retirement income. However, locked-in account holders are permitted to withdraw money in cases of financial hardship, with the consent of the Superintendent of Financial Services.

The 2012 Ontario Budget announced changes to align FSCO’s financial hardship unlocking program for pensions with other special provisions for access to locked-in accounts. Applications are to be made directly to financial institutions starting January 1, 2014. FSCO is preparing new application forms, user guides for applicants and financial institutions, answers to frequently-asked questions, and webcasts that will explain how an application should be made and processed.

Financial Hardship Unlocking Applications Processed by FSCO
  2012–13 2011–12
Applications Approved 14,068 13,546

Pension Benefits Guarantee Fund

The Pension Benefits Guarantee Fund (PBGF) protects a minimum level of benefits for Ontario members and beneficiaries of most single employer defined benefit pension plans, should the plan sponsor become insolvent. The Superintendent of Financial Services is responsible for the administration of the PBGF, which is established under the Pension Benefits Act.

Pension plans with guaranteed benefits pay an assessment into the PBGF. The total liability of the PBGF is limited to the assets of the fund, including any loans or grants received from the province. The Office of the Auditor General of Ontario audits the PBGF’s annual financial statements.

Pension Benefits Guarantee Fund Claims Paid During the Year
  2012–13 2011–12
Number of Pension Plan Claims 19 17
Total Amount Paid $42,599,200 $442,596,757

 

Insurance

Most insurance business in Ontario is conducted by federally incorporated companies that are subject to prudential regulation by the federal Office of the Superintendent of Financial Institutions (OSFI).

Prudential regulation of provincially-incorporated companies licensed to do business in Ontario is overseen by the regulators for the provinces in which they are incorporated. The number of Ontario-incorporated insurance companies has been steadily declining. Over the past few years, numerous Ontario-incorporated insurers have ceased operations or continue under federal or Quebec law for operational or strategic reasons. FSCO’s focus is on market conduct reviews and assessment.

Insurance Companies in Ontario, 2004–2013

Insurance Companies in Ontario, 2004–2013

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Note: includes reciprocal insurance exchanges.

The Registered Insurance Brokers of Ontario

The Registered Insurance Brokers of Ontario (RIBO) is a self-governing, self-supporting organization of general insurance brokers in Ontario that administers the Registered Insurance Brokers Act. It regulates the licensing, professional competence, ethical conduct and insurance related financial obligations of all independent general insurance brokers in the province of Ontario. In Ontario, FSCO licenses general insurance agents. RIBO licenses persons employed by insurance brokers. The Superintendent has the responsibility to ensure that RIBO is fulfilling its regulatory responsibilities, and conducts an annual examination of its affairs and reports the results to the Minister. For more information, visit RIBO’s website.

Ontario Incorporated / Organized Insurers, 2004–2013

Ontario Incorporated / Organized Insurers, 2004–2013

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Note: Reciprocals are unincorporated entities.

Direct Written Insurance Premiums in Ontario, 2002–2012

Direct Written Insurance Premiums in Ontario, 2002–2012

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Ontario Incorporated Insurers, Direct Written Premiums, 2002–2012

Ontario Incorporated Insurers, Direct Written Premiums, 2002–2012

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Auto Insurance

Automobile insurance is compulsory for drivers in Ontario, as a result of the Compulsory Automobile Insurance Act. FSCO reviews and approves automobile insurance rates, risk classification systems and underwriting rules for denial of coverage, as well as endorsements, forms and rate manuals. FSCO also advises the government on the need for changes to auto insurance legislation and regulations, and works with stakeholders to improve the system’s operation.

In response to some of the recommendations outlined in the final report of the Auto Insurance Anti-Fraud Task Force, FSCO worked with the Ministry of Finance to develop and implement amendments to three Insurance Act regulations in January 2013. For more information, refer to FSCO’s 2013 Statement of Priorities.

Automobile Insurance Filings Processed
Type 2012–13 2011–12
Private Passenger Auto Rate Filings
Auto Reform*
Major 36 80
Simplified** 21 12
CLEAR*** 45 5
Fees****
Total 102 97
Non-Private Passenger Auto Rate Filings
Auto Reform*
Non-Auto Reform 35 73
Total 35 73
Underwriting Rule Filings 35 69
Endorsement Filings 36 44
Form Filings 20 83
Rate Manual Filings 140 136

* Required filings in 2010 to implement auto reforms.

** Insurers may submit a simplified filing where certain criteria, including a rate reduction proposal, are met. Only summary information is required in a simplified filing, whereas a major filing requires detailed actuarial information.

*** The Canadian Loss Experience Automobile Rating (CLEAR) system groups vehicles according to their actual claims experience. Almost all companies that write PPA policies use CLEAR. Due to the timing of auto insurance reforms and the volume of filings, FSCO did not approve CLEAR tables in 2010. FSCO approved the 2011 CLEAR tables and insurers were required to submit CLEAR filings by April 30, 2012.

**** Fee Filings are submitted when the company is proposing to make changes to fees or add new ones.

Dispute Resolution Services Activities

FSCO’s dispute resolution services are an integral part of Ontario’s no-fault automobile insurance system. Mediation is compulsory where a claimant and insurer disagree about entitlement to statutory accident benefits or the amount of benefits. If mediation fails, they can go to arbitration or the courts.

Services include mediation, arbitration, neutral evaluation, appeal, and variation or revocation of an arbitration or appeal order.

Dispute Resolution Services Activity 2012–13 2011–12
Mediation
New Applications Received 25,317 35,734
Cases Closed 38,434 25,473
Settlement Rate – Full 51% 65%
Settlement Rate – Partial 6% 5%
Arbitration
New Applications Received 10,511 5,252
Cases Closed 4,961 3,663
Settled 4,670 3,429
Decisions Issued 187 149
Appeals
New Applications Received 49 28
Cases Closed 54 24
Settled 14 13
Decisions Issued 68 20

Mediation-Intake, Closed and Pending, 2006–07 to 2012–13

Mediation-Intake, Closed and Pending, 2006–07 to 2012–13

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Arbitration-Intake, Closed and Pending, 2006–07 to 2012–13

Arbitration-Intake, Closed and Pending, 2006–07 to 2012–13

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Between 2007 and 2012, an unprecedented increase in Applications for Mediation resulted in a major backlog of mediation files.

The 2011 Annual Report of the Auditor General of Ontario included a Value-for-Money Audit of FSCO’s regulatory oversight of auto insurance in Ontario, and recommended that FSCO develop a strategy to reduce its backlog of mediation files to ensure the delivery of effective and efficient mediation services.

In 2012, FSCO implemented a number of initiatives that significantly reduced the backlog of mediation files. Some of these initiatives included the development of an online scheduling system (the eCalendar) and the use of a private dispute resolution service provider. As a result, the backlog was reduced to 10,354 files by March 31, 2013, down 64 percent from 29,142 at the end of March 2012. It is expected the backlog will be eliminated in 2013. For more information, refer to FSCO’s 2013 Statement of Priorities.

Motor Vehicle Accident Claims Fund

FSCO administers the Motor Vehicle Accident Claims Fund for victims of accidents involving uninsured or unidentified vehicles.

Measure 2012–13 2011–12
New Claims Reported (#) 542 514
Total Cash Payouts $27.7 million $26 million
Total Statutory Accident Benefits Claims Paid (#) 408 424
Total Statutory Accident Benefits Payments $23.2 million $18.8 million
Total Third Party Liability Claims Paid (#) 81 123
Total Third-Party Liability Payments for Bodily Injury and Property Damage $4.5 million $7.2 million
Collection of Repayments $1.1 million $1.5 million
Suspended Driver’s Licences (#) 321 312
Reinstated Driver’s Licences (#) 219 250
Repayments Processed (#) 6,609 7,034
Debtors Making Payments (#) 749 787
Active Accounts Receivable (#) 1,083 1,118

 

Deposit Institutions, Mortgage Brokering, Co-operative Corporations

Ontario Credit Unions and Caisses Populaires

As of March 2013, Ontario’s credit unions and caisses populaires held total assets of $37 billion. The sector is undergoing significant consolidation and transformation. Amalgamations continued in 2012–2013, with the number of credit unions and caisses populaires decreasing by almost 10 percent.

Measure As of March 31, 2013 As of March 31, 2012
Institutions with Assets over $50 Million
Number 84 91
Assets $35.7 billion $34.1 billion
Membership 1,457,093 1,505,893
Institutions with Assets under $50 Million
Number 53 61
Assets $1.2 billion $1.3 billion
Membership 109,354 121,530
All Institutions
Number 137 152
Assets $37.0 billion $35.4 billion
Membership 1,566,447 1,627,423

The Deposit Insurance Corporation of Ontario

The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency that has the role of protecting depositors of Ontario credit unions and caisses populaires from loss of their deposits. DICO was established under the Credit Unions and Caisses Populaires Act, 1994. FSCO and the Deposit Insurance Corporation of Ontario (DICO) are jointly responsible for regulating credit unions and caisses populaires under the provisions of the CUCP Act and ensuring their compliance with its provisions. The statute establishes compliance requirements for capital, liquidity and exposure to interest rate risk. For more information, visit DICO’s website.

Total Number of Credit Unions, 2004–2013

Total Number of Credit Unions, 2004–2013

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Ontario Credit Unions – Total Assets, 2004–2013

Ontario Credit Unions – Total Assets, 2004–2013

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Loan and Trust Companies

Fifty-nine loan and trust companies were registered to operate in Ontario as of March 31, 2013. All were federally incorporated, which is a requirement for registration.

Mortgage Brokering

All Mortgage Brokerages, Administrators, Brokers and Agents conducting mortgage brokering business in Ontario are required to be licensed by FSCO.

Total Number of Ontario Mortgage Brokerages, 2009–2013

Total Number of Ontario Mortgage Brokerages, 2009–2013

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Total Number of Ontario Mortgage Brokers, 2009–2013

Total Number of Ontario Mortgage Brokers, 2009–2013

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Total Number of Ontario Mortgage Agents, 2009–2013

Total Number of Ontario Mortgage Agents, 2009–2013

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Total Number of Ontario Mortgage Administrators, 2009–2013

Total Number of Ontario Mortgage Administrators, 2009–2013

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Co-operative Corporations

FSCO registers organizations conducting business as co-operatives under the Co-operative Corporations Act.

Ontario Co-operatives – New Incorporations, 2003–04 to 2012–13

Ontario Co-operatives – New Incorporations, 2003–04 to 2012–13

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Licensing, Monitoring and Enforcement Activity Across the Sectors: Statistics

FSCO licenses or registers individuals and businesses to provide financial services in Ontario. It monitors compliance with legislation and regulations and follows up with enforcement action where necessary.

 

Licensing Activities

Activity 2012–13 2011–12 2010–11
Individuals
New Licences Issued
Life Insurance Agents 4,973 4,904 4,539
General Insurance Agents 732 1,062 1,182
Accident and Sickness Insurance Agents 348 548 329
Insurance Adjusters 104 137 154
Mortgage Brokers 114 171 214
Mortgage Agents 3,010 2,737 3,196
Licences Renewed
Life Insurance Agents* 18,565 12,592 18,245
General Insurance Agents* 3,054 2,685 2,899
Accident and Sickness Insurance Agents* 264 177 169
Insurance Adjusters 1,748 1,406 1,259
Mortgage Brokers** 2 2,398
Mortgage Agents** 14 7,672
Corporations
New Licences Issued
Life and General Insurance Agencies 488 366 372
Corporate Insurance Adjusters 8 8 5
Insurance Companies 3 4 10
Mortgage Brokerages 88 111 104
Mortgage Administrators 18 15 16
New Registrations Issued
Loan and Trust Companies 1 1
Licences Renewed
Life and General Insurance Agencies* 2,457 1,560 2,337
Corporate Insurance Adjusters 131 111 80
Co-operatives
Offering Statements 20 14 17
Material Change Relating to Offering 5 1 1
New Incorporations 71 46 19
Amendments Relating to Incorporation 13 9 14
Dissolutions/Cancellations 10 10 11
Conversion to Corporation 1
Amalgamation 1 1
Credit Unions/Caisses Populaires
New Incorporations
Applications Required for Approval/Filing (including applications for articles of amendment, name changes, by-law amendments, offering statements, etc.) 56 50 96
Amalgamations 7 4 2

* Insurance licences are issued for a two-year term. There are high-year and low-year renewal cycles; 2012–2013 was a low year.

** All mortgage broker and agent licences had a common expiry date of March 31, 2014. 2012–2013 was not a licence renewal year. The two brokers and fourteen agents whose licenses were renewed in 2012–2013 were either late in filing for renewal or their applications took longer to process. Therefore, their licenses were issued after the March 31, 2012 deadline, in the 2012–2013 fiscal year.

 

Regulatory Oversight and Enforcement Activities

Monitoring Activities

FSCO undertakes a number of monitoring activities as part of its regulatory functions. It conducts police background checks, compliance audits, and reviews complaints in the sectors it regulates.

Activity 2012–13 2011–12 2010–11
Police Checks
Insurance Agent Licence Applications 8,163 8,789 8,304
Mortgage Broker and Agent Applications 2,804 2,527 2,692
Audits
Mortgage agent and broker relicensing education 232
Insurance agent risk-based CE audit 10
Errors and Omissions Insurance
– Life Insurance Agents 1,150 300
– Mortgage Brokerages 1,204
Complaint Reviews
Insurance Companies 511 606 381
Insurance Agents 201 351 208
Mortgage Brokerages 131 128 157
Mortgage Brokers 72 88 86
Mortgage Agents 123 143 191
Credit Unions 36 24 16
Loan and Trust Companies 4 2 5
Health Care Providers 8 5 6
Pension Plans* 258 197 400
Total 1,344 1,544 1,450

Enforcement Actions

To protect consumers and enhance public confidence, FSCO monitors, investigates and where there is non-compliance with legislation and regulations, takes appropriate enforcement action against the sectors it regulates.

Type 2012–13 2011–12 2010–11
Insurance Agents
Licences Revoked 11 24 24
Licences Suspended 7 6 6
Letters of Caution 9 14 7
Automobile Insurance Companies
Letters of Caution 2 3
Mortgage Brokerages/Administrators
Licence Refusals
Licence Suspensions 8
Licence Revocations 1 5
Administrative Monetary Penalties
Annual Information Return
– Orders Issued 5 9 1
– Amount Ordered ($) 5,000 9,000 1,000
Errors & Omissions Insurance
– Orders Issued 13 23 1
– Amount Ordered ($) 27,500 66,000 250
Unlicensed Activity
– Orders Issued 1
– Amount Ordered ($) $25,000
Mortgage Brokers
Licence Suspensions
Letters of Caution 1 1 2
Mortgage Agents
Licence Refusals 3
Letters of Caution 1 1 3
Health Care Providers/Clinics
Letters of Caution 2 1
Dispute Resolution Penalties
Special Awards against Insurers 5 5
Expense Orders against representatives 1
Cease-and-Desist Orders 7 6* 6**
Prosecutions Completed 1 7 5

* Comprised of three interim orders, one of which became permanent during the year, and two permanent orders issued in regard to interim orders from the previous year.

** Comprised of four interim orders, two of which became permanent during the year.

 

Advisory Board Activities

Activity 2012–13 2011–12
Cases Pending at Beginning of Year 9 6
New Cases Received 11 11
Files Closed 15 8
Cases Pending at End of Year 5 9
Hearing Days 7 5
Other Activity Days – Including: Pre-Hearing Conferences, Telephone Conferences, Settlement Conferences and Motions 36 21
Total Hearing and Activity Days 43 26

Note: Numbers for each year may reflect activity concerning files opened prior to the respective year.

