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