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Licensing Changes for Third Quarter 2009

 

Bulletin

No. G-04/09
 
– 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 third quarter, July 1 to September 30, 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)    

New Companies:

 

Effective Date

L’Excellence, Compagnie d’assurance-vie

 

  • Known as the Excellence Life Insurance Company in English.
  • The company is licensed for: accident and sickness, and life.
  • Jurisdiction of incorporation: Quebec.
  • L’Excellence’s contact in Ontario is:

Ms. Yasmin Visram,
Chief Agent
522 University Avenue
Toronto, Ontario  M5G 1Y7
Tel:  (416) 307-4353
Fax: (416) 365-7281

 

 

September 4, 2009


Licence Cancellations:

 

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

 

 

 

Effective Date

John Hancock Life Insurance Company

 

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to Manulife Canada effective January 1, 2008.

September 8, 2009

Ukrainian Fraternal Association      

                                                 

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to the Supreme Council of the Royal Arcanum effective November 1, 2008.

 September 8, 2009

 

Washington National Insurance Company  

                                      

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to Unity Life of Canada effective January 1, 2008.

September 8, 2009

Cardif-Assurances Risques Divers             

                  

    • The company has discontinued its operations in Canada.

 

September 21, 2009

Cardif-Assurance Vie               

                        

    • The company has discontinued its operations in Canada.

September 21, 2009

 

 

Licence Amendments::

 

Effective Date

 Zurich Insurance Company           

                                                   

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

July 29, 2009

Continental Casualty Company    

                                                     

  • Class added: marine.

 

July 31, 2009

Lumbermen’s Underwriting Alliance      

                                                    

  • Class added: boiler and machinery.

 

August 31, 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)

July 1, 2009 to September 30, 2009

Received

Issued

Pending

15

(3 pending from the 2nd  quarter)

 

13

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 updated information folders must be filed at least annually, even in the absence of a material change, in accordance with Ontario Regulation 132/97.

Insurance Agents and Adjusters

July 1, 2009 to September 30, 2009

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,618

3,340

Corporate Agent Licences

71

321

Individual Adjuster Licences

90

308

 

 

*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

July 1, 2009 to September 30, 2009

Application Type

Pending as of June 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Sept. 30, 2009

Average Days to Issue

Certificate of Status

0

4

4

4

0

0

3

Offering Statements

1

0

0

1

0

0

38

Articles of Amendment

1

2

1

2

0

1

25

Amalgamations

0

0

0

0

0

0

-

Orders

0

0

0

0

0

0

-

Certified Copies of Documents

0

0

0

0

0

0

-

 

Co-operatives                                                      

July 1, 2009 to September 30, 2009

Application Type

Pending as of June 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Sept. 30, 2009

Average Days to Issue

Certificates of Status

0

22

22

22

0

0

2

Offering Statements

1

4

0

1

0

4

36

Articles of Amendment

2

1

1

2

0

1

14

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

1

0

0

1

0

0

10

Articles of Incorporation

0

9

1

6

0

3

16

Certified Copies of Documents

0

2

2

2

0

0

4

Cancellation Order

0

0

0

0

0

0

0

Material Change

0

0

0

0

0

0

0

Extra Provincial

0

0

0

0

0

0

0

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

July 1, 2009 to September 30, 2009

Application Type

Pending as of June 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Sept. 30, 2009

Average Days to Issue

Mortgage Brokerage

22

25

0

20

9

18

14

Mortgage Administrator

7

4

0

5

0

6

34

Principal Broker

8

2

10

10

0

0

2

Mortgage Broker

0

2

2

2

0

0

2

Mortgage Agent

0

541

541

541

0

0

2

 

 

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

October 30, 2009

ISSN 1481-1499