 

Public and Stakeholder Inquiries and Complaints Reporting

FSCO supplements its oversight activities with consumer inquiry and complaint processes, which help identify practices that may be harmful to consumers and the marketplace or may violate legislation, regulations or FSCO’s rules and procedures. Inquiry and complaint data plays a crucial role in alerting FSCO and the public to potential problems that may require consumer education efforts or other regulatory intervention. Providing accurate, up-to-date information to consumers to assist them in making informed choices about the many products and services that are available in the marketplace is important to FSCO.

The following data for fiscal year 2012–2013, shows the number of inquiry and complaints handled by FSCO.

Inquiries

FSCO is a valuable point of contact for both the public and stakeholders. FSCO staff respond to telephone inquiries and correspondence, providing information about legislation and regulations administered by FSCO and also about FSCO’s processes.

Contact Centre Inquiries
Pensions 29,473 47%
Credit Unions & Caisses Populaires 237 0%
Co-operatives 284 0%
Loan & Trust 126 0%
Mortgage Brokers 5,785 9%
Insurance-Automobile 5,539 9%
Insurance-Other 1,491 2%
Licensing 14,173 22%
Other-FSCO 3,457 5%
Non-FSCO 2,489 4%
Total 63,054 100%


Licensing Compliance Inquiries
Escalated Application Status Updates 1,889 20%
Licensing Link IT Issues 2,091 22%
Application and Qualification Inquiries 2,245 24%
Paper/PDF Licence Request 239 3%
Annual Information Returns 242 3%
Other 2,508 27%
Letter of Status Requests 194 2%
Total 9,408 100%


Market Conduct Inquiries
Mortgage Brokering 622 40%
Property & Casualty Insurance 521 33%
Life and A&S Insurance/Investments 263 17%
Credit Unions 74 5%
Other 68 4%
Co-operatives 18 1%
Loan & Trust 8 1%
Total 1,574 100%


Pension Inquiries
Access to Information/Request for Forms/Publications 2,107 24%
Pension Services Portal 1,410 16%

Details on Filings/Deadlines

1,048 12%
Marriage Breakdown (FLA) 1,013 12%
Interpretation (Legislation/Policy) 635 7%

Information on LIRA/LIF/LRIF

567 7%
Member Rights Under PBA 561 7%
Matters Outside FSCO Jurisdiction 472 5%
Lost or Missing Benefits 323 4%
Unlocking Questions 296 3%
Pensions Assessments 135 2%
PBGF/Bankruptcy/CCAA 58 1%
Total 8,625 100%


Public and Stakeholder Inquiries

Public and Stakeholder Inquiries

Description of this image

* “Non-FSCO”: Refers to inquiries that do not pertain to FSCO’s mandate and have to be redirected.

 

Complaints

As evidence of consumer dissatisfaction, complaints represent a crucial market conduct signal for both the industry and regulators. Reviewing complaints is an important component of FSCO’s risk-based approach to market conduct oversight.

In Ontario, insurance companies are required to designate a complaints officer to receive consumer complaints about business practices, and to refer unresolved complaints to an independent third party for review. Most insurance companies are members of a national ombudservice established by the industry. Where this is not the case, FSCO generally acts as the independent third party.

All mortgage brokerages, mortgage administrators, credit unions and caisses populaires are required to designate an individual to receive and attempt to resolve complaints. They must also keep a record of written complaints and responses. Moreover, parties making a complaint must be advised to contact FSCO if they believe there has been a violation of the legislation or regulations.

FSCO inquires into complaints alleging non-compliance with legislation or regulations in any of the regulated sectors. Complaint procedures and contact information are posted on FSCO’s website.

Most complaints do not result in a finding of contravention of the law. However, access to a review process is important to maintain consumer confidence in the financial services marketplace. Where there has been a contravention, FSCO takes enforcement action.

Market Conduct Complaints
Property & Casualty Insurance 454 40%
Mortgage Brokering 341 30%

Life and A&S Insurance/Investments

263 23%
Credit Unions 36 3%
Other 23 2%

Co-operatives

8 1%
Loan & Trust 4 0%
Total 1,129 100%


Pension Complaints
Non-Compliance with Legislation/Policy 132 44%
Commuted Value/Benefit Entitlement 84 28%

Non-Compliance with Plan Provisions

74 25%
Other 7 3%
Total 297 100%

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Report of the Financial Services Tribunal

Established by the FSCO Act, the Financial Services Tribunal (FST) is an expert, independent adjudicative body. It conducts hearings and hears certain appeals on regulatory and disciplinary matters under statutes covering the regulated sectors including:

The FST has exclusive jurisdiction to exercise the powers conferred on it by legislation and to determine all questions of fact or law that arise in its hearings.

The FST is composed of nine to 15 members, including the Chair and two Vice-Chairs, all appointed by the Lieutenant Governor in Council. The Chair and Vice-Chairs of the FST are also the Chair and Vice-Chairs of FSCO.

Financial Services Tribunal Board Members
Name Position Tenure
Solursh, John M. Chair August 11, 2004 August 7, 2014
Shilton, Elizabeth Vice-Chair May 18, 2005 January 31, 2015
Holden, Florence A. Vice-Chair August 11, 2004 September 5, 2017
Gavin, Heather Member January 13, 1999 June 24, 2013
Bharmal, Shiraz Y.M. Member September 9, 2002 September 9, 2013
Boivin, Denis W. Member November 3, 2004 June 2, 2014
Longhurst, Patrick William Member August 9, 2009 August 7, 2014
Richardson, Jeffrey Member August 12, 2008 August 9, 2014
Short, David A. Member October 24, 2001 November 3, 2014
Brown, Jennifer Lynne Member July 8, 2010 July 6, 2015

Appointments to the Board are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat.

The FST is committed to providing an expert, impartial hearing process that is accessible, prompt and fair. It has established its own Rules of Practice and Procedure and issued Practice Directions to guide the conduct of its hearings. Proceedings are also governed by the Statutory Powers Procedure Act. The FST has adopted streamlined procedures to expedite requests for hearings on decisions by the Superintendent regarding access to locked-in funds in cases of financial hardship.

For the convenience of hearing participants, the FST’s hearing schedule, decisions, Rules of Practice and Procedure, and Practice Directions are posted on the FST website at www.fstontario.ca. Biographical sketches of current FST members may also be found on this site.

The Tribunal has established and published service standards and a tracking mechanism to facilitate public reporting on services.

A summary of the FST’s activities in 2012–2013 appears in the “Financial Services Tribunal Activities” table.

Financial Services Tribunal Activities
Activity Pension Matters (Excluding Financial Hardship) Pension Matters (Financial Hardship) Mortgage Brokering Matters Insurance Matters Credit Union Matters Loan & Trust Matters Total 2012–13 Total 2011–12
Cases Pending at Beginning of Year 9 19 3 1 32 12
New Cases Received 14 8 22 44
Files Closed 9 21 3 1 34 24
Cases Pending at End of Year 14 6 20 32
Oral Hearing Days 4 8 2 14 18
Written Hearings 1 1 2 1
Other Activity Days – Including: Pre-Hearing Conferences, Telephone Conferences, Settlement Conferences and Motions 39 12 4 55 96
Total Hearing (Oral and Written) and Activity Days before FST 44 21 6 71 115

Notes:

1. Table does not include FST quarterly meetings, days for deliberation or decision writing.

2. Numbers may reflect activity in respect of files opened prior to 2012–2013 fiscal year.

3. Written hearings may relate to financial hardship matters, motions, requests for costs or requests for a review of a decision.

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Financial Services Commission of Ontario Financial Statements

For the Year Ended March 31, 2013

 

Management’s Statement

 

Government of Ontario crest

Financial Services Commission of Ontario

Chief Executive Officer and Superintendent of Financial Services

5160 Yonge Street
Box 85, 17th Floor
Toronto ON M2N 6L9

Telephone: (416) 590-7000
Facsimile: (416) 590-7078

Commission des services financiers de l’Ontario

Directeur général et surintendant des services financiers

5160, rue Yonge
boîte 85, 17e étage
Toronto ON M2N 6L9

Téléphone : (416) 590-7000
Télécopieur : (416) 590-7078

 

October 15, 2013

Management’s Responsibility for Financial Information

The Financial Services Commission of Ontario (Commission) was established under the Financial Services Commission of Ontario Act, 1997. Under the Act the Superintendent is responsible for the financial and administrative affairs of the Commission.

Under the direction of the Superintendent, Management of the Commission is responsible for the integrity and fair presentation of all information in the financial statements and notes. The financial statements have been prepared by Management in accordance with Canadian public sector accounting standards. The preparation of financial statements involves the use of management’s judgment and best estimates particularly when transactions affecting the current period cannot be determined with certainty until future periods.

Management of the Commission is dedicated to the highest standards of integrity in provision of its services. Management has developed and maintains financial controls, information systems and practices to provide reasonable assurances on the reliability of financial information and safeguarding of its assets.

The financial statements have been audited by the Office of the Auditor General. The Auditor General’s responsibility is to express an opinion on whether the financial statements are fairly presented in accordance with Canadian public sector accounting standards. They have been approved by the Commission’s Audit and Risk Committee. The Auditor’s report follows.


Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Philip Howell
Chief Executive Officer and Superintendent of Financial Services


Signature of Linda Della Rocca, Executive Director, Corporate Services Division

Linda Della Rocca
Executive Director,
Corporate Services Division

 

Auditor’s Statement

 

Office of the Auditor General of Ontario logo

Office of the Auditor General of Ontario
Box 105, 15th Floor
20 Dundas Street West
Toronto, Ontario
M5G 2C2
416-327-2381
fax 416-326-3812

Bureau du vérificateur general de l’Ontario
B.P. 105, 15e étage
20, rue Dundas ouest
Toronto (Ontario)
M5G 2C2
416-327-2381
télécopieur 416-326-3812

www.auditor.on.ca

 

Independent Auditor’s Report

To the Financial Services Commission of Ontario and to the Minister of Finance
I have audited the accompanying financial statements of the Financial Services Commission of Ontario, which comprise the statement of financial position as at March 31, 2013, and the statements of operations and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Opinion
In my opinion, these financial statements present fairly, in all material respects, the financial position of the Financial Services Commission of Ontario as at March 31, 2013 and the results of its operations, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Toronto, Ontario
October 15, 2013


Signature of Gary Peall, CPA, CA, LPA, Deputy Auditor General

Gary Peall, CPA, CA, LPA
Deputy Auditor General

 

Statement of Financial Position
As at March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
ASSETS
Current    
Cash 5 7
Accounts receivable 106 430
Prepaid expenses 0 37
  111 474
Due from the Province (Note 7b) 34,947 31,813
Capital assets, net (Note 3) 10,401 12,896
  45,459 45,183
LIABILITIES AND NET ASSETS
Current    
Accounts payable and accrued liabilities 14,465 10,095
  14,465 10,095
Employee future benefits obligation (Note 7a) 9,260 8,930
Deferred revenue (Note 4) 10,490 11,886
Deferred lease inducements (Note 5) 843 1,376
Net assets    
Invested in capital assets 10,401 12,896
  45,459 45,183
Commitment, Significant Contract and Contingencies (Note 9)    

See accompanying notes to financial statements

Approved by:

Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Chief Executive Officer and Superintendent of Financial Services

 

Statement of Operations
For the Year Ended March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
Revenue (Note 6)
Assessments 56,102 48,183
Fees, Licenses, registrations and other 10,475 11,400
  66,577 59,583
Expenses
Salaries and wages 37,960 37,811
Employee benefits (Note 7a) 8,509 8,912
Transportation and communication 812 717
Services 21,626 14,596
Supplies and equipment 453 652
Amortization 3,210 2,422
Bad debt expense 53 80
  72,623 65,190
Less: Recoveries (Note 8) 3,217 3,251
  69,406 61,939
Deficiency of revenue over expenses absorbed by the Province (Note 6) (2,829) (2,356)

See accompanying notes to financial statements

 

Statement of Cash Flows
For the Year Ended March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
Net inflow (outflow) of cash related to the
following activities
Cash flows from operating activities
Deficiency of revenue over expenses absorbed
by the Province
(2,829) (2,356)
Items not affecting cash
Amortization of capital assets 3,210 2,422
Employee future benefits (Note 7a) 330 893
Bad debt expense 53 80
Changes in non-cash working capital
Accounts receivable 271 (335)
Prepaid expenses 37 (5)
Accounts payable and accrued liabilities 4,370 (717)
Due from the Province (2,800) 2,922
Amortization of deferred lease inducements (533) (533)
Deferred Revenue (1,396) 2,140
  713 4,511
Cash flows from capital activity
Purchase of capital assets (715) (4,510)
  (715) (4,510)
Net change in cash position (2) 1
Cash position, beginning of year 7 6
Cash position, end of year 5 7

See accompanying notes to financial statements

 

Notes to Financial Statements
March 31, 2013

1. OPERATIONS OF THE COMMISSION

The Financial Services Commission of Ontario (Commission) was established under the Financial Services Commission of Ontario Act, 1997. The Commission’s mandate through its regulated activities is to protect the public interest and enhance public confidence in insurance, pensions, credit unions, trust companies, caisses populaires, co-operatives and mortgage brokers, and also to make recommendations to the Minister of Finance on matters affecting the regulated sectors. The Commission administers the following legislation: Insurance Act, Pension Benefits Act, Credit Unions and Caisses Populaires Act, Loan and Trust Corporations Act, Mortgage Brokerages, Lenders and Administrators Act and Co-operative Corporations Act. As a regulatory agency of the Province of Ontario, the Commission is exempt from income taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared by the management of the Commission in accordance with Public Sector Accounting Standards for not-for-profit organizations (PSA-NPO) as issued by the Public Sector Accounting Board (PSAB). The significant accounting policies used to prepare these statements are summarized below.

(a) Capital Assets:

Capital assets are recorded at cost less accumulated amortization. Amortization is calculated on a straight-line basis over their estimated useful life. The useful life of the Commission’s capital assets has been estimated as follows:

(b) Revenue Recognition

Assessment revenues from the insurance, pension, credit union, caisses populaires and the loan and trust sectors are recognized when the recoverable costs to administer the various Acts governing these sectors are incurred.

Revenues from fees, licenses and registrations are recognized in the year to which they pertain.

(c) Financial Instruments

The Commission follows PSA-NPO pertaining to financial instruments. Under these standards, all financial instruments are included on the statement of financial position and are measured either at fair value or at cost or amortized cost. The Commission’s Accounts receivable, and the Accounts payable and accrued liabilities are recorded at cost in the financial statements.

(d) Use of Estimates

The preparation of financial statements in accordance with PSA-NPO requires that management make estimates and assumptions that affect the reported amount of assets and liabilities as at the date of the financial statements and the reported amounts of revenues and expenses for the period. Actual amounts could differ from these estimates.

3. CAPITAL ASSETS

  2013 2012
Cost
($ 000)
Accumulated Amortization
($ 000)
Net Book Value
($ 000)
Net Book Value
($ 000)
Purchased computer software 87 87 0 3
Custom developed software 8,107 5,334 2,773 2,949
Custom software under development 2,209 0 2,209 2,380
Leasehold improvements 7,630 3,987 3,643 5,053
Computer hardware 2,422 1,620 802 1,093
Office furniture and equipment 2,233 1,259 974 1,418
  22,688 12,287 10,401 12,896

 

4. DEFERRED REVENUE RELATED TO LICENCES AND REGISTRATION

Deferred revenue represents payments received for fees, licences and registrations that cover more than the current fiscal year. The deferred portion is recognized as revenue when the applicable future licence year occurs. The changes in the deferred revenue balances during fiscal 2012–13 are summarized as follows:

  Balance, beginning of year
($ 000)
Received during year
($ 000)
Recognized during year
($ 000)
Balance, end of year
($ 000)
Insurance Agents 3,450 4,223 3,729 3,944
Insurance Adjusters 21 107 108 20
Mortgage Brokers 7,138 2,121 4,340 4,919
Insurance Corporations 828 1,203 984 1,047
Other 449 803 692 560
  11,886 8,457 9,853 10,490

 

5. DEFERRED LEASE INDUCEMENTS

The Commission’s office accommodation lease was extended from October 31, 2008 to October 31, 2015 with two further options to extend the term for five years each. The lease extension included a leasehold improvement allowance in the amount of $2.005 million for renovations in the first two years and no base rent payable in the amount of $0.64 million for the first ten months of the lease extension. The Commission has utilized the entire allowance.

