Licensing Changes for Third Quarter 2012

 
Bulletin
No. [G-03/12]
 
- General
 
​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, July 1, 2012 to September 30, 2012:
 
  • 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)                                     
 

Licence Cancellations:

Effective Date

 
The Hanover Insurance Company                                                                       
 
  • The company has ceased operations in Canada and currently has no liabilities.  On December 31, 2011, the company transferred all of its insurance business to Omega General Insurance Company.
 
 
August 15, 2012
Endurance Reinsurance Corporation of America
 
  • The company has ceased operations in Canada and currently has no liabilities.  On October 31, 2011, the company transferred all of its insurance business to Omega General Insurance Company.
 
August 15, 2012
Coronation Insurance Company
 
  • The company has ceased operations in Ontario since 1994 and has no remaining liabilities.
 
September 4, 2012
Ukrainian Mutual Benefit Association of Saint Nicholas of Canada (UMBA)
 
  • On December 15, 2011, the assets and liabilities of UMBA were assumed by the Ukrainian Fraternal Society of Canada (UFSC). UMBA was granted ministerial approval for a certificate of continuance under the Canada Corporations Act.
September 14, 2012
 

Licence Amendments:

 

Effective Date

 
The following insurers made amendments to their licences:
 
 
Axa Life Insurance Inc.
                                                                                               
  • The name was changed to SSQ Insurance Company Inc. and in French SSQ, Société d’assurance inc.  On January 1, 2012, SSQ, Life Insurance Company Inc. acquired all the issued and outstanding shares of Axa Life Insurance Inc.
 
 
August 16, 2012
Co-operators Life Insurance Company                                 
 
  • Class added:  credit protection
 
September 18, 2012
Travelers Insurance Company of Canada     
           
  • Class added:  automobile
September 27, 2012
 
 
 

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, 2012 to September 30, 2012

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1, 509
5,404
Corporate Agent Licences
96
560
Individual Adjuster