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Licensing Changes for Fourth Quarter 2010

 

Bulletin

No. G-05/10
 
– General

The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, October 1 to December 31, 2010:

 

  • Statistics on the disposition of applications for new licenses and renewals.  
  • Applications for licence changes and cancellations.
  • Statistics on other licensing and related services provided by FSCO. 

These licensing changes relate to individuals and organizations in the financial services sectors under FSCO's jurisdiction: insurance, credit unions/caisses populaires, co-operative corporations, loan and trust corporations, and mortgage brokering.  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 Licences:

The following insurers received a licence:

 

Effective Date

International Insurance Company of Hanover Limited

 

  • The company is licensed for: accident and sickness, boiler and machinery, fidelity, liability and property insurance.
  • Jurisdiction of incorporation: federal.
  • International Insurance Company of Hannover’s contact in Ontario is:

    Ms. Laurel Grant
    Chief Agent
    c/o D.M. Williams & Associates
    3650 Victoria Park Avenue, Suite 201
    Toronto, Ontario  M2H 3P7
    Tel: (416) 496-1148
    Fax: (416) 496-1089

December 6, 2010


Partner Reinsurance Company of the U.S.

 

  • The company is licensed for: accident and sickness, aircraft, automobile, boiler and machinery, credit, fidelity, hail, liability, marine, property and surety insurance. (Limited to the business of reinsurance)
  • Jurisdiction of Incorporation: federal.
  • Partner Reinsurance Company of the U.S.’s contact in Ontario is:

    Mr. Herve Castella
    Chief Agent
    130 King Street West, Suite 2300
    Toronto, Ontario  M5X 1C7
    Tel: (416) 861-0033
    Fax: (416) 861-0200

 


December 13, 2010

The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) [Canada Branch]

L’entreprise d’assurances Shipowners’ Mutual Protection & Indemnity Association (Luxembourg) [succursale canadienne]

 

  • The company is licensed for: accident and sickness, boiler and machinery, legal expenses, liability and marine insurance.
  • Jurisdiction of Incorporation: federal.
  • The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) [Canada Branch]’s contact in Ontario is:

    Mr. Marc Isaacs
    Chief Agent
    c/o Isaac & Co.
    24 Duncan Street, 3rd Floor
    Toronto, Ontario  M5Y 2B8
    Tel: (416) 601-1348
    Fax: (416) 601-1190

December 21, 2010

Licence Cancellations:

 

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

 

Avemco Insurance Company

  • The company has ceased its operations in Canada and has no remaining liabilities.

Cancellation Date

December 10, 2010

Licence Amendments:

 

The following insurers made amendments to their licences:

 

Effective Date

Everest Reinsurance Company   

 

  • Class added: marine insurance (limited to the business of reinsurance).

November 4, 2010

Partner Reinsurance Europe Limited     

      

  • Class added: accident and sickness insurance (limited to the business of reinsurance).

November 30, 2010

Waterloo Insurance Company

 

  • Restriction removed: "excluding the undertaking or renewal of insurance contracts in Ontario in any of the foregoing classes" from the aircraft, boiler and machinery, fidelity, liability and surety insurance.

November 30, 2010

Zurich Insurance Limited

 

  • Class added: accident and sickness insurance.

November 30, 2010

EULER American Credit Indemnity Company

 

  • The name was changed to EULER Hermes American Credit Indemnity Company.

 

December 3, 2010

FCT Insurance Company Ltd.

 

  • Class added: mortgage insurance (limited to property valuation insurance).

 

December 14, 2010

LICENSING STATISTICS

 

 

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

Insurance Agents and Adjusters

 

October 1, 2010 to December 31, 2010

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,408

5,206

Corporate Agent Licences

104

620

Individual Adjuster Licences

61

33

 

*FSCO reviews agent licence applications and issues licences within its service standard of five business days for applications that are complete on receipt and where suitability is not an issue.  99 per cent of these applications were processed and had licences issued within five business days.

Individual Variable Insurance Contracts (IVICs)

 

October 1, 2010 to December 31, 2010

Received

Issued

Pending

33

(9 pending from the 3rd quarter)

 

42

0

IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and Ontario Regulation 132/97, subsequently amended to Ontario Regulation 359/06.

Pursuant to Ontario Regulation 359/06, insurers arerequired to file all changes (material as well as non-material) for IVICs with the Superintendent, including theapplicable fee.

 

Please note that updated IVIC information folders must be filed at least annually, even in the absence of a material change, in accordance with Ontario Regulation 359/06.

 

Starting January 1, 2011, point of sale amendments to Ontario Regulation 359/06 incorporating the revised "Guideline G2: Individual Variable Insurance Contracts Relating to Segregated Funds" (Guideline G2) came into effect.  Insurers are now required to include a key facts executive summary and fund facts documents in the information folder of each individual insurance contract.  Additional information regarding the changes to Ontario Regulation 359/06 can be found on our website at www.fsco.gov.on.ca, page 6868.

As at December 31, 2010, all 22 insurance companies issuing IVICs had filed their point of sale amendments pursuant to Ontario Regulation 359/06.  During the transitional period, July 1-December 31, 2010, FSCO reviewed and issued receipts for 42 submissions under the new guidelines.

Co-operative Corporations                               

October 1, 2010 to December 31, 2010

Application
Type

Pending as of Sept. 30, 2010

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2010

Average Days to Issue

Certificates
of Status

0

31

31

31

0

0

2

Offering Statements

8

2

0

7

0

3

67

Articles of Amendment

3

3

0

5

1

0

10

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

1

2

1

3

0

0

21

Articles of Incorporation

0

6

1

2

1

3

10

Certified Copies of Documents

0

0

0

0

0

0

0

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

Articles of Restatement

0

0

0

0

0

0

0

Credit Unions/Caisses Populaires

October 1, 2010 to December 31, 2010

Application Type

Pending as of Sept. 30, 2010

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2010

Average Days to Issue

Certificate of Status

0

16

16

16

0

0

2

Offering Statements

0

3

3

3

0

0

30

Articles of Amendment

2

9

9

6

0

5

27

Amalgamations

1

1

0

1

0

1

31

Orders

0

0

0

0

0

0

-

Certified Copies of Documents

0

3

3

3

0

0

2

Persons or Businesses Engaged in Mortgage Brokering

October 1, 2010 to December 31, 2010

Application Type

Pending as of Sept. 30, 2010

Received

Complete on Receipt

Issued

 

Withdrawn

Pending as of Dec. 31, 2010

Average Days to Issue

Mortgage Brokerage

7

26

1

24

2

7

11

Mortgage Administrator

4

5

0

5

1

3

17

Mortgage Broker*

0

39

34

34

N/A

5

2

Mortgage Agent*

 

14

734

694

694

N/A

54

2

*FSCO reviews licence applications and issues licences within its service standard of five business days for applications that are complete on receipt and where suitability is not an issue.  99 per cent of these applications were processed and had licences issued within five business days.

 

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

February 25, 2011

ISSN 1481-1499