The deferred lease inducement is made up of the portion of future lease payments attributed to the rent-free period and the leasehold improvements allowance and will be recognized as reduced rent expense over the term of the lease on a straight line basis.

  2013
($ 000)
2012
($ 000)
Balance, beginning of year 1,908 2,441
Less: Lease Inducements Amortization (533) (533)
Deferred Lease Inducements 1,375 1,908
Less: current portion (532) (532)
Balance, end of year 843 1,376

 

6. REVENUE

Under the Financial Services Commission of Ontario Act, the Commission may recover all of its costs through revenue assessments and fees charged to all entities that form part of the regulated sectors. The Commission’s deficiency of $2.8 million (2012 — $2.4 million) resulted mostly from the Financial Hardship Program waiver of fees that continued in 2013 and the deficiency from the Co-operatives sector. The deficiency has been absorbed by the Province and is reflected in the due from the Province on the statement of financial position. For the fiscal year, revenue from the following Acts and regulations made under the Acts administered by the Commission are:

  2013
($ 000)
2012
($ 000)
Insurance Act
Insurer assessment 37,696 30,726
Fees, licenses and other 5,901 5,426
Pension Benefits Act
Pension plan assessment 17,663 16,683
Registration fees and other 52 118
Pension unlocking fees and other 0 0
Credit Unions and Caisses Populaires Act
Credit Union assessment 583 722
Fees and other 92 152
Loan and Trust Corporations Act
Loan and Trust assessment 160 52
Fees, licenses and registrations 2 7
Mortgage Brokerages, Lenders and Administrators Act
Fees, Licenses, Registrations and other 4,393 5,682
Co-operative Corporations Act
Fees and other 35 15
  66,577 59,583

 

7. RELATED PARTY TRANSACTIONS

(a) Employee Benefits

The Commission’s employees are entitled to benefits that have been negotiated centrally for Ontario Public Service employees. The future liability for benefits earned by the Commission’s employees is recognized in the Province’s consolidated financial statements. These benefits are accounted for by the Commission as follows:

i. Pension Benefits

The Commission’s full-time employees participate in the Public Service Pension Fund (PSPF) and the Ontario Public Service Employees’ Union Pension Fund (OPSEU-PF), which are defined benefit pension plans for employees of the Province and many provincial agencies. The Province of Ontario, which is the sole sponsor of the PSPF and a joint sponsor of the OPSEU-PF, determines the Commission’s annual payments to the funds. Since the Commission is not a sponsor of these funds, gains and losses arising from statutory actuarial funding valuations are not assets or obligations of the Commission, as the sponsors are responsible for ensuring that the pension funds are financially viable. The Commission’s annual payments of $3.08 million (2012 — $2.95 million) are included in employee benefits in the Statement of Operations.

ii. Employee Future Benefits Obligation

Employee future benefits include accrued severance entitlements, unused vacation and other future compensation entitlements earned. Severance entitlements under the Public Service of Ontario Act (2006) were non-actuarially estimated based on one week pay for every year of service for those employees with a minimum of five years of service. These costs for the year amount to $0.245 million (2012 — $0.792 million) and are included in employee benefits and salaries and wages in the Statement of Operations. Amounts due within one year totaling $2.66 million (2012 — $2.75 million) are included in accounts payable and accrued liabilities.

iii. Other Non-Pension Post-Employment Benefits

The cost of other non-pension post-retirement benefits is determined and funded on an ongoing basis by the Ontario Ministry of Government Services and accordingly is not included in these financial statements.

(b) Amounts due from the Province

The due from the Province balance reflected in the financial statements is the difference between the cash receipts submitted to the Province and the Commission’s expenses paid, owing or absorbed by the Province.

(c) Other administrative expenses

The Ontario Ministry of Government Services absorbs the costs of certain administrative expenses. The Ministry of Finance has charged for administrative costs related to information technology and the Ministry of Attorney General has charged for legal staff provided to the Commission based on the Ministry’s actual costs.

8. RECOVERIES

The Commission provides administrative and other support services to a number of organizations and recovers the costs of providing these services from the organizations in accordance with the memorandum of understanding or agreement signed with the respective organizations. Details of these recoveries are as follows:

  2013
($ 000)
2012
($ 000)
Motor Vehicle Accident Claims Fund (Related Party) 1,727 1,711
Pension Benefits Guarantee Fund (Related Party) 474 480
General Insurance Statistical Agency 314 409
Joint Forum of Financial Market Regulators 222 242
Canadian Association of Pension Supervisory Authorities 183 174
Canadian Council of Insurance Regulators 208 222
Mortgage Broker Regulators’ Council of Canada 78 0
Canada Revenue Agency 11 13
  3,217 3,251

 

9. COMMITMENTS SIGNIFICANT CONTRACT
AND CONTINGENCIES

(a) Office Accommodation Lease

The Commission’s office accommodation lease has been extended from October 31, 2008 to October 31, 2015 as explained in Note 5. As a result the Commission is committed to minimum lease payments for office space as follows:

  ($ 000)
2013/2014 5,285
2014/2015 5,350
2015/2016 3,160
  13,795

 

(b) Dispute Resolution Services Contract

In August 2012, the Commission entered into a contract with an outside service provider for mediation and arbitration services. The expenditures for the year for this contract amount to $4.4 million and it is anticipated that the costs to be incurred for these services during fiscal 2014 and fiscal 2015 will be $19–22 million annually in addition to the Commission’s normal expenditures.

(c) Contingencies

The Commission is involved in various legal actions arising out of the ordinary course of business. Settlements paid by the Commission, if any, will be accounted for in the period in which the settlement occurs. The outcome and ultimate disposition of these actions are not determinable at this time.

10. FINANCIAL INSTRUMENTS

The Commission is exposed to low credit risk in its financial instruments from accounts receivable owing from industry, and is not exposed to any currency, interest rate or liquidity risk.

11. SECURITIES ON DEPOSIT

The Insurance Act authorizes the Commission to require insurance companies to deposit securities in any amount it considers necessary and on such conditions as it considers proper. Such amounts might be held to satisfy requirements of other jurisdictions with which the Province of Ontario has reciprocal agreements.

As at March 31, 2013, the market value of the securities held by the Commission under the Insurance Act was $0.052 million (2012 — $0.158 million).

Income earned on the securities is paid directly to the insurance companies depositing the securities. These securities and the related income are not recorded in the financial statements.

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Pension Benefits Guarantee Fund Financial Statements

For the Year Ended March 31, 2013

 

Management’s Statement

 

Financial Services Commission of Ontario

Deputy Superintendent
Pension Division

5160 Yonge Street
Box 85, 8th Floor
Toronto ON M2N 6L9

Telephone: (416) 226-7795
Facsimile: (416) 226-7787

Commission des services financiers de l’Ontario

Surintendant adjoint
Division des régimes de retraite

5160, rue Yonge
boîte 85, 8e étage
Toronto ON M2N 6L9

Téléphone : (416) 226-7795
Télécopieur : (416) 226-7787

 

June 24, 2013

Pension Benefits Guarantee Fund
Management’s Responsibility for Financial Information

The Superintendent of the Financial Services Commission of Ontario (“FSCO”) pursuant to the Financial Services Commission of Ontario Act, 1997 is responsible for the administration of the Pension Benefits Guarantee Fund.

Under the direction of the Superintendent, Management of FSCO is responsible for the integrity and fair presentation of all information in the financial statements and notes. The financial statements have been prepared by Management in accordance with Canadian Public Sector Accounting Standards. The preparation of financial statements involves the use of management’s judgment and best estimates particularly when transactions affecting the current period cannot be determined with certainty until future periods.

Management of FSCO, in the administration of the Pension Benefits Guarantee Fund, is dedicated to the highest standards of integrity in provision of its services. Management has developed and maintains financial controls, information systems and practices to provide reasonable assurances on the reliability of financial information and safeguarding of its assets.

The financial statements have been audited by the Office of the Auditor General of Ontario. The Auditor’s responsibility is to express an opinion on whether the financial statements are fairly presented in accordance with Canadian Public Sector Accounting Standards. They have been approved by the Commission’s Audit & Risk Committee. The Auditor’s report follows.


Signature of Brian Mills, Deputy Superintendent, Pensions (Acting)

Brian Mills
Deputy Superintendent,
Pensions (Acting)


Signature of Javier Aramayo, Acting Chief Accountant

Javier Aramayo
Acting Chief Accountant

 

Auditor’s Statement

 

Office of the Auditor General of Ontario logo

Office of the Auditor General of Ontario
Box 105, 15th Floor
20 Dundas Street West
Toronto, Ontario
M5G 2C2
416-327-2381
fax 416-326-3812

Bureau du vérificateur general de l’Ontario
B.P. 105, 15e étage
20, rue Dundas ouest
Toronto (Ontario)
M5G 2C2
416-327-2381
télécopieur 416-326-3812

www.auditor.on.ca

 

Independent Auditor’s Report

To the Financial Services Commission of Ontario and to the Minister of Finance
I have audited the accompanying financial statements of the Pension Benefits Guarantee Fund of the Financial Services Commission of Ontario, which comprise the statement of financial position as at March 31, 2013 and the statements of operations and fund surplus, cash flows and re-measurement gains and losses for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Opinion
In my opinion, the financial statements present fairly, in all material respects, the financial position of the Commission’s Pension Benefits Guarantee Fund as at March 31, 2013, and the results of its operations and fund surplus, its cash flows and its re-measurement gains and losses for the year then ended in accordance with Canadian public sector accounting standards.

Toronto, Ontario
June 24, 2013


Signature of Gary Peall, CPA, CA, LPA, Acting Auditor General

Gary Peall, CPA, CA, LPA
Acting Auditor General

 

Statement of Financial Position
As at March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
ASSETS
Current    
Cash 752 1
Accounts receivable 140,247 104,689
Investments (Note 4) 345,321 233,085
  486,320 337,775
LIABILITIES AND FUND DEFICIT
Current    
Accounts payable and accrued liabilities 10,834 7,937
Current portion of loan payable (Note 5) 11,000 11,000
Claims payable 78,739 109,287
  100,573 128,224
Loan payable (Note 5) 129,577 133,309
  230,150 261,533
Fund surplus from operation 256,165 76,128
Accumulated remeasurement gains 5 114
Fund surplus 256,170 76,242
  486,320 337,775

See accompanying notes to financial statements

Approved by:

Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Chief Executive Officer and Superintendent of Financial Services

 

Statement of Operations and Fund Surplus
For the Year Ended March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
Revenue
Premium revenue 145,295 106,847
Pension plan recoveries (Note 7) 52,770 12,384
Investment income (Note 4) 3,281 3,087
  201,346 122,318
Expenses
Claims 12,051 29,973
Amortization of loan discount (Note 5) 7,268 7,447
Pension consulting services (Note 8) 1,420 2,064
Administration fee (Note 9) 474 480
Investment management fees (Note 9) 96 85
  21,309 40,049
Recoveries of pension consulting services   (40)
Excess of revenue over expenses 180,037 82,309
Fund surplus / (deficit), beginning of year 76,128 (6,181)
Fund surplus, end of year 256,165 76,128

See accompanying notes to financial statements

 

Statement of Cash Flows
For the Year Ended March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
Net inflow (outflow) of cash related to the
following activities
Cash flows from operating activities
Excess of revenue over expenses 180,037 82,309
Items not affecting cash:    
Amortization of loan discount (Note 5) 7,268 7,447
Loss on disposal of investments (Note 4) (74) 293
  187,231 90,049
Changes in non cash working capital    
Accounts receivable (35,559) (54,131)
Claims payable (30,548) (412,623)
Accounts payable and accrued liabilities 2,897 3,940
  124,021 (372,764)
Cash flows from investing activities
Purchases of investments (3,792,182) (4,145,536)
Proceeds from sale of investments 3,679,912 4,529,300
  (112,270) 383,764
Cash flows from financing activities
Loan repayments (11,000) (11,000)
  (11,000) (11,000)
Change in cash position 751 0
Cash position, beginning of year 1 1
Cash position, end of year 752 1

 

Statement of Re-measurement Gains and Losses
For the Year Ended March 31, 2013

  March 31, 2013
($ 000)
March 31, 2012
($ 000)
Accumulated re-measurement gains, beginning of year 114
Amount reclassified to the statement of operations (114)
Unrealized gains 5 114
Accumulated re-measurement gains, end of year 5 114

 

Notes to Financial Statements
March 31, 2013

1. STATUTORY AUTHORITY

The Pension Benefits Guarantee Fund (the “Fund”) is continued under the Pension Benefits Act, R.S.O. 1990, c. P.8 (the “Act”).

2. FUND OPERATIONS

The purpose of the Fund is to guarantee payment of certain pension benefits of certain defined benefit pension plans wound up under conditions specified in the Act and regulations thereto. The regulations also prescribe an assessment payable into the Fund by plan registrants.

The Act provides that if the assets of the Fund are insufficient to meet payments for claims, the Lieutenant Governor in Council may authorize the Minister of Finance of Ontario to make loans or grants on such terms and conditions as the Lieutenant Governor in Council directs. The total liability of the Fund to guarantee pension benefits is limited to the assets of the Fund including any loans or grants received from the Province.

The Superintendent of the Financial Services Commission of Ontario (“FSCO”) pursuant to the Financial Services Commission of Ontario Act, 1997 is responsible for the administration of the Fund, and the Fund reimburses FSCO for the costs of the services provided. The investments of the Fund are managed by the Ontario Financing Authority, on a fee basis which is paid by the Fund.

3. SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Fund have been prepared by
the management of FSCO in accordance with Public Sector Accounting Standards for not-for-profit organizations (PSA-NPO) as issued by the Public Sector Accounting Board (PSAB). Accordingly, management has used the following significant accounting policies in their preparation.

(a) Financial Instruments

The Fund follows PSA-NPO pertaining to financial instruments.  Under these standards, all financial instruments are included on the
balance sheet and are measured either at fair value or at cost or amortized cost.

(b) Claims payable

Claims payable are liabilities in respect of those defined benefit pension plans prescribed by the Act that are wound up or in the process of being ordered wound up under conditions specified in the Act, and the amounts can be reasonably estimated. Liabilities are also recognized when there is a high probability a company will not emerge from creditor protection and the pension plan will be wound up on a specified date and the claim can be reasonably estimated. Claims payable are based on information provided by appointed pension plan administrators or estimates provided from actuarial consultants. These estimates represent the present value of future payments to settle claims for benefits and expenses by pension plans.

Differences in the liabilities, if any, between the amounts recognized based on estimates and the actual claims made, will be charged or credited to claims expense in the year when the actual amounts are determined.

(c) Premium revenue

An estimate of the premium revenue due from defined benefit pension plans at rates prescribed by the Act is recorded until receipt of the annual assessment certificate nine months after the plan’s fiscal year end.

Differences in premium revenue, if any, between the estimated amounts recognized and the actual revenues due are charged or credited to premium revenue in the year when the actual amounts are determined.

(d) Use of Estimates

The preparation of financial statements in accordance with PSA-NPO requires that FSCO’s management make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the reported amounts of revenue and expenses for the period. Estimates and assumptions may change over time as new information is obtained or subsequent developments occur. Actual results could differ from these estimates and the differences could be material. Areas where significant estimates must be made include premium revenue and claims payable.

