Licensing Changes for Second Quarter 2008

 

Bulletin

No. G-04/08
 
– 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 second quarter, April 1 to June 30, 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)         

Licence Cancellations:

 

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

 

Effective Date

Mapfre Reinsurance Corporation

 

  • The company has discontinued its operations in Canada.  All reinsurance business was transferred to Mapfre Re, Compania de Reaseguros, S.A. effective December 31, 2006.

Jun. 13, 2008

 

 

 

Licence Amendments:

 

L’Unique General Insurance Inc         

                                  

  • Classes added: automobile, boiler and machinery, legal expenses, liability, and property.

Effective Date

May 15, 2008

 

XL Insurance Company Limited

 

  • Classes added: aircraft and marine.

 

May 15, 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)

April 1, 2008 to June 30, 2008

Received

Issued

Pending

13

(1 pending from 1st quarter)

 

9

5

 

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 132/97, insurers are required to file non-material changes for IVICs with the Superintendent, including the applicable fee.

Insurance Agents and Adjusters

April 1, 2008 to June 30, 2008

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,724

4,366

Corporate Agent Licences

144

978

Individual Adjuster Licences

15

742

 

*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

April 1, 2008 to June 30, 2008

Application Type

Pending as of March 31, 2008

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of June 30, 2008

Average Days to Issue

Certificate

of Status

0

7

7

7

0

0

3

Offering Statements

2

0

0

1

0

1

48

Articles of Amendment

1

2

2

3

0

0

35

Amalgamations

0

2

2

0

0

2

37

Orders

0

0

0

0

0

0

0

Certified Copies of Documents

0

2

2

2

0

0

4


Co-operatives

April 1, 2008 to June 30, 2008

Application Type

Pending as of March 31, 2008

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of June 30, 2008

Average Days to Issue

Certificates of Status

0

17

16

17

0

0

1

Offering Statements

2

2

0

1

0

3

90

Articles of Amendment

1

3

1

1

0

3

3

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

0

1

0

1

0

0

10

Articles of Incorporation

1

8

0

5

0

4

29

Certified Copies of Documents

0

0

0

0

0

0

0

Cancellation Order

0

0

0

0

0

0

0

Material Change

0

3

0

3

0

0

6


Applications under the Mortgage Brokers Act (MBA)*

April 1, 2008 to June 30, 2008

Application Type

New Received

New Issued

Renewals Issued

Individual and Corporate Registrations

149

136

219


Applications under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)*  

March 1, 2008 to June 30, 2008

Application Type

Pending as of March 1, 2008

Received

Complete on Receipt

Issued

Returned to Brokerage due to Deficiencies

Pending as of June 30, 2008

Average Days to Issue

Mortgage Brokerage
or
Mortgage Administrator

0

1,500

1,064

1,064

320

116

10

Principal Broker

0

1,082

1,082

992

0

90

2

Mortgage Broker

0

730

730

623

0

107

2

Mortgage Agent

0

6,797

6,797

5,710

0

1,087

2

 

*The Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) came into full effect on July 1, 2008.  FSCO accepted advance applications under the MBLAA from March 1, 2008 to June 30, 2008.  The Mortgage Brokers Act (MBA) remained in effect until June 30, 2008 (inclusive), when all existing Mortgage Broker registrations expired. 


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

 

September 2, 2008                                                                                  

ISSN 1481-1499