Licensing Changes for First Quarter 2008

 

Bulletin

No. G-03/08
 
– 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, 2008.  The applications relate to individuals and organizations in the 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 website at www.fsco.gov.on.ca.

 

 

INSURANCE COMPANIES                           

(Listed by effective date)

New Companies:

 

Effective Date

Triton Insurance Company

 

    • The company is licensed for: accident and sickness, credit protection, fidelity, liability, and property.
    • Jurisdiction of incorporation: incorporated outside of Canada.
    • Triton Insurance Company’s contact in Ontario is:

    Mr. Tony Miles
    Chief Agent
    201 Queens Ave.
    London, ON 
    N6A 1J1
    Tel: (519) 660-2611
    Fax: (519) 660-2625

 

 

 

March 28, 2008


Licence Cancellations:

 

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

 

 

Effective Date

Canadian Professional Sales Association

 

The company has discontinued its operations in Ontario. All insurance business was transferred to Unity Life of Canada effective December 14, 2007.

 

Jan. 10, 2008

 

 

 

Revios Reinsurance Canada Ltd.

 

    • The company has discontinued its operations in Ontario. All insurance business was transferred to SCOR Global Life effective January 2, 2007.

 

Feb. 13, 2008

 

MetLife Insurance Company of Connecticut

 

    • The company has discontinued its operations in Ontario. All insurance business was transferred to MetLife Canada effective      June 30, 2007.

 

Mar. 20, 2008

 

Licence Amendments:

 

Effective Date

NRG Victory Reinsurance             

                             

    • Class restriction added: its insurance business in Canada is limited to the servicing of existing policies.

 

Jan. 1, 2008

 

Transatlantic Reinsurance Company

 

    • Classes added: credit class (limited to the business of reinsurance).

Jan. 11, 2008

 

 

Employers Reinsurance Corporation

 

    • The name was changed to: Westport Insurance Corporation.

 

 

Jan. 16, 2008

 

LICENSING STATISTICS

 

 

The statistics below provide information on FSCO's review of common applications for licences and other related services.  All of the provided figures represent the quantity of applications that were received, issued or pending, unless otherwise indicated.

Individual Variable Insurance Contracts (IVICs)

January 1, 2008 to March 31, 2008

Received

Issued

Pending

7

(1 pending from 4th quarter)

 

7

1

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

 

Please remember that pursuant to section 110(6)(b) of the Insurance Act and Ontario Regulation 359/06 (formerly Ontario Regulation 132/97), insurers are required to file non-material changes for Individual Variable Insurance Contracts with the Superintendent, including the applicable fee.

Insurance Agents and Adjusters

January 1, 2008 to March 31, 2008

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,520

3,042

Corporate Agent Licences

85

316

Individual Adjuster Licences

32

13

 

*FSCO completed its review and issued individual agent licences in five days or less for 98 per cent of applications received.

Credit Unions/Caisses Populaires

January 1, 2008 to March 31, 2008

Application Type

Pending as of Dec. 31, 2007

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Mar. 31, 2008

Average Days to Issue

Certificate
of Status

0

15

15

15

0

0

3

Offering Statements

1

2

0

1

0

2

46

Articles of Amendment

1

3

2

2

1

1

35

Amalgamations

2

0

0

2

0

0

37

Orders

0

0

0

0

0

0

0

Certified Copies of Documents

0

0

0

0

0

0

0

Co-operatives                                                      

January 1, 2008 to March 31, 2008

Application Type

Pending as of Dec. 31, 2007

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Mar. 31, 2008

Average Days to Issue

Certificates of Status

0

16

16

16

0

0

1

Offering Statements

5

3

0

6

0

2

40

Articles of Amendment

1

1

0

1

0

1

86

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

2

0

0

1

1

0

74

Articles of Incorporation

3

4

0

3

3

1

20

Certified Copies of Documents

0

1

1

1

0

0

4

Cancellation Order

0

1

1

1

0

0

7

Material Change

0

1

1

1

0

0

2

Mortgage Brokers

January 1, 2008 to March 31, 2008

Application Type

New Received

New Issued

Renewals Issued

Individual and Corporate Registrations

 

57

72

264

 

Once the Mortgage Brokerages, Lenders and Administrators Act, 2006 comes into full effect on July 1, 2008, FSCO will have a system in place to measure the turnaround time of all mortgage licensing applications.

 

 

 

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

 

May 20, 2008

ISSN 1481-1499