4. INVESTMENTS

As administrator of the investment assets of the Fund, FSCO has formed a Fund Management Committee, developed a Statement of Investment Policies and Guidelines and appointed the Ontario Financing Authority, a related party, as investment manager. The statement provides operational objectives, investment principles, policies and guidelines for the management of the investments and is reviewed annually.

Investments consist of:

  2013
($ 000)
2012
($ 000)
Fair Value Cost Fair Value Cost
Discounted notes 252,205 252,204 210,731 210,731
Government bonds 93,116 93,111 22,354 22,374
  345,321 345,315 233,085 233,105

 

Investment income includes interest earned from interest bearing securities and realized gains and losses from the sale of securities.

The Fund’s investment portfolio is exposed to various risks, which are mitigated by the type of investment and therefore risk is low.

The market value sensitivity of the portfolio at the end of the last quarter was $600 thousand for a 1.00% change in rates.

Discounted notes with maturities between April 2013 and July 2013 have yields in the range of 0.960% to 1.140% (2012 — maturities between April 2012 and July 2012 and yields in the range of 0.926% to 1.150%).

Government bonds with maturities between June 2013 and December 2013 have yields in the range of 1.275% to 1.294% (2012 — maturities between April 2012 and June 2012 and yields of 1.599% and 1.981%).

5. LOAN PAYABLE

Non-interest Bearing Loan

On March 31, 2004, the Fund obtained a $330 million loan from the Province, a related party. The loan is non-interest bearing and repayable to the Province in thirty equal annual installments of $11 million. The loan agreement provides for the Minister of Finance to advance any installment payment date depending on the cash position of the Fund. Repayments over the next five years total $55 million.

 

The face value of this non-interest bearing loan has been discounted at an effective interest rate of 5.0368% to reflect its fair value outstanding as of March 31, 2013 as follows:

  2013
($ 000)
2012
($ 000)
Face Value 231,000 242,000
Less: Discount (90,423) (97,691)
Fair Value 140,577 144,309
Classified as:
Current Portion 11,000 11,000
Long Term Portion 129,577 133,309
Balance 140,577 144,309

 

The discount will be amortized to loan discount expense over the term of the loan based on the effective interest rate method. Amortization for the subsequent five fiscal years is as follows:

Fiscal Year ($ 000)
2014 7,081
2015 6,883
2016 6,676
2017 6,458
2018 6,229

 

6. FINANCIAL INSTRUMENTS

The main risks that the Fund’s financial instruments are exposed to are credit risk, liquidity risk and market risk.

Credit risk

Credit risk is the risk that the counterparty to a financial instrument may fail to discharge an obligation or commitment that it has entered into. The Fund is exposed to credit risk relating to the collection of receivables. The Fund considers this risk to be low.

The Fund’s accounts receivable consists of premium revenue of $139 million, investment income of $390 thousand and the GST/HST receivable of $61 thousand.

The premium revenue receivable recorded is based on a one year projection time frame and the probability for a pension plan to become insolvent and not pay the premium within a year is very low. In addition, in the event that a pension plan would become insolvent within a year, there are legal options for the Fund that can be exercised to collect the premiums. Historically, the Fund has been able to collect the amounts estimated as premium receivable.

The risk of not collecting the investment income and the GST/HST receivable is considered to be minimal.

Liquidity Risk

The Fund’s exposure to liquidity risk is minimal as the Fund has sufficient funds in its investment portfolio to settle all current liabilities. As at March 31, 2013, the Fund had an investment balance of $345 million (2012 — $233 million) to settle current liabilities of $101 million (2012 — $128 million). In addition, the Fund has the ability to meet sudden and unexpected claims by converting the investment holdings to cash without delay or significant transaction costs.

Market risk

Market risk arises from the possibility that changes in market prices will affect the value of the financial instruments of the Fund. Short-term financial instruments (receivables, accounts payable) are not subject to significant market risk. The Fund manages its market risk by investing assets in low-risk and liquid securities. The Fund’s market risk is considered to be low.

7. PENSION PLAN RECOVERIES

Following distribution of claims and submission of a final wind up report any remaining funds are recovered by the Fund. During fiscal 2013, $52.8 million (2012 — $12.4 million) in recoveries were made by the Fund. The total recoveries of $12 — 15 million dollars are expected in fiscal 2014.

8. PENSION CONSULTING SERVICES

The Fund periodically engages the services of experts to represent the Fund’s interests with respect to companies which have made claims against the Fund. For fiscal 2013, $1,419 thousand was paid to such experts related to negotiations involving one company (2012 — $2,064 thousand involving one company).

9. RELATED PARTY TRANSACTIONS

For fiscal 2013, an administration fee of $474 thousand (2012 — $480 thousand) was incurred and has been paid to FSCO for management salaries and benefits, accounting, information technology, legal, pension and other services. The Fund and FSCO are related parties.

Investment Management fees of $96 thousand include fees of $89 thousand (2012 — $78 thousand) paid to the Ontario Financing Authority, a related party.

The costs of processing premium revenue transactions are absorbed by FSCO without charge to the Fund.

Other related party transactions during the year have been disclosed in notes 4 and 5.

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Motor Vehicle Accident Claims Fund
(Established under the Motor Vehicle Accident Claims Act)
Financial Statements

March 31, 2013

 

Management’s Statement

 

Government of Ontario crest

Financial Services
Commission
of Ontario

Commission des
services financiers
de l’Ontario

 

Motor Vehicle Accident Claims Fund

Management Responsibility for Financial Information

Management is responsible for the financial statements and all other information presented in the financial statements. Management in accordance with Canadian generally accepted accounting principles has prepared the financial statements and where appropriate included amounts based on Management’s best estimates and judgements.

Management agrees with the work of the specialists in evaluating the Unpaid Claims amount and has adequately considered the qualifications of the specialist in determining amounts and disclosures used in the notes to financial statements. Management did not give any, nor cause any, instructions to be given to specialists with respect to values or amounts derived in an attempt to bias their work, and we are not aware of any matters that have impacted the independence or objectivity of the specialists.

The Motor Vehicle Accident Claims Fund is dedicated to the highest standards of integrity in provision of its services. Management has developed and maintains financial controls, information systems and practices to provide reasonable assurances on the reliability of financial information and that the assets were safeguarded. Internal audits are conducted to assess management systems and practices and reports are issued to the CEO and Superintendent of Financial Services of the Financial Services Commission of Ontario (the “FSCO”) and the FSCO Audit Committee.

Ernst & Young, Chartered Accountants who are engaged under the direction of the Auditor General, have examined the financial statements. The auditor’s responsibility is to express an opinion on whether the financial statements are fairly presented in accordance with Canadian generally accepted accounting principles. The auditor’s report outlines the scope of the auditor’s examination and report.


Signature of Izabel Scovino, Senior Manager (A), Motor Vehicle Accident Claims Fund

Izabel Scovino
Senior Manager (A)
Motor Vehicle Accident
Claims Fund


Signature of Peter McGuinness, Manager, Finance and Accounting, Motor Vehicle Accident Claims Fund

Peter McGuinness
Manager, Finance
and Accounting
Motor Vehicle Accident
Claims Fund

 

Auditor’s Statement

 

Auditor General of Ontario logo

 

Independent Auditor’s Report

To the Audit and Risk Committee of the Financial Services Commission of Ontario and the Auditor General of Ontario

Pursuant to our appointment as auditor of the Motor Vehicle Accident Claims Fund (the “Fund” or “MVACF”), which audit is under the direction of the Auditor General of Ontario, we have audited the accompanying financial statements of the Fund, which comprise the statements of financial position as at March 31, 2013, March 31, 2012 and April 1, 2011, and the statements of operations and MVACF deficit and cash flows for the years ended March 31, 2013 and March 31, 2012, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian Public Sector Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Motor Vehicle Accident Claims Fund as at March 31, 2013, March 31, 2012 and April 1, 2011 and its financial performance and its cash flows for the years ended March 31, 2013 and March 31, 2012 in accordance with Canadian Public Sector Accounting Standards.

Kitchener, Canada
July 3, 2013


Signature of Gary Peall, CPA, CA, LPA, Deputy Auditor General

Chartered Accountants
Licensed Public Accountants


Signature of Gary Peall, CPA, CA, LPA, Deputy Auditor General

A member firm of Ernst & Young Global Limited

 

 

Statement of Financial Position
As at March 31, 2013

MOTOR VEHICLE ACCIDENT CLAIMS FUND
(Established under the Motor Vehicle Accident Claims Act)

  March 31, 2013
$
March 31, 2012
$
April 1, 2011
$
ASSETS
Current
Funds on deposit with the Ministry of Finance 39,810,176 43,967,853 44,483,824
Accounts receivable – driver’s licence fees 2,505,530 2,541,775 2,881,951
Accounts receivable – debtors (Note 3c) 52,285,039 48,394,734 45,920,998
Less: allowance for doubtful accounts 37,352,865 31,496,957 28,716,139
  14,932,174 16,897,777 17,204,859
Long-term
Tangible capital assets (Note 4) 553,975 549,485 571,899
Less: accumulated amortization 541,700 532,891 544,230
  12,275 16,594 27,669
Unpaid claims recoverable (Note 5) 1,218,145 1,499,442 1,850,739
Total assets 58,478,300 64,923,441 66,449,042
LIABILITIES AND MVACF DEFICIT
Accounts payable and accrued expenses 778,687 899,019 1,491,865
Employee future benefits obligation (Note 3g) 614,005 601,267 577,203
Deferred revenue 69,917,246 69,646,054 68,854,672
Unpaid claims and adjustment expenses (Note 5) 143,256,585 138,709,542 157,839,053
Total liabilities 214,566,523 209,855,882 228,762,793
MVACF deficit (Note 2) (156,088,223) (144,932,441) (162,313,751)
Total liabilities and MVACF deficit 58,478,300 64,923,441 66,449,042

See accompanying notes.

Approved by:

Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Chief Executive Officer and Superintendent of Financial Services

 

Statement of Operations and MVACF Deficit
For the Year Ended March 31, 2013

MOTOR VEHICLE ACCIDENT CLAIMS FUND
(Established under the Motor Vehicle Accident Claims Act)

  2013
$
2012
$
REVENUE
Fees on issue or renewal of driver’s licences 28,473,324 28,611,773
Change in deferred revenue (271,193) (791,382)
Fees earned 28,202,131 27,820,391
Prior year recoveries 1,521,761 2,366,379
Other revenue 4,888 2,188
Total revenue 29,728,780 30,188,958
EXPENSES
Change in net unpaid claims and adjustment expenses 4,828,340 (18,778,214)
Accident benefit claims payments 22,974,433 18,797,230
Administrative expenses
Salaries and wages 1,740,928 1,720,952
Employees’ benefits 277,925 264,767
Transportation and communication 26,878 25,905
Claims (solicitors’ fees, etc.) 2,249,325 1,760,484
Accident benefit claims expense 2,082,770 1,687,485
Other services 1,346,492 1,345,880
Bad debts expense 5,332,956 5,958,150
Supplies and equipment 15,707 13,172
Amortization expense 8,808 11,837
Total expenses 40,884,562 12,807,648
Excess (deficiency) of revenue over expenses (11,155,782) 17,381,310
MVACF deficit, beginning of year (144,932,441) (162,313,751)
MVACF deficit, end of year (156,088,223) (144,932,441)

 

Statement of Cash Flows
For the Year Ended March 31, 2013

MOTOR VEHICLE ACCIDENT CLAIMS FUND
(Established under the Motor Vehicle Accident Claims Act)

  2013
$
2012
$
OPERATING ACTIVITIES
Cash inflows
Fees on issue or renewal of driver’s licences 28,509,570 28,951,958
Repayment by debtors 1,133,398 1,545,393
Prior year recoveries 1,521,761 2,366,379
Other revenue 4,888 2,188
  31,169,617 32,865,918
Cash outflows
Statutory payments (27,557,623) (26,405,452)
Payments to employees (2,128,737) (1,949,413)
Administrative expenses (5,636,444) (5,026,262)
  (35,322,804) (33,381,127)
Net cash outflow from operating activities (4,153,187) (515,209)
INVESTING ACTIVITIES
Cash outflows
Acquisition of computer equipment (4,490) (762)
Net cash outflow from investing activities (4,490) (762)
Net decrease in funds on deposit with the Ministry of Finance (4,157,677) (515,971)
Funds on deposit with the Ministry of Finance, beginning of year 43,967,853 44,483,824
Funds on deposit with the Ministry of Finance, end of year 39,810,176 43,967,853

 

Notes to Financial Statements
March 31, 2013

1. STATUTORY AUTHORITY

The Motor Vehicle Accident Claims Fund (MVACF) operates under the authority of the Motor Vehicle Accident Claims Act (the Act), R.S.O. 1990, Chapter M.41 as amended.

2. MVACF OPERATIONS

MVACF is a program that was created on July 1, 1947 as the Unsatisfied Judgment Fund. Initially, MVACF was required to respond to victims of uninsured motorists and hit-and-run drivers who could not recover damages awarded by the courts from an automobile insurance company. MVACF legislation was amended in the early 1960s, in 1979 with the Compulsory Automobile Insurance Act, and in 1990 by the Insurance Statute Law Amendment Act which required MVACF to include in its statutory payments, accident benefits on a no-fault basis for the first time. Currently, MVACF responds to claims in the same fashion and with the same exclusions as automobile insurers in Ontario, and provides for two types of coverage: third-party bodily injury and property damage liability (collectively referred to as TPL), and statutory accident benefits (or SABS) in accordance with legislated requirements.

The coverage provided by MVACF is analogous to the minimum required coverage under the standard automobile policy (OAP 1) approved by the provincial regulator. Unlike insurance companies, MVACF does not cover claims where the accidents occur outside of Ontario, except in the case of accident benefits where the Ontario insurer is insolvent. In the cases of insurance company insolvencies where MVACF pays claims for accident benefits, MVACF has powers to assess the industry to recover for claims and adjustment expenses and also has claimant rights against the estate of the insolvent insurer.

MVACF operates administratively under the direction of the Financial Services Commission of Ontario (FSCO) and reimburses FSCO for the costs of the services it provides to MVACF.

The Lieutenant Governor in Council, having regard to the condition of MVACF and the amount paid out of MVACF during any period, may direct payment out of the Province’s Consolidated Revenue Fund of such an amount as may be considered necessary or advisable to subsidize and fund MVACF’s operations.

On April 1, 2012, MVACF adopted Canadian Public Sector Accounting Standards (PSAS). These are the first financial statements prepared in accordance with PSAS. In accordance with the transitional provisions of PASA, MVACF has adopted the changes retrospectively. The transition date is April 1, 2011 and all comparative information provided has been presented by the Standards. No transitional adjustments were required upon transition and no exemptions were applicable to MVACF.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used in the preparation of these financial statements are summarized as follows:

a) Driver’s Licence Fees and Deferred Revenue

MVACF earns a fee of $15.00 on the issuance or renewal of each driver’s five-year licence. The income is earned on a pro-rata basis over the five-year term of the licence and the unearned portion is reflected as deferred revenue.

b) Accounts Receivable — Fees

Under the Act, MVACF receives from the Ministry of Transportation and Serco DES a monthly internal transfer and payment representing the driver’s licence fee prescribed by Ontario Regulation 800. Accordingly, unremitted licence fees are reported as accounts receivable.

c) Accounts Receivable — Debtors and Restatement

MVACF maintains an accounts receivable portfolio, accumulated over the years as a result of judgments and claims assigned to the Minister of Finance. MVACF will pay damages to injured, not-at-fault victims who have no recourse to liability insurance, on behalf of defendant uninsured motorists. In accordance with the Act, these amounts are recoverable from the uninsured motorists. Total repayments received from debtors are reflected in the statement of cash flows.

