Licensing Changes for Third Quarter 2011

 
Bulletin
No. [G-03/11]
-General
 
 
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, July 1 to September 30, 2011:
 
  • statistics on the disposition of applications for new licences and renewals,
  • applications for licence changes and cancellations, and
  • statistics on other licensing and related services provided by FSCO. 
These 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 insurer received a licence:
 

Effective
Date

 
 
AXA Life Insurance Inc.
AXA Assurance Vie inc.
 
    • The company is licensed for: accident and sickness, life.
    • Jurisdiction of incorporation: extra-provincial (Quebec)
    • AXA’s contact in Ontario is:
     
    Mr. Mathieu Lamy
    Chief Agent
    5700 Yonge Street, Suite 1400
    North York, ON M2M 4K2
    Tel: (877) 292-4968 ext. 4056
    Fax: (416) 218-4175
September 19, 2011
 
 
 

Licence Cancellations:

 
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities:
Cancellation
Date
ACA Assurance
  • The company has ceased operations in Canada and has no remaining liabilities.  On September 30, 2009, the company transferred all its insurance business to L’Union-Vie Mutual Insurance Company.
July 25, 2011
The Home Insurance Company
  • The company has ceased operations in Canada and has no remaining liabilities. On November 18, 2003, the company transferred all its insurance business to Lombard General Insurance Company of Canada.
July 28, 2011
 
First Allmerica Financial Life Insurance Company
  • The company has ceased operations in Canada and has no remaining liabilities.
 
August 5, 2011
 
The British Aviation Insurance Company Limited
  • The company has ceased operations in Canada and has no remaining liabilities. On December 31, 2010, the company transferred all its insurance business to Omega General Insurance Company.  

 

Lumbermens Mutual Casualty Company
  • The company has ceased operations in Canada and has no remaining liabilities.  

 

August 19, 2011
 
 
 
 
 
 
August 22, 2011
 

Licence Amendments:

 
The following insurers made amendments to their licences:
 
Effective
Date
 
Industrial-Alliance Pacific Life Insurance Company
  • The name was changed to Industrial Alliance Pacific and Financial Services Inc. and, in French, Industrielle Alliance Pacifique, Assurance et services financiers inc.
 
August 24, 2011
 
Everest Insurance Company of Canada
  • Class added: accident and sickness
 
August 30, 2011
 

 

 
 
 

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
 

July 1, 2011 to September 30, 2011

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,560
3,698
Corporate Agent Licences
69
356
Individual Adjuster Licences
48
230
 
*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)

July 1, 2011 to September 30, 2011

Received
Issued
Pending
10
(1 pending from the 2nd quarter)
 
11
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 are required to file all changes (material as well as non-material) for IVICs with the Superintendent.
 
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.
 

Co-operative Corporations

July 1, 2011 to September 30, 2011

 
Application
Type
Pending
as of June 30, 2011
Received
Complete
on
Receipt
Issued
Closed (incomplete
 or
withdrawn)
Pending
as of September
30, 2011
Average
Days to
Issue
Certificates
of Status
0
10
10 
10
0
0
2
Offering Statements
5
4
0
4
0
5
15
Articles of Amendment
2
2
0
19
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
6
2
5
0
1
11
Articles of Incorporation
11
9
2
14
2
4
8
Certified Copies of Documents
0
1
1
1
0
0
1
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
Articles of Amalgamation
0
1
1
1
0
0
12

  Calculated based on FSCO working time only.
 
Credit Unions/Caisses Populaires

July 1, 2011 to September 30, 2011

Application
Type
Pending
as of June 30, 2011
Received
Complete on
Receipt
Issued
Closed (incomplete
or
withdrawn)
Pending
as of
September 30, 2011
Average
Days to
Issue
Certificate of Status
4
5
5
9
0
0
2
Offering Statements
0
2
0
2
0
0
36
Articles of Amendment
0
3
0
3
0
0
32
Amalgamations
1
0
0
1
0
0
32
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
0
0
0
0
0
0

Calculated based on FSCO working time only.
 
Persons or Businesses Engaged in Mortgage Brokering

July 1, 2011 to September 30, 2011

Application Type
Pending
as of
 June 30, 2011
Received
Complete on
Receipt
Issued
 
Withdrawn
Pending as of September 30, 2011
Average
Days
 to Issue
**
Mortgage Brokerage
4
31
2
22
3
10
22
Mortgage Brokerage Surrender
4
32
32
34
0
2
7
Mortgage Administrator
2
3
0
4
0
1
23
Mortgage Administrator
Surrender
1
0
0
1
0
0
6
Mortgage Broker*
5
8
7
12
0
1
2
Mortgage Agent*
 
43
703
666
709
0
37
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.
 
**Represents actual time elapsed from receipt of application to completion.
 
 
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
November 23, 2011
 
ISSN 1481-1499
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