Licensing Changes for First Quarter 2009

 

Bulletin

No. G-02/09
 
– 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, 2009. 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

Swiss Reinsurance Company Canada            

           

  • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to the Swiss Reinsurance Company Ltd. and Westport Insurance Corporation effective July 1, 2008.    

Jan. 27, 2009

Sorema North America Reinsurance Company   

                                               

  • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to SCOR Canada Reinsurance Company effective July 1, 2008.

Feb. 9, 2009

 

Licence Amendments:

 

Effective Date

DaimlerChrysler Insurance Company

 

    • The name was changed to: Chrysler Insurance Company (in English) and La Compagnie d’Assurances Chrysler (in French).

 

Jan. 1, 2009

Lutheran Life Insurance Society of Canada

 

    • The name was changed to: FaithLife Financial.

           

Feb. 10, 2009

National Liability & Fire Insurance Company  

 

    • Classes added: accident and sickness, automobile, boiler and machinery, credit, fidelity, hail, legal expenses, property, and surety (limited to the business of reinsurance).

Feb. 17, 2009

FCT Insurance Company Ltd.

 

    • Class added: legal expenses.
    • Licence restriction deleted: property (limited to vehicle title insurance and personal property title insurance).

 

Mar. 5, 2009

AXA RE

 

    • The name was changed to: Colisee Re.

 

Mar. 18, 2009

 

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, 2009 to March 31, 2009

Received

Issued

Pending

3

(1 pending from 4th quarter)

 

1

3

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 IVICs with the Superintendent, including the applicable fee.

Insurance Agents and Adjusters

January 1, 2009 to March 31, 2009

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,518

4,918

Corporate Agent Licences

96

613

Individual Adjuster Licences

46

22

 

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

Co-operatives

January 1, 2009 to March 31, 2009

Application Type

Pending as of Dec. 31, 2008

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of March 31, 2009

Average Days to Issue

Certificates
of Status

0

18

18

18

0

0

2

Offering Statements

3

5

0

4

1

3

32

Articles of Amendment

2

1

0

1

1

1

14

Articles of Continuance

0

0

0

0

0

0

-

Articles of Dissolution

0

2

2

2

0

0

14

Articles of Incorporation

0

3

0

3

0

0

24

Certified Copies of Documents

0

1

0

1

0

0

2

Cancellation Order

0

0

0

0

0

0

-

Material Change

0

0

0

0

0

0

-

Extra Provincial

0

2

1

1

0

1

15

Credit Unions/Caisses Populaires

January 1, 2009 to March 31, 2009

Application Type

Pending as of Dec. 31, 2008

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of March 31, 2009

Average Days to Issue

Certificate

of Status

0

7

7

7

0

0

3

Offering Statements

0

2

0

2

0

0

38

Articles of Amendment

0

1

1

1

0

0

25

Amalgamations

1

0

0

1

0

0

40

Orders

0

0

0

0

0

0

-

Certified Copies of Documents

0

1

1

1

0

0

3

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

January 1, 2009 to March 31, 2009

Application Type

Pending as of December 31, 2008

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of March 31, 2009

Average Days to Issue

Mortgage Brokerage

5

55

6

25

21

14

16.8

Mortgage Administrator

5

4

0

5

2

2

29.4

Principal Broker

0

10

9

9

0

1

2

Mortgage Broker

0

26

26

26

0

0

2

Mortgage Agent

9

466

451

451

0

24

2

 

Grant Swanson
Executive Director
Licensing and Market Conduct Division

Financial Services Commission of Ontario    

April 29, 2009                                                                                         

ISSN 1481-1499