The allowance for doubtful accounts is determined through a process that considers: the age of defendant/debtor, the defendant/debtor’s current monthly installment required under the regulations, the amount paid out of MVACF and the activity on the account since the date of the judgment.

The write-off process depends on established criteria that parallel the criteria established by the Ministry of Finance. These criteria are used to select a block of accounts at the beginning of April that is reviewed by collections staff.

The Ministry of Finance, Internal Audit Section audits the work of the collections staff and provides a certificate of assurance to verify that the established criteria for the write-off have been met. The write-off transaction is authorized by an order-in-council under the authority set out in the Financial Administration Act.

In the current year, $0.5 million (March 31, 2012 — $0.8 million; April 1, 2011 — $1.6 million) of the accounts receivable was reinstated through the bad debt expense account.

For March 31, 2013, a write-off of $4.5 million was submitted to the Ministry of Finance but has not yet been approved. Write-offs of $4.0 million for March 31, 2012 and $5.3 million for April 1, 2011 have previously been approved, through an order-in-council and recorded in the respective years.

d) Prior Year Recoveries

Prior year recoveries are generated from three main sources: insurance recoveries, reversionary interest (note 6 — Contingent Gains and Liabilities) and recoveries of court costs. MVACF is required under the Statutory Accident Benefits Schedule (SABS) to satisfy the payment of accident benefits claims within specified periods. The timeframe does not allow for a complete investigation into available insurance coverage and in some instances information is withheld by police because of criminal investigations.

Accordingly, when new information is available, MVACF may be required to pursue private insurers for recoveries.

From time to time MVACF may also be involved in the defense of uninsured motorists or the Superintendent of the FSCO, where the legal proceedings are deemed frivolous and MVACF is awarded costs by the courts.

Prior year recoveries are recorded in the period they are determined. In the current year, $1.5 million (March 31, 2012 — $2.4 million) in recoveries were recorded but related to prior year claims.

e) Unpaid Claims

Unpaid claims represents the estimated amounts required to settle all unpaid claims, including an amount for unreported claims and claim expenses, and is gross of estimated recoveries and subrogation. Claim liabilities are established according to accepted actuarial practice in Canada as applied to public personal injury compensation plans. They do not reflect the time value of money, because MVACF reports no investment income.

The provision for unpaid claims and adjustment expenses consists of estimates that are necessarily subject to uncertainty, and the variability could be material in the near term. The estimates are selected from a range of possible outcomes and are adjusted up or down, as additional information becomes known during the course of loss settlement. The estimates are principally based on historical experience but variability can be caused by changes in judicial interpretations of contracts or significant changes in severity and frequency of claims from historical trends. All changes in estimates are recorded in the current period.

MVACF has obligations to pay certain fixed amounts to claimants on a recurring basis and has purchased annuities from life insurers to provide for those payments in the form of structured settlements (note 6).

Settlements occur when there is an irrevocable direction from MVACF to the life insurer to make all payments directly to the claimant. There are no rights under the non-commutable, non-assignable, non-transferable contract that would provide any current or future benefit to MVACF. MVACF remains liable to make payments only in the event that the life insurer fails and only to the extent that Assuris, the life insurance industry’s insolvency compensation fund, will not cover payments due. The net risk to MVACF is any credit risk related to the life insurers. This credit risk is deemed nil at March 31, 2013 (March 31, 2012 — nil; April 1, 2011 — nil) as all insurers are rated A+ or above. There exists the possibility of contingent gains based on the fact that MVACF has purchased insurance on some of the measured lives. Such amounts are described in note 6 — Contingent Gains and Liabilities.

f) Use of Estimates

The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires that MVACF’s management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions may change over time as new information is obtained or subsequent developments occur. Actual results could differ from these estimates. The most significant estimates relate to the provision for unpaid claims and adjustment expenses, unpaid claims recoverable, contingent liabilities and employee future benefits.

g) Recognition of Contingent Assets and Liabilities

A contingent liability is disclosed where the existence of an obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognized, but are disclosed where an inflow of economic benefits is probable.

i) Employee Future Benefits Obligation

Prior to 2007, MVACF did not record the liabilities pertaining to the legislative severance and compensated absences components of its employee future benefits costs because these liabilities had been determined and recognized by the Province of Ontario (the Province) in its consolidated financial statements. While the Province continues to accrue for these costs each year and fund them annually when due, the Auditor General of Ontario has requested and management has agreed that MVACF also recognize the liability for these costs in these financial statements.

ii) Employee Benefits

MVACF’s employees are entitled to benefits that have been negotiated centrally for Ontario Public Service employees. The future liability for benefits earned by MVACF’s employees is recognized in the Province’s consolidated financial statements.

These benefits are accounted for by MVACF as follows:

Employee Future Benefits Obligation

The costs of any legislated severance and unused vacation entitlements earned by employees are recognized when earned by eligible employees. Legislated severance is non-actuarially estimated based on one week’s pay for every year of service for those employees with a minimum of five years of service. In the current year, $614,005 (March 31, 2012 — $601,267; April 1, 2011 — $577,203) was recorded with respect to these benefits. An expense of $12,739 (2012 — $24,064) was recorded in the current year as part of employee benefits in the statement of operations and MVACF deficit.

Other Non-Pension Post-Employment Benefits

The cost of other non-pension post-employment benefits is determined and funded on an ongoing basis by the Ontario Ministry of Government Services and, accordingly, is not included in these financial statements.

4. TANGIBLE CAPITAL ASSETS

Leasehold improvements, computer equipment, furniture and fixtures, and office equipment are carried at cost less accumulated amortization. MVACF provides for amortization on a straight-line basis over the term of the lease (for leasehold improvements) or over the useful life of the asset. Accordingly, leasehold improvements and furniture and fixtures are amortized over 5 years, while computer equipment and office equipment are amortized over 3 years.

  Cost Accumulated Amortization Net Book Value
March 31, 2013 ($)
Computer equipment 30,153 18,386 11,767
Office equipment 7,406 6,898 508
Furniture and fixtures 16,416 16,416 -
Leasehold improvements 500,000 500,000 -
  553,975 541,700 12,275
March 31, 2012 ($)
Computer equipment 25,663 9,831 15,832
Office equipment 7,406 6,644 762
Furniture and fixtures 16,416 16,416 -
Leasehold improvements 500,000 500,000 -
  549,485 532,891 16,594
April 1, 2011 ($)
Computer equipment 48,839 24,453 24,386
Office equipment 6,644 6,644 -
Furniture and fixtures 16,416 13,133 3,283
Leasehold improvements 500,000 500,000 -
  571,899 544,230 27,669

 

5. UNPAID CLAIMS AND ADJUSTMENT EXPENSES

a) MVACF’s unpaid claims and adjustment expenses consist of the following:

(in thousands of dollars) March 31, 2013 ($) March 31, 2012 ($) April 1, 2011 ($)
Gross Recoverable Gross Recoverable Gross Recoverable
ACCIDENT BENEFITS
Statutory accident benefits 92,291 91,290 104,252
THIRD-PARTY
LIABILITY (TPL)
Property damage 1,103 19 1,115 23 890 20
Bodily injury 49,862 1,199 46,304 1,476 52,697 1,831
Total TPL 50,965 1,218 47,419 1,499 53,587 1,851
Totals 143,256 1,218 138,709 1,499 157,839 1,851

 

b) The change in gross provision for unpaid claims and adjustment expenses is as follows:

(in thousands of dollars) March 31, 2013 ($) March 31, 2012 ($) April 1, 2011 ($)
Balance, beginning of year 138,709 157,839 170,309
Increase (decrease) in provision for losses that occurred in prior years 7,562 (17,376) (19,533)
Amounts paid during the year on claims of prior years
Statutory payments (27,214) (25,489) (20,165)
Claims expenses (7,198) (6,613) (7,093)
Amounts paid during the year on claims of the current year
Statutory payments (459) (505) (576)
Claims expenses (121) (131) (203)
Provision for losses on claims that occurred in the current year 31,977 30,984 35,100
Balance, end of year 143,256 138,709 157,839

 

6. CONTINGENT GAINS AND LIABILITIES

a) Contingent Gains

Some payments out of MVACF are in the form of structured settlements for accident benefit claims. These claims have guarantee periods ranging from 10 to 30 years and during this period the reversionary interest will be payable to Her Majesty the Queen in right of Ontario, as represented by the Minister of Finance, should the claimant die.

Even though the range of probability that the claimant may die during the guarantee period is slight, MVACF nevertheless has calculated the approximate reversionary interest represented by insurance on the claimant lives as at March 31, 2013 for information purposes.

As at March 31, 2013, the amount paid out of MVACF for accident benefit claims in the form of structured settlements was approximately $37.1 million (March 31, 2012 — $31.6 million; April 1, 2011 — $25.7 million) with applicable reversionary interest of approximately $27.1 million (March 31, 2012 — $23.7 million; April 1, 2011 — $18.7 million).

b) Contingent Liabilities

In accordance with PSAS, MVACF makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed annually and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable and it is possible that MVACF’s financial position, cash flows or results of operations could be negatively affected by an unfavourable resolution to court decision.

7. SUBSEQUENT EVENT

Subsequent to year-end, a decision was reached related to the collectability and repayment of certain amounts by a debtor. MVACF is currently in the process of evaluating the implications of the decision and whether or not there are amounts that may need to be repaid to or are no longer collectable by other debtors. The amount of the loss is not reasonably estimable at this time. The amounts may be material to the financial statements.

8. ROLE OF THE ACTUARY AND AUDITOR

The FSCO retains an independent actuary who acts as MVACF’s actuary. The actuary’s responsibility is to carry out an annual valuation of MVACF’s liabilities, which include provision for unpaid claims and adjustment expenses in accordance with accepted actuarial practice. In performing the valuation, the actuary makes assumptions as to the future rates of claims frequency and severity, inflation, recoveries, and expenses, taking into consideration the circumstances of MVACF. The actuary in his verification of the underlying data used in the valuation also makes use of the work of the external auditor. The actuary’s report outlines the scope of his work and opinion.

The external auditors act under the direction of the Auditor General of Ontario pursuant to agreed terms of engagement. Their responsibility is to conduct an independent and objective audit of the financial statements in accordance with Canadian generally accepted auditing standards and report thereon to the Audit and Risk Committee of the FSCO. In carrying out their audit, the auditors also consider the work of the actuary and his report on the provision for claims and claim expenses. The auditors’ report outlines the scope of their audit and their opinion.

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Superintendent’s Report on Insurance
2012

 

Table of Contents

Superintendent’s Report 2012

The following information was obtained from the annual filings and, in the case of federally registered insurers, from the Office of the Superintendent of Financial Institutions. While every effort has been made to ensure the accuracy of this report, decisions should not be made solely on the information contained in it. Other sources should also be consulted. Any material changes to this information will be reported to the Minister of Finance and published in The Ontario Gazette.

The information is organized by type of insurer, and insurers are listed alphabetically within each group.

 

Letter to Minister of Finance

The Honourable Charles Sousa
Minister of Finance
7 Queen’s Park Crescent
Toronto ON M7A 1Y7

Dear Minister:

I am pleased to present the 134th annual report under Section 36 of the Insurance Act for the year ended December 31, 2012. Prior to the creation of the Financial Services Commission of Ontario, this report was issued by the Superintendent of Insurance.

In addition to the information contained in this report, a listing of all licensed insurers is published each July in The Ontario Gazette. This list contains the names of the insurers, their addresses, telephone numbers, chief agents, and the classes for which they are licensed. During the year, information concerning newly licensed insurers and changes to existing licences is also published in Bulletins issued by the Financial Services Commission of Ontario. Any broker or member of the public can verify whether a particular insurer is licensed by calling our offices at (416) 250-7250. This information is also available on the Commission’s Internet site — www.fsco.gov.on.ca.

News releases containing other information of public interest are made throughout the year. These announcements effectively reach a large number of Ontario residents. Information is also supplied to industry trade associations for inclusion in their publications to reach more specialized audiences. The Financial Services Commission of Ontario issues Bulletins as required to provide information to insurers and other individuals interested in the insurance industry.

Yours sincerely,

Approved by:

Signature of Philip Howell, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario

Philip Howell
Chief Executive Officer and Superintendent of Financial Services

 

Summary Financial Information

SUMMARY OF COMPANIES LICENCED BY TYPE OF BUSINESS ACTIVITY
as of December 31, 2012, and December 31, 2011

Analysis of 2012 total  

Business Type Total 2011 Additions Withdrawals Total 2012 Ontario Extra Provincial Federal
Property & Casualty Companies 205 3* 3 205 52 15 138
Life Insurance Companies 76 0 2 74 1 14 59
Reinsurance Companies 38 0 2 36 2 1 33
Reciprocal Exchanges 10 1 0 11 7 3 1
Fraternal Societies 17 0 2 15 2 0 13
Totals 346 4 9 341 64 33 244

* Sunderland Marine Mutual Insurance Company and AXA Insurance Inc. were licenced in 2011 but unintentionally omitted from the
2011 Superintendent’s Report.

Notes:

1. Companies writing both property & casualty and life business are listed under Life in the above summary.
Their financial performance is shown separately by business type in the following report.

2. Branch operations are included in the Federal totals.

3. The Superintendent’s Report 2012 records figures as of the end of the calendar year (December 31, 2012), based on the companies’ annual filings.
The Financial Services Commission of Ontario Annual Report 2012–2013 records figures as of the end of the fiscal year (March 31, 2013).

 

Insurer Statistics

To gauge the level of competition, FSCO calculates how many companies represent 80 percent of the market for key products. These figures are based on individual companies rather than groups of affiliated companies.

2012 Property and Casualty Insurers
Number of Companies Representing 80% of Ontario Market Share

2012 Property and Casualty Insurers: Number of Companies Representing 80% of Ontario Market Share

Description of this image

 

2012 Life Insurers
Number of Companies Representing 80% of the Ontario Market Share

2012 Life Insurers: Number of Companies Representing 80% of Ontario Market Share

Description of this image

 

Insurance is a $41 billion business in Ontario. In 2012, of the total premium dollar volume, 52% went to property and casualty (including automobile) insurance industry and 47.1 per cent went to the life insurance industry.

 

Premium Statistics



2012 Direct Premium Volume in Ontario

Total $41,288 million

2012 Direct Premium Volume in Ontario

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P&C insurers received $21.5 billion in premiums in 2012. The split among automobile, property and liability remained consistent compared to 2011.

 

2012 Property & Casualty Companies
Direct Written Premiums in Ontario By Line

Total Premiums Written
$21,463 million

2012 Property & Casualty Companies Direct Written Premiums in Ontario By Line

Description of this image


The broad pattern among life insurance companies likewise remained constant. Of the $19.5 billion spent on premiums to the life insurers, 13.8 percent went to buy annuities, 41.3 percent to purchase individual and group life coverage and 44.9 percent to obtain accident and sickness insurance.

