Licensing Changes for First Quarter 2007

 

Bulletin

No. G-05-07
 
– General

The Financial Services Commission of Ontario (FSCO) is releasing the following information on the disposition of applications for licences and licence changes it received during the first quarter, January 1 to March 31, of 2007.  The applications relate to individuals and organizations in these financial services sectors under FSCO=s jurisdiction: insurance, credit unions/caisses populaires, co-operatives, trust and loan companies, and mortgage brokers.                      

 

General information on pensions, another financial services sector under FSCO's jurisdiction, can be obtained by visiting FSCO=s Internet website: www.fsco.gov.on.ca.

 

INSURANCE - Companies                               

 

(Listed in alphabetical order)

 

New Companies:

 

 

 

Effective Date

Berkley Insurance Company

    • The company is licensed for: Accident and Sickness, Aircraft, Automobile, Boiler and Machinery, Credit, Fidelity, Hail, Legal Expense, Liability, Property, Surety 
    • Jurisdiction of Incorporation: Connecticut         
    • Berkley Insurance Company's contact in Ontario is:

      Ms. Lorraine Williams
      Chief Agent

    3650 Victoria Park Ave., Suite 201
    Toronto, Ontario M2H 3P7
    Tel:    (416) 496-1148
    Fax:   (416) 496-1089    

 

 

January 26, 2007

 

 

Amalgamations:

 


Orleans General Insurance Company

    • Orleans General Insurance Company and L'Unique General Insurance Inc, merged their operations and continue as L'Unique General Insurance Inc. The licence for Orleans General Insurance Company was cancelled.

Effective Date
March 14, 2007

 

Licence Cancellations:

 

The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.

 

Effective Date

Croatian Catholic Union of U.S.A. and Canada

 

    • The company has discontinued its operations in Canada and all the company's liabilities were transferred to Croatian Fraternal Union of America.

 

 

February 16, 2007

 

 



Fortis Benefits Insurance Company

 

    • The company has discontinued its operations in Canada and all the company's liabilities were transferred to Assurant Life of Canada.
January 8, 2007

John Alden Life Insurance

 

    • The company has discontinued its operations in Canada and all the company's liabilities were transferred to Assurant Life of Canada. 

January 8, 2007

 

 

Lincoln Heritage Life Insurance Company (Also operates as
Superior Life Insurance Company)

 

    • The company has discontinued its operations in Canada. There were no outstanding liabilities.
January 24, 2007

Workers Benevolent Association of Canada

 

    • The company has discontinued its operations in Canada and all the company's liabilities were transferred to Sons of Scotland Benevolent Society.
January 8, 2007

 

Licence Amendments:

 

 

 

Effective Date

Anglo General Insurance Company          

                            

    • The name was changed to: AXA General Insurance

 

February 28, 2007

The Canada Life Insurance Company

 

    • Licence restriction added: limited to the business of reinsurance.

 

March 16, 2007

Endurance Reinsurance Corporation of America

Endurance, Societe de Reassurance D'Amerique    

              

    • Licence restriction added: limited to the servicing of policies issued prior to November 14, 2006.

 

January 10, 2007

Fidelity Investments Life Insurance Company

 

    • Licence restriction added: The company shall not undertake new insurance contracts in Ontario after January 24, 2007.

January 24, 2007

GE Frankona Ruckversicherungs-Aktiengesellschaft    

       

    • The name was changed to: Swiss Re Frankona Ruckversicherungs-Aktiengesellschaft

 

January 9, 2007

 

SCOR Vie       

 

    • The name was changed to: SCOR Global Life                  

March 14, 2007

St. Paul’s Guarantee Insurance Company    

 

    • The name was changed to: Travelers Guarantee Company of Canada (La Compagnie Travelers Garantie Due Canada)

 

January 9, 2007

 

LICENSING STATISTICS
 

Beginning with this bulletin, FSCO will be publishing statistics of our review of common applications for licences and other related services.  Figures provided represent numbers of applications unless otherwise indicated.

 

Individual Variable Insurance Contracts (IVICs)

 

January 1, 2007 to March 31, 2007

Received

Issued

Pending

11

9

2

 

 

IVIC information folders have been reviewed for compliance with the requirements under the Insurance Act and related Regulation 132/97.  All of the receipts were issued within the 30 day time period specified in Regulation 132/97.

Insurance - Agents and Adjusters

 

January 1, 2007 to March 31, 2007

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,468

4,767

Corporate Agent Licences

106

540

Individual Adjuster Licences

28

25

*FSCO completed its review and issued individual agent licences in five days or less for 99 per cent of applications received.

Credit Unions/Caisses Populaires

 

January 1, 2007 to March 31, 2007

Application type

Pending at December 31, 2006

Received

Complete on Receipt

Issued

 Pending at March 31, 2007

Average days to Issue

Certificate of Status

0

14

14

14

0

3

Offering Statements

1

1

1

1

1

50

Articles of Amendment

2

2

2

2

2

25

Amalgamations

0

3

3

1

2

38

Orders

0

2

2

2

0

7

Certified Copies of Documents

0

2

2

2

0

5

Co-operatives          

                

January 1, 2007 to March 31, 2007

Application Type

Pending at December 31, 2006

Received

 Complete on Receipt

 Issued

 Pending at March 31, 2007

Average days to Issue

Certificates of Status

0

23

23

23

0

1

Offering Statements

9

4

1

6

7

96

Articles of Amendment

3

4

1

3

4

37

Articles of Continuance

0

1

n/a

0

1

n/a

Articles of Dissolution

2

1

n/a

0

3

n/a

Articles of Incorporation

3

4

1

4

3

32

Certified Copies of Documents

0

1

1

1

0

9

Cancellation Order

1

0

0

0

1

n/a

n/a - not applicable

Mortgage Brokers

 

January 1, 2007 to March 31, 2007

Application Type

New Received

New Issued

Renewals Issued

Individual and Corporate Registrations

 

88

125

152

 

Once the Mortgage Brokerages Lenders and Administrators Act is proclaimed and the licensing of mortgage brokerages and agents takes effect, FSCO will have a system in place to measure the turnaround time of all licensing applications.

 

Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario  

May 9, 2007

                                                                                                            ISSN 1481-1499