 

2012 Life Companies
Direct Written Premiums in Ontario

Total Premiums Written
$19,451 million

2012 Life Companies Direct Written Premiums in Ontario

Description of this image

 

Property & Casualty Insurance Companies

  ONTARIO BUSINESS TOTAL COMPANY
FINANCIAL SUMMARY
Year ended
December 31, 2012

(in thousands)
Direct Written Premiums

$
Direct Claims Incurred

$
Total
Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Claims Incurred to earned premium

%
Net Income/ (Loss)

$
ONTARIO
ALGOMA MUTUAL INSURANCE COMPANY 11,107 9,712 24,591 18,397 6,194 66% 15
AMHERST ISLAND MUTUAL INSURANCE COMPANY 791 131 2,682 623 2,059 21% 256
AYR FARMERS’ MUTUAL INSURANCE COMPANY 23,039 11,009 70,233 33,280 36,953 41% 5,245
BAY OF QUINTE MUTUAL INSURANCE CO. 21,100 11,333 48,636 21,526 27,110 50% 2,622
BERTIE AND CLINTON MUTUAL INSURANCE COMPANY 12,251 6,526 62,390 28,866 33,524 51% 1,917
BRANT MUTUAL INSURANCE COMPANY 6,538 4,252 19,372 12,659 6,713 51% 400
CAA INSURANCE COMPANY (ONTARIO) 176,086 104,205 474,143 367,970 106,173 59% 17,926
CARADOC DELAWARE MUTUAL FIRE INSURANCE COMPANY 1,818 744 8,462 1,831 6,631 38% 337
CAYUGA MUTUAL INSURANCE COMPANY 7,847 3,773 26,365 13,216 13,149 37% 1,510
COACHMAN INSURANCE COMPANY 63,125 47,609 213,910 160,492 53,418 63% 9,254
DUFFERIN MUTUAL INSURANCE COMPANY 8,653 3,580 30,532 24,857 5,675 43% 695
DUMFRIES MUTUAL INSURANCE COMPANY 13,952 4,481 52,083 25,794 26,289 47% 2,160
ERIE MUTUAL FIRE INSURANCE COMPANY 5,829 2,327 22,539 6,630 15,909 53% 527
FARMERS’ MUTUAL INSURANCE COMPANY (LINDSAY) 92,962 42,409 260,749 166,187 94,562 54% 12,035
FENCHURCH GENERAL INSURANCE COMPANY 9,900 5,378 22,099 15,377 6,722 48% 173
GERMANIA MUTUAL INSURANCE COMPANY 17,179 7,652 37,553 20,145 17,408 45% 2,526
GLENGARRY MUTUAL INSURANCE COMPANY 10,993 5,630 26,484 13,965 12,519 49% 877
GRENVILLE MUTUAL INSURANCE COMPANY 22,704 14,747 71,861 36,604 35,257 49% 3,281
GREY & BRUCE MUTUAL INSURANCE COMPANY 2,929 1,469 4,821 2,286 2,535 57% 48
HALWELL MUTUAL INSURANCE COMPANY 17,088 7,140 56,287 30,370 25,917 34% 4,405
HAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY 21,131 11,592 63,649 40,139 23,510 41% 3,203
HAY MUTUAL INSURANCE COMPANY 9,061 7,000 45,242 15,360 29,882 56% 1,555
HOWARD MUTUAL INSURANCE COMPANY 10,613 6,541 45,283 17,813 27,470 53% 1,269
HOWICK MUTUAL INSURANCE COMPANY 14,223 5,561 31,760 21,238 10,522 42% 2,067
KENT & ESSEX MUTUAL INSURANCE COMPANY 22,870 8,891 75,367 38,415 36,952 49% 3,523
L&A MUTUAL INSURANCE COMPANY 9,326 4,359 15,443 9,122 6,321 61% 300
LAMBTON MUTUAL INSURANCE COMPANY 18,879 12,428 62,520 33,688 28,832 62% 1,831
LANARK MUTUAL INSURANCE COMPANY 20,882 10,485 68,224 23,980 44,244 46% 3,060
LAWYERS’ PROFESSIONAL INDEMNITY COMPANY 110,399 105,308 611,041 439,470 171,571 101% -2,914
MARKHAM GENERAL INSURANCE COMPANY (IN LIQUIDATION)1 0 0 0 0 0 n/a 0
MAX CANADA INSURANCE COMPANY 4,999 1,909 20,298 12,849 7,449 46% 179
MCKILLOP MUTUAL INSURANCE COMPANY 8,677 3,384 24,238 12,026 12,212 58% 548
MIDDLESEX MUTUAL INSURANCE CO. 11,200 7,308 43,237 25,192 18,045 56% 1,830
NORFOLK MUTUAL INSURANCE COMPANY 6,723 4,877 19,865 9,825 10,040 55% 658
NORTH BLENHEIM MUTUAL INSURANCE COMPANY 9,300 4,273 26,176 9,580 16,596 48% 1,687
NORTH KENT MUTUAL FIRE INSURANCE COMPANY 7,962 6,290 35,136 15,606 19,530 82% -265
OXFORD MUTUAL INSURANCE COMPANY 11,183 4,394 29,021 14,526 14,495 43% 1,880
PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY 19,425 7,744 57,010 36,920 20,090 45% 2,822
PEEL MUTUAL INSURANCE COMPANY 42,822 33,607 118,716 88,644 30,072 74% 2,096
PRO-DEMNITY INSURANCE COMPANY 19,299 10,376 86,780 60,678 26,102 91% 67
SOUTH EASTHOPE MUTUAL INSURANCE COMPANY 14,201 8,498 50,060 23,155 26,905 53% 1,927
THE WEST WAWANOSH MUTUAL INSURANCE COMPANY 16,204 9,981 47,106 25,901 21,205 48% 2,172
THE WESTMINSTER MUTUAL INSURANCE COMPANY 9,395 4,913 19,789 12,792 6,997 46% 1,166
THE YARMOUTH MUTUAL FIRE INSURANCE COMPANY 8,684 5,301 22,198 10,957 11,241 53% 775
TOWN & COUNTRY MUTUAL INSURANCE COMPANY 11,382 6,577 35,711 19,366 16,345 60% 973
TOWNSEND FARMERS’ MUTUAL FIRE INSURANCE COMPANY 6,851 2,546 21,567 12,675 8,892 53% 702
TRADITION MUTUAL INSURANCE COMPANY 13,255 4,454 36,815 19,392 17,423 39% 3,308
TRILLIUM MUTUAL INSURANCE COMPANY 37,813 12,248 98,313 54,433 43,880 39% 6,855
TTC INSURANCE COMPANY LIMITED2 0 0 157,749 157,649 100 n/a 0
USBORNE AND HIBBERT MUTUAL FIRE INSURANCE COMPANY 5,665 2,696 37,332 6,204 31,128 55% 1,735
WABISA MUTUAL INSURANCE COMPANY 7,886 4,100 22,908 15,246 7,662 59% 573
WEST ELGIN MUTUAL INSURANCE COMPANY 10,697 4,660 41,272 19,742 21,530 42% 2,900
  1,046,898 616,408 3,605,618 2,303,658 1,301,960   114,691
EXTRA PROVINCIAL
ALBERTA MOTOR ASSOCIATION INSURANCE COMPANY 74 0 547,338 405,303 142,035 76% 14,772
AXA INSURANCE INC. 0 0 6,186,696 4,031,063 2,155,633 62% 221,968
BELAIR INSURANCE COMPANY INC. 54,767 29,964 867,614 703,369 164,245 62% 27,821
CANADIAN FARM INSURANCE CORP. 81 33 10,796 4,389 6,407 48% 1,260
CANASSURANCE INSURANCE COMPANY 1,404 539 76,229 68,221 8,008 46% 3,780
GMS INSURANCE INC. 8,558 4,116 22,061 12,952 9,109 56% 1,520
INDUSTRIAL ALLIANCE PACIFIC GENERAL INSURANCE CORPORATION 6,112 2,179 117,411 80,940 36,471 22% 4,136
LA MUTUELLE D’ÉGLISE DE L’INTER-OUEST 7 0 5,561 401 5,160 17% -202
L’UNIQUE GENERAL INSURANCE INC. 777 0 299,249 233,614 65,635 59% 7,867
MILLENNIUM INSURANCE CORPORATION 12,208 2,286 351,577 221,272 130,305 53% 20,665
OPTIMUM INSURANCE COMPANY INC. 47,645 28,526 186,437 138,572 47,865 48% 5,748
SGI CANADA INSURANCE SERVICES LTD. 140 17 391,573 280,210 111,363 58% 17,872
THE CANADIAN UNION INSURANCE COMPANY 0 -55 434,805 343,506 91,299 70% 6,302
TRANS GLOBAL INSURANCE COMPANY 8,074 150 10,011 4,150 5,861 4% 1,128
UNICA INSURANCE INC. 93,795 64,119 352,923 254,865 98,058 61% 9,969
  233,642 131,874 9,860,281 6,782,827 3,077,454   344,606
FEDERAL
ACE INA INSURANCE 134,551 102,843 1,412,862 1,084,298 328,564 81% 3,034
AIG INSURANCE COMPANY OF CANADA3 342,087 168,094 4,676,466 3,356,377 1,320,089 54% 202,259
ALLSTATE INSURANCE COMPANY OF CANADA 563,312 98,562 2,687,517 2,021,224 666,293 63% 141,069
ALTA SURETY COMPANY4 0 0 0 0 0 n/a 0
ASCENTUS INSURANCE LTD. 237 195 15,527 8,098 7,429 -48% 461
ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED 5,812 1,862 153,411 87,390 66,021 49% 5,044
AVIVA INSURANCE COMPANY OF CANADA 1,453,385 1,005,859 5,661,601 4,653,675 1,007,926 65% 94,724
AXA INSURANCE (CANADA) AXA ASSURANCES (CANADA) 34,782 96,270 1,690,742 1,098,296 592,446 62% 94,212
AXA PACIFIC INSURANCE COMPANY 8,812 15,783 1,473,225 922,123 551,102 62% 73,287
CANADA GUARANTY MORTGAGE INSURANCE COMPANY 55,963 3,447 510,226 235,710 274,516 43% 14,018
CANADIAN NORTHERN SHIELD INSURANCE COMPANY 1,630 1,097 324,300 259,277 65,023 56% 8,704
CERTAS DIRECT INSURANCE COMPANY 295,447 231,850 1,010,831 816,302 194,529 69% 27,181
CERTAS HOME AND AUTO INSURANCE COMPANY 1,563 1,213 11,307 6,253 5,054 82% -191
CHUBB INSURANCE COMPANY OF CANADA 349,579 178,989 2,356,606 1,582,682 773,924 47% 141,676
CONSTITUTION INSURANCE COMPANY OF CANADA5 0 0 2,578 50 2,528 n/a -74
CO-OPERATORS GENERAL INSURANCE COMPANY 758,715 113,679 4,909,214 3,469,102 1,440,112 63% 257,726
COSECO INSURANCE COMPANY 149,250 95,240 559,164 421,537 137,627 70% 28,445
CUMIS GENERAL INSURANCE COMPANY 61,426 36,891 223,543 158,307 65,236 57% 10,248
DAS LEGAL PROTECTION INSURANCE COMPANY LIMITED 1,000 547 9,560 3,071 6,489 68% -4,392
ECHELON GENERAL INSURANCE COMPANY 115,459 22,963 457,776 340,745 117,031 66% 26,295
ECONOMICAL MUTUAL INSURANCE COMPANY 836,735 134,695 4,842,754 3,378,541 1,464,213 61% 152,720
ELITE INSURANCE COMPANY 71,470 34,322 717,730 584,014 133,716 60% 26,000
EVEREST INSURANCE COMPANY OF CANADA 11,919 8,156 97,555 40,256 57,299 94% -3,742
FCT INSURANCE COMPANY LTD. 61,630 20,471 249,600 171,368 78,232 32% 8,838
FEDERATED INSURANCE COMPANY OF CANADA 58,999 40,114 448,624 316,368 132,256 54% 19,927
FEDERATION INSURANCE COMPANY OF CANADA 13,194 6,439 497,471 375,505 121,966 61% 11,688
FIRST NORTH AMERICAN INSURANCE COMPANY 2,870 458 9,365 3,003 6,362 15% 657
GENWORTH FINANCIAL MORTGAGE INSURANCE COMPANY CANADA 222,355 38,458 5,622,813 2,365,772 3,257,041 33% 487,689
GORE MUTUAL INSURANCE COMPANY 279,740 183,932 759,394 557,380 202,014 65% 17,057
GRANITE INSURANCE COMPANY6 0 0 0 0 0 n/a 0
INTACT INSURANCE COMPANY 2,032,106 1,123,633 11,911,228 8,741,935 3,169,293 62% 217,179
INTERNATIONAL INSURANCE COMPANY OF HANNOVER LIMITED 3,338 1,852 35,768 22,298 13,470 123% -1,633
JEVCO INSURANCE COMPANY 241,684 201,613 1,253,812 926,602 327,210 79% 131,387
LEGACY GENERAL INSURANCE COMPANY 7,436 1,173 16,577 -3,910 20,487 28% 3,380
NORTHBRIDGE COMMERCIAL INSURANCE CORPORATION 88,269 82,051 627,315 460,621 166,694 73% -4,637
NORTHBRIDGE GENERAL INSURANCE CORPORATION 208,108 26,379 3,281,334 2,559,149 722,185 78% -58,192
NORTHBRIDGE INDEMNITY INSURANCE COMPANY 24,012 17,636 674,066 512,151 161,915 106% -17,928
NORTHBRIDGE PERSONAL INSURANCE CORPORATION 120,976 16,569 768,116 611,065 157,051 94% -35,406
NOVEX INSURANCE COMPANY 158,673 107,824 911,350 670,371 240,979 62% 31,865
OLD REPUBLIC INSURANCE COMPANY OF CANADA 55,657 47,054 223,936 171,956 51,980 77% 1,517
OMEGA GENERAL INSURANCE COMPANY 8,580 9,288 41,884 31,676 10,208 71% -813
PAFCO INSURANCE COMPANY 72,714 35,803 268,301 186,680 81,621 45% 30,181
PEMBRIDGE INSURANCE COMPANY 136,777 75,902 481,453 330,509 150,944 63% 24,051
PERTH INSURANCE COMPANY 75,052 10,397 428,114 357,111 71,003 61% 6,440
PILOT INSURANCE COMPANY -1,905 -38,594 686,004 594,215 91,789 -9% 33,585
PMI MORTGAGE INSURANCE COMPANY CANADA 0 0 38,929 9,480 29,449 71% 3,341
PRIMMUM INSURANCE COMPANY 280,183 219,221 1,685,575 1,449,597 235,978 81% 6,247
QUEBEC ASSURANCE COMPANY 0 0 113,795 87,198 26,597 56% 4,897
RBC GENERAL INSURANCE COMPANY 418,706 298,088 1,283,485 1,026,737 256,748 70% 48,691
RBC INSURANCE COMPANY OF CANADA 235,984 151,883 501,432 359,614 141,818 55% 12,234
ROYAL & SUN ALLIANCE INSURANCE COMPANY OF CANADA 591,827 355,579 4,181,348 3,375,537 805,811 56% 148,770
S & Y INSURANCE COMPANY -1,372 -7,393 175,942 143,837 32,105 51% 6,916
SAFETY NATIONAL CASUALTY CORPORATION 0 -620 50,007 31,408 18,599 n/a 532
SCOTIA GENERAL INSURANCE COMPANY 0 0 7,200 54 7,146 n/a -11
SCOTTISH & YORK INSURANCE CO. LIMITED 99,589 51,376 678,176 565,474 112,702 66% 20,311
SECURITY NATIONAL INSURANCE COMPANY 921,956 167,027 6,124,211 5,133,705 990,506 82% -1,897
TD DIRECT INSURANCE INC.7 0 0 15,511 58 15,453 n/a 364
TD GENERAL INSURANCE COMPANY 161,575 177,737 931,251 827,399 103,852 99% -13,475
TD HOME AND AUTO INSURANCE COMPANY 303,074 219,576 1,280,670 1,046,108 234,562 82% 9,197
TEMPLE INSURANCE COMPANY 67,057 50,239 833,882 692,602 141,280 61% 15,954
THE BOILER INSPECTION AND INSURANCE COMPANY OF CANADA 11,032 3,685 180,197 103,624 76,573 26% 20,350
THE DOMINION OF CANADA GENERAL INSURANCE COMPANY 951,240 662,592 3,426,942 2,577,043 849,899 73% 65,539
THE GUARANTEE COMPANY OF NORTH AMERICA 233,099 182,610 1,276,152 832,267 443,885 60% 30,210
THE MISSISQUOI INSURANCE COMPANY 88 -48 486,912 363,273 123,639 61% 11,947
THE NORDIC INSURANCE COMPANY OF CANADA 297,063 234,422 1,599,163 1,246,428 352,735 62% 52,595
THE NORTH WATERLOO FARMERS MUTUAL INSURANCE COMPANY 83,083 48,843 164,934 114,391 50,543 55% 6,569
THE PERSONAL INSURANCE COMPANY 453,140 323,476 1,777,090 1,401,696 375,394 66% 66,952
THE PORTAGE LA PRAIRIE MUTUAL INSURANCE COMPANY 45,302 26,861 407,164 285,358 121,806 68% 6,928
THE SHIPOWNERS’ MUTUAL PROTECTION AND INDEMNITY ASSOCIATION (LUXEMBOUR 2,216 1,311 36,046 23,296 12,750 78% 94
THE SOVEREIGN GENERAL INSURANCE COMPANY 73,211 22,923 683,027 473,919 209,108 55% 28,625
THE WAWANESA MUTUAL INSURANCE COMPANY 667,517 495,954 6,927,705 4,378,179 2,549,526 76% 219,732
TRADERS GENERAL INSURANCE COMPANY 301,705 139,066 1,237,699 1,038,466 199,233 63% 46,221
TRAFALGAR INSURANCE COMPANY OF CANADA 157,517 95,519 744,262 567,193 177,069 62% 29,852
TRAVELERS INSURANCE COMPANY OF CANADA 60,228 32,307 843,192 464,691 378,501 12% 53,431
TRISURA GUARANTEE INSURANCE COMPANY 27,024 7,041 135,171 85,506 49,665 29% 5,157
UNIFUND ASSURANCE COMPANY 542,881 523,685 1,817,604 1,553,560 264,044 88% -62,731
WATERLOO INSURANCE COMPANY 98,925 54,074 394,206 321,625 72,581 61% 6,496
WESTERN ASSURANCE COMPANY 158,794 80,254 816,035 695,536 120,499 56% 23,823
WESTERN FINANCIAL INSURANCE COMPANY 19,602 11,511 50,862 31,527 19,335 54% 2,169
WESTERN SURETY COMPANY 2,833 -331 45,406 24,048 21,358 1% 3,564
WYNWARD INSURANCE GROUP8 14,328 4,599 100,847 70,646 30,201 43% 5,660
ZENITH INSURANCE COMPANY 60,192 83,789 250,480 192,421 58,059 125% -24,798
  16,462,998 9,077,865 104,303,530 76,082,654 28,220,876   3,065,992
BRANCH
AFFILIATED FM INSURANCE COMPANY 36,779 18,403 309,771 184,561 125,210 113% -12,288
ALLIANZ GLOBAL RISKS US INSURANCE COMPANY 96,069 36,742 824,522 640,778 183,744 85% 1,174
ALLSTATE INSURANCE COMPANY 0 0 7,536 1,029 6,507 n/a 1,161
AMERICAN BANKERS INSURANCE COMPANY OF FLORIDA 172,253 15,953 510,781 367,237 143,544 28% 8,212
ARCH INSURANCE COMPANY 74,692 55,129 428,744 308,656 120,088 88% -6,744
ATRADIUS CREDIT INSURANCE N.V. 3,968 -639 21,287 12,722 8,565 5% 1,570
BERKLEY INSURANCE COMPANY 20,180 14,975 142,726 96,064 46,662 74% -5,984
CHEROKEE INSURANCE COMPANY 3,770 2,902 16,788 6,125 10,663 87% 143
CHICAGO TITLE INSURANCE COMPANY 14,507 5,060 42,806 23,833 18,973 27% 5,394
COMPAGNIE FRANCAISE D’ASSURANCE POUR LE COMMERCE EXTERIEUR 9,575 10 74,036 29,871 44,165 23% 7,083
CONTINENTAL CASUALTY COMPANY 103,877 58,424 1,155,970 741,618 414,352 60% 40,714
COREPOINTE INSURANCE COMPANY 22 -1,851 20,909 5,354 15,555 -1975% 1,349
DARWIN NATIONAL ASSURANCE COMPANY 0 0 21,852 457 21,395 72% 13
ECCLESIASTICAL INSURANCE OFFICE PUBLIC LIMITED COMPANY 19,647 9,635 148,902 87,807 61,095 53% 1,051
ELECTRIC INSURANCE COMPANY 2,463 2,639 40,436 17,483 22,953 -246% 1,016
EMPLOYERS INSURANCE COMPANY OF WAUSAU 0 135 34,235 3,081 31,154 n/a 1,049
EULER HERMES NORTH AMERICA INSURANCE COMPANY 23,725 5,495 94,180 46,395 47,785 30% 3,933
FACTORY MUTUAL INSURANCE COMPANY 70,495 61,940 882,811 429,347 453,464 50% 89,505
FEDERAL INSURANCE COMPANY 704 237 156,897 79,798 77,099 17% 7,153
FIDELITY NATIONAL TITLE INSURANCE COMPANY 0 -21 6,254 187 6,067 n/a -6
FIRST AMERICAN TITLE INSURANCE COMPANY 14,319 2,855 63,321 28,142 35,179 27% 6,720
GENERAL REINSURANCE CORPORATION 0 0 436,108 262,176 173,932 -11% 34,235
GREAT AMERICAN INSURANCE COMPANY 20,320 23,054 284,140 130,827 153,313 75% -3,617
HARTFORD FIRE INSURANCE COMPANY 4,809 2,630 168,762 39,019 129,743 63% 4,527
HDI-GERLING INDUSTRIE VERSICHERUNG AG 4,862 1,752 42,994 21,825 21,169 128% -228
ICAROM PUBLIC LIMITED COMPANY9 0 0 0 0 0 n/a 0
JEWELERS MUTUAL INSURANCE COMPANY 3,654 4,772 12,337 6,414 5,923 108% -2,203
LIBERTY MUTUAL INSURANCE COMPANY 89,331 100,776 1,530,370 896,055 634,315 74% 22,179
LLOYD’S UNDERWRITERS 488,281 214,489 6,630,263 4,758,863 1,871,400 51% 506,992
MITSUI SUMITOMO INSURANCE COMPANY, LIMITED 12,908 6,370 94,890 56,014 38,876 45% 5,276
MOTORS INSURANCE CORPORATION 141,802 92,164 674,690 420,478 254,212 65% 43,521
MUNICH REINSURANCE AMERICA, INC. 0 1,298 220,228 116,860 103,368 85% 3,041
NATIONAL LIABILITY & FIRE INSURANCE COMPANY 4,351 1,794 447,354 261,045 186,309 65% 6,858
NIPPONKOA INSURANCE COMPANY, LIMITED 706 25 36,049 3,004 33,045 2% 1,249
PROGRESSIVE CASUALTY INSURANCE COMPANY10 0 601 12,449 4,747 7,702 -100% -525
PROTECTIVE INSURANCE COMPANY 850 363 13,030 4,215 8,815 47% 207
RELIANCE INSURANCE COMPANY11 0 0 0 0 0 n/a 0
SECURITY INSURANCE COMPANY OF HARTFORD 0 1,255 58,235 15,474 42,761 n/a 2,377
SENTRY INSURANCE A MUTUAL COMPANY 702 52 36,932 5,707 31,225 27% 853
SOMPO JAPAN INSURANCE INC. 3,210 778 49,956 8,832 41,124 26% 2,268
ST. PAUL FIRE AND MARINE INSURANCE COMPANY 62,322 29,484 1,302,354 668,040 634,314 43% 43,032
STATE FARM FIRE AND CASUALTY COMPANY 441,418 242,619 1,402,716 704,854 697,862 55% 93,194
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY 1,192,542 1,022,798 6,812,944 5,224,260 1,588,684 86% 139,594
STEWART TITLE GUARANTY COMPANY 74,752 11,721 199,895 96,228 103,667 16% 21,349
SUNDERLAND MARINE MUTUAL INSURANCE COMPANY 521 191 57,405 45,033 12,372 60% -2,130
T.H.E. INSURANCE COMPANY 163 71 2,769 378 2,391 72% -117
THE AMERICAN ROAD INSURANCE COMPANY 1,781 1,220 21,135 663 20,472 100% 3
TIG INSURANCE COMPANY12 0 1,558 20,748 3,092 17,656 n/a -1,343
TOKIO MARINE & NICHIDO FIRE INSURANCE CO., LTD. 12,465 8,948 123,297 60,789 62,508 49% 4,828
TRITON INSURANCE COMPANY 15,600 3,533 145,971 82,820 63,151 21% 26,525
UTICA MUTUAL INSURANCE COMPANY13 0 -25 3,887 241 3,646 -205% -64
VIRGINIA SURETY COMPANY, INC. 11,219 5,883 39,033 21,844 17,189 90% -207
WESTPORT INSURANCE CORPORATION 61,102 9,451 725,447 598,375 127,072 54% 18,181
XL INSURANCE COMPANY LIMITED 42,342 27,252 558,361 338,611 219,750 65% 7,321
XL REINSURANCE AMERICA INC. 9,544 4,594 391,497 252,951 138,546 50% 15,053
ZURICH INSURANCE COMPANY LTD 351,308 181,316 3,116,652 2,445,673 670,979 67% 67,279
  3,719,910 2,290,810 30,677,662 20,665,952 10,011,710   1,211,726
TOTAL 21,463,448 12,116,957 148,447,091 105,835,091 42,612,000   4,737,015

 

Life Insurance Companies

  ONTARIO BUSINESS TOTAL COMPANY
FINANCIAL SUMMARY
year ended
December 31, 2012

(in thousands)
Direct Written Premiums

$
Benefits and payments to policyholders

$
Total Assets

$
Total liabilities

$
Excess of assets over liabilities

$
Net Income / (loss)

$
ONTARIO
UNION OF CANADA LIFE INSURANCE14 0 0 0 0 0 0
EXTRA PROVINCIAL
ACADIA LIFE15 0 0 0 0 0 0
ASSUMPTION MUTUAL LIFE INSURANCE COMPANY 21,550 7,841 1,283,121 1,184,016 99,105 4,558
CANASSURANCE INSURANCE COMPANY16 3,192 1,249 142,149 115,442 26,707 -3,615
DESJARDINS FINANCIAL SECURITY LIFE ASSURANCE COMPANY 583,007 447,040 25,188,712 23,300,858 1,887,854 163,148
FIRST CANADIAN INSURANCE CORPORATION 22,470 2,357 418,600 251,867 166,733 19,777
HUMANIA ASSURANCE INC.17 485 247 366,845 317,536 49,309 3,400
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC. 815,886 595,418 39,407,389 36,115,324 3,292,065 342,135
LA CAPITALE INSURANCE AND FINANCIAL SERVICES INC. 72,094 41,173 788,954 652,920 136,034 9,262
LS-TRAVEL INSURANCE COMPANY 4,519 1,574 15,441 9,576 5,865 749
NATIONAL BANK LIFE INSURANCE COMPANY 11,594 2,766 142,617 90,862 51,755 5,981
PROMUTUEL LIFE INC.18 0 0 0 0 0 0
SSQ, LIFE INSURANCE COMPANY INC. 180,177 110,602 8,049,322 7,671,635 377,687 42,162
THE UNION LIFE MUTUAL ASSURANCE COMPANY (UNION LIFE) 7,160 100 1,712,128 1,533,267 178,861 16,370
TRANS GLOBAL LIFE INSURANCE COMPANY 4,065 345 8,737 2,142 6,595 854
  1,726,199 1,210,712 77,524,015 71,245,445 6,278,570 604,781
FEDERAL
ACE INA LIFE INSURANCE 67,228 15,431 188,853 92,468 96,385 10,096
ALLSTATE LIFE INSURANCE COMPANY OF CANADA 0 0 3,748 7 3,741 52
ASSURANT LIFE OF CANADA 94,629 39,442 1,303,175 1,207,920 95,255 8,336
BMO LIFE ASSURANCE COMPANY 365,885 244,848 6,738,832 6,048,145 690,687 10,303
BMO LIFE INSURANCE COMPANY 14,058 1,752 665,430 106,918 558,512 21,040
CANADIAN PREMIER LIFE INSURANCE COMPANY 76,628 18,229 212,860 122,702 90,158 14,335
CIBC LIFE INSURANCE COMPANY LIMITED 19,722 4,599 67,160 -85,054 152,214 23,759
CIGNA LIFE INSURANCE COMPANY OF CANADA 0 1,869 59,427 32,258 27,169 7,783
COMPCORP LIFE INSURANCE COMPANY 0 0 10,000 511 9,489 -54
CO-OPERATORS LIFE INSURANCE COMPANY 250,267 159,916 4,887,040 4,064,514 822,526 7,227
CROWN LIFE INSURANCE COMPANY19 0 0 0 0 0 0
CT FINANCIAL ASSURANCE COMPANY20 2,753 914 44,720 31,466 13,254 744
CUMIS LIFE INSURANCE COMPANY 59,859 31,133 1,138,140 887,335 250,805 1,475
FORESTERS LIFE INSURANCE COMPANY 90,642 69,366 1,511,028 1,366,950 144,078 -2,907
LONDON LIFE INSURANCE COMPANY 1,355,136 1,277,396 68,845,012 65,542,687 3,302,325 354,418
MANULIFE CANADA LTD. 30,562 18,633 2,099,258 1,720,627 378,631 -18,885
MD LIFE INSURANCE COMPANY 0 0 3,197,573 3,187,295 10,278 6,306
PENNCORP LIFE INSURANCE COMPANY 26,971 9,779 501,094 385,854 115,240 11,795
PRIMERICA LIFE INSURANCE COMPANY OF CANADA 131,264 44,510 2,708,768 2,468,637 240,131 85,065
RBC LIFE INSURANCE COMPANY 543,967 301,589 9,066,490 7,539,819 1,526,671 96,589
RELIABLE LIFE INSURANCE COMPANY 31,455 16,796 49,715 18,553 31,162 1,399
SCOTIA LIFE INSURANCE COMPANY 20,274 1,224 89,575 -30,906 120,481 30,640
SUN LIFE ASSURANCE COMPANY OF CANADA 3,971,306 3,229,641 154,620,990 142,889,705 11,731,285 1,345,142
SUN LIFE INSURANCE (CANADA) LIMITED 87,650 10,612 14,046,252 12,479,510 1,566,742 252,641
TD LIFE INSURANCE COMPANY 43,114 11,458 74,827 24,812 50,015 2,785
THE CANADA LIFE ASSURANCE COMPANY 1,667,438 1,492,288 42,592,768 33,422,136 9,170,632 1,104,192
THE EMPIRE LIFE INSURANCE COMPANY 441,043 296,528 10,676,035 9,776,229 899,806 78,885
THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA 278,959 175,893 2,934,528 2,570,824 363,704 44,656
THE GREAT-WEST LIFE ASSURANCE COMPANY 2,497,447 2,017,883 46,987,288 33,101,711 13,885,577 1,744,795
THE MANUFACTURERS LIFE INSURANCE COMPANY 4,456,904 3,769,754 135,927,982 106,045,139 29,882,843 1,782,363
THE STANDARD LIFE ASSURANCE COMPANY OF CANADA 418,643 519,819 43,357,983 40,939,595 2,418,388 427,987
THE WAWANESA LIFE INSURANCE COMPANY 28,145 18,229 881,244 754,557 126,687 608
TRANSAMERICA LIFE CANADA 258,623 194,624 10,149,795 8,998,371 1,151,424 44,102
VSP CANADA VISION CARE INSURANCE 19 20 9,813 108 9,705 -314
WESTERN LIFE ASSURANCE COMPANY 36,320 10,479 174,736 133,638 41,098 10,568
  17,366,911 14,004,654 565,822,139 485,845,041 79,977,098 7,507,926
BRANCH
AETNA LIFE INSURANCE COMPANY 977 1,068 66,584 14,288 52,296 2,028
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA 14 163 73,572 35,232 38,340 1,744
AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA 114,165 11,019 191,072 106,552 84,520 10,179
AMERICAN HEALTH AND LIFE INSURANCE COMPANY 4,774 1,181 26,844 14,996 11,848 6,874
AMERICAN INCOME LIFE INSURANCE COMPANY 26,680 4,493 213,905 112,048 101,857 24,726
AXA EQUITABLE LIFE INSURANCE COMPANY 28 52 89,352 31,766 57,586 1,523
CMFG LIFE INSURANCE COMPANY 134 416 20,679 14,207 6,472 1,264
COMBINED INSURANCE COMPANY OF AMERICA 38,439 12,832 746,259 411,959 334,300 40,621
CONNECTICUT GENERAL LIFE INSURANCE COMPANY 2,949 417 131,694 110,313 21,381 -4,047
GERBER LIFE INSURANCE COMPANY 1,619 197 34,689 20,163 14,526 1,217
HARTFORD LIFE INSURANCE COMPANY 0 1 10,659 4,784 5,875 -506
HOUSEHOLD LIFE INSURANCE COMPANY 8,917 2,533 104,185 35,476 68,709 10,928
LIBERTY LIFE ASSURANCE COMPANY OF BOSTON 210 449 14,851 2,258 12,593 -88
LIFE INSURANCE COMPANY OF NORTH AMERICA 2,956 2,826 56,766 26,989 29,777 427
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 468 310 86,845 26,158 60,687 1,856
METROPOLITAN LIFE INSURANCE COMPANY21 0 0 110,891 105 110,786 2,103
NEW YORK LIFE INSURANCE COMPANY 34,526 26,035 397,518 123,004 274,514 17,427
PHOENIX LIFE INSURANCE COMPANY22 0 0 0 0 0 0
PRINCIPAL LIFE INSURANCE COMPANY 179 219 7,770 7,195 575 -81
REASSURE AMERICA LIFE INSURANCE COMPANY 3 36 6,793 5,946 847 -892
STANDARD LIFE ASSURANCE LIMITED 3,703 24,644 1,600,190 1,593,812 6,378 73
STATE FARM INTERNATIONAL LIFE INSURANCE COMPANY LTD 117,211 55,046 1,440,503 1,159,006 281,497 -31,121
THE STANDARD LIFE ASSURANCE COMPANY 2006 0 0 1,324 0 1,324 12
UNITED AMERICAN INSURANCE COMPANY 228 185 13,391 4,092 9,299 386
  358,180 144,122 5,446,336 3,860,349 1,585,987 86,653
TOTAL 19,451,290 15,359,488 648,792,490 560,950,835 87,841,655 8,199,360

 

Reinsurance Companies

  ONTARIO BUSINESS TOTAL COMPANY
FINANCIAL SUMMARY
year ended December 31, 2012

(in thousands)
Premiums Assumed

$
Net Losses Incurred

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Claims incurred to earned premium

%
Net Income/ (loss)

$
This table lists only those companies which are licensed solely for the business of reinsurance
ONTARIO
FARM MUTUAL REINSURANCE PLAN INC. 137,663 47,009 769,682 525,488 244,194 52% 54,633
GLOBAL REINSURANCE COMPANY 1 750 64,929 37,937 26,992 211% 1,696
  137,664 47,759 834,611 563,425 271,186   56,329
EXTRA PROVINCIAL
OPTIMUM REASSURANCE INC. 47,165 6,714 2,292,620 2,224,379 68,241 n/a 9,065
FEDERAL
ASPEN INSURANCE UK LIMITED 7,714 7,810 371,700 258,006 113,694 102% -1,896
AURIGEN REINSURANCE COMPANY 30,542 15,650 210,981 137,155 73,826 n/a -3,760
MUNICH REINSURANCE COMPANY
OF CANADA
86,556 46,698 1,184,496 912,690 271,806 62% 44,969
PARTNER REINSURANCE COMPANY
OF THE U.S.
28,088 12,452 752,226 521,624 230,602 47% 23,625
RGA LIFE REINSURANCE COMPANY
OF CANADA
310,695 44,878 6,420,447 5,700,326 720,121 n/a 95,793
SCOR CANADA REINSURANCE COMPANY 51,438 6,326 587,983 447,071 140,912 76% 2,624
SUECIA REINSURANCE COMPANY 3 -78 9,704 3,815 5,889 -2600% -103
THE CANADA LIFE INSURANCE COMPANY OF CANADA 549,842 406,502 10,466,112 9,691,103 775,009 n/a 27,976
THE MORTGAGE INSURANCE COMPANY OF CANADA 0 3 14,545 4,098 10,447 2% 270
  1,064,878 540,241 20,018,194 17,675,888 2,342,306   189,498
BRANCH
ALEA (BERMUDA) LTD. 34 181 27,601 14,705 12,896 n/a 458
AMERICAN AGRICULTURAL INSURANCE COMPANY 10,285 2,784 65,503 27,502 38,001 50% 4,781
AXIS REINSURANCE COMPANY 5,159 6,991 218,187 184,096 34,091 80% -5,450
CAISSE CENTRALE DE REASSURANCE 17,139 10,370 228,540 170,180 58,360 72% 2,238
CAVELL INSURANCE COMPANY LIMITED23 0 0 0 0 0 n/a 0
COLISEE RE. -924 -9,722 302,903 213,346 89,557 n/a 17,201
CONVERIUM REINSURANCE (NORTH AMERICA) INC. 0 0 11,336 1,241 10,095 n/a 630
EMPLOYERS REASSURANCE CORPORATION 68,678 56,223 966,178 -170,371 1,136,549 n/a 144,189
EVEREST REINSURANCE COMPANY 79,492 31,653 973,900 643,052 330,848 62% 26,719
GENERAL AMERICAN LIFE INSURANCE COMPANY 100,503 77,079 2,144,046 1,192,955 951,091 n/a 266,936
GENERAL RE LIFE CORPORATION 362 -286 13,476 2,259 11,217 n/a 1,335
HANNOVER RÜCK SE 110,578 52,816 726,482 535,835 190,647 82% 7,931
MUNICH REINSURANCE COMPANY 4,135,277 3,162,904 5,807,275 2,849,973 2,957,302 n/a 411,961
NATIONWIDE MUTUAL INSURANCE COMPANY24 0 0 0 0 0 n/a 0
NRG VICTORY REINSURANCE LIMITED25 0 83 7,816 3,391 4,425 n/a -165
ODYSSEY REINSURANCE COMPANY 33,799 29,089 366,013 193,167 172,846 83% 11,330
PARTNER REINSURANCE COMPANY LTD. 6,793 3,852 197,198 125,286 71,912 n/a 37,054
PARTNER REINSURANCE EUROPE SE26 13,587 3,837 342,405 285,412 56,993 n/a -63,286
RELIASTAR LIFE INSURANCE COMPANY 15 550 38,725 20,039 18,686 n/a -440
SCOR GLOBAL LIFE 27,136 9,870 498,002 314,742 183,260 n/a 11,609
SIRIUS AMERICA INSURANCE COMPANY 2,928 1,724 95,932 38,764 57,168 22% 5,777
SWISS REINSURANCE COMPANY LTD 568,209 24,365 9,222,094 6,712,420 2,509,674 9% 90,042
THE TOA REINSURANCE COMPANY
OF AMERICA
30,442 18,521 265,446 190,834 74,612 71% 6,816
TRANSATLANTIC REINSURANCE COMPANY 38,845 38,645 585,316 290,526 294,790 83% 6,815
  5,248,337 3,521,529 23,104,374 13,839,354 9,265,020   984,481
TOTAL 6,498,044 4,116,243 46,249,799 34,303,046 11,946,753   1,239,373

 

Reciprocal or Interinsurance Exchanges

  ONTARIO BUSINESS TOTAL BUSINESS
FINANCIAL SUMMARY
year ended December 31, 2012

(in thousands)
Direct Written Premiums

$
Direct Claims Incurred

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Claims Incurred to earned premium

%
Net Income/ (Loss)

$
ONTARIO
CANADIAN UNIVERSITIES RECIPROCAL INSURANCE EXCHANGE 11,114 4,912 129,119 68,619 60,500 38% 14,244
COMMUNITY NEWSPAPERS RECIPROCAL INSURANCE EXCHANGE 84 27 617 167 450 19% -32
HEALTHCARE INSURANCE RECIPROCAL OF CANADA 134,078 98,546 973,927 650,530 323,397 85% 48,201
MUNICIPAL ELECTRIC ASSOCIATION RECIPROCAL INSURANCE EXCHANGE 9,406 5,726 77,192 24,909 52,283 62% 2,446
ONTARIO MUNICIPAL INSURANCE EXCHANGE 16,589 40,837 146,693 132,454 14,239 150% -6,706
ONTARIO SCHOOL BOARDS’ INSURANCE EXCHANGE 38,763 34,860 230,295 156,270 74,025 85% 9,232
POULTRY INSURANCE EXCHANGE RECIPROCAL OF CANADA 975 480 4,601 2,061 2,540 59% 4
  211,009 185,388 1,562,444 1,035,010 527,434   67,389
EXTRA PROVINCIAL
CANADIAN AIRPORTS RECIPROCAL INSURANCE EXCHANGE (CARIE) 240 2 5,310 1,845 3,465 1% 435
CANADIAN EGG INDUSTRY RECIPROCAL ALLIANCE27 0 0 0 0 0 N/A 0
CANADIAN LAWYERS LIABILITY ASSURANCE SOCIETY28 8,846 3,604 97,455 85,655 11,800 83% -6,014
  9,086 3,606 102,765 87,500 15,265   -5,579
BRANCH
LUMBERMEN’S UNDERWRITING ALLIANCE -847 -63 55,990 33,774 22,216 336% -6,330
TOTAL 219,248 188,931 1,721,199 1,156,284 564,915   55,480

 

Fraternal Societies

  ONTARIO BUSINESS TOTAL COMPANY
FINANCIAL SUMMARY
year ended December 31, 2012

(in thousands)
Direct Written Premiums

$
Benefits and payments to policyholders

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Net Income / (loss)

$
ONTARIO
GUARANTEED FUNERAL DEPOSITS OF CANADA (FRATERNAL) 31,487 31,558 279,363 274,409 4,954 69
TORONTO POLICE WIDOWS AND ORPHANS FUND 1,714 2,241 94,237 86,894 7,343 1,322
  33,201 33,799 373,600 361,303 12,297 1,391
FEDERAL
ACTRA FRATERNAL BENEFIT SOCIETY 8,740 5,257 568,194 546,687 21,507 4
FAITHLIFE FINANCIAL 13,415 16,107 486,775 445,158 41,617 1,021
SONS OF SCOTLAND BENEVOLENT ASSOCIATION 1,217 600 15,871 12,647 3,224 140
TEACHERS LIFE INSURANCE SOCIETY (FRATERNAL) 9,524 5,541 63,724 50,542 13,182 54
THE GRAND ORANGE LODGE OF BRITISH AMERICA 1,202 937 26,324 22,113 4,211 95
THE INDEPENDENT ORDER OF FORESTERS 15,999 0 4,760,856 3,251,233 1,509,623 0
THE ORDER OF ITALO-CANADIANS 23 64 1,494 904 590 112
UKRAINIAN FRATERNAL SOCIETY OF CANADA 9 64 10,996 9,423 1,573 52
  50,129 28,570 5,934,234 4,338,707 1,595,527 1,478
BRANCH
CROATIAN FRATERNAL UNION OF AMERICA 525 257 13,347 11,667 1,680 -336
KNIGHTS OF COLUMBUS 70,470 46,202 2,936,532 2,101,745 834,787 -57,584
THE ROYAL ARCANUM, SUPREME COUNCIL OF 193 549 13,377 8,873 4,504 316
UKRAINIAN NATIONAL ASSOCIATION 36 165 8,258 5,999 2,259 212
UNITED COMMERCIAL TRAVELERS OF AMERICA, ORDER OF 78 82 5,187 3,430 1,757 64
  71,302 47,255 2,976,701 2,131,714 844,987 -57,328
TOTAL 154,632 109,624 9,284,535 6,831,724 2,452,811 -54,459

 

Financial Summary Notes

  1. No financial information was reported for Markham General Insurance Company in 2012. The company was ordered into liquidation effective July 24, 2002.
  2. The company’s licence is limited to automobile risks of Toronto Transit Commission.
  3. The former name of AIG Insurance Company of Canada was Chartis Insurance Company of Canada.
  4. No financial information was reported for Alta Surety Company in 2012. Company has been in liquidation since June 2002.
  5. The company has a licence condition not to undertake or renew insurance contracts in Ontario after October 25, 1993.
  6. No financial information was reported for Granite Insurance Company in 2012. Company has been inactive since November 1992.
  7. The company has a licence condition not to undertake or renew insurance contracts in Ontario after May 30, 1995.
  8. The former name of Wynward Insurance Group was Grain Insurance and Guarantee Company.
  9. The company has a licence condition not to undertake or renew insurance contracts in Ontario after October 31, 1985.
  10. The company has a licence condition not to undertake or renew insurance contracts in Ontario after January 9, 2006.
  11. No financial information was reported for Reliance Insurance Company in 2012 Company has been in liquidation since August 2001.
  12. The company has a licence condition not to undertake or renew insurance contracts in Ontario after June 20, 2007.
  13. The company has a licence condition not to undertake or renew insurance contracts in Ontario after November 20, 2006.
  14. No financial information was reported in 2012 for Union of Canada Life Insurance. Company is in process of liquidation.
  15. No financial information was reported in 2012 for Acadia Life.
  16. Company is licenced to write both life and property and casualty insurance.
  17. The former name of Humania Assurance Inc. was La Survivance, Compagnie Mutuelle D’Assurance Vie.
  18. No financial information was reported in 2012 for Promutuel Life Inc. Company is in process of winding down.
  19. No financial information was reported in 2012 for Crown Life Insurance Company. Company is in process of liquidation.
  20. CT Financial Assurance company continued under federal supervision as of February 29, 2012.
  21. The company has a licence condition not to undertake or renew insurance contracts in Ontario after March 9, 2006.
  22. No financial information was received in 2012 for Phoenix Life Insurance Company.
  23. The company has a licence condition not to undertake or renew insurance contracts in Ontario after October 1, 1993.
  24. The company has a licence condition not to undertake or renew insurance contracts in Ontario after March 27, 2006.
  25. The company has a licence condition which limits servicing of existing policy holders.
  26. The former name of Partner Reinsurance Europe SE was Partner Reinsurance Europe Public Limited Company (Life Branch).
  27. No financial information was received for the Canadian Egg Industry Reciprocal Alliance.
  28. Company continued under Alberta’s jurisdiction effective July 1, 2012.

 

About the Financial Services Commission of Ontario

The Financial Services Commission of Ontario (FSCO) is a regulatory agency of the Ministry of Finance that regulates insurance, pension plans, loan and trust companies, credit unions, caissses populaires, mortgage brokering, and co-operative corporations in Ontario.

FSCO works with consumers, industry stakeholders and investors to enhance public confidence in, and access to, a fair and efficient financial services industry in Ontario.

For more information on any of these sectors, visit our website, www.fsco.gov.on.ca, or call our Contact Centre at (416) 250-7250, toll-free 1-800-668-0128, TTY toll-free 1-800-387-0584.

Financial Services Commission of Ontario
5160 Yonge Street, Box 85
Toronto ON M2N 6L9

Telephone: (416) 250-7250
Toll-free: 1-800-668-0128
TTY toll-free: 1-800-387-0584
Email: contactcentre@fsco.gov.on.ca
Website: www.fsco.gov.on.ca
Twitter: @FSCOTweets

© Queen’s Printer for Ontario, 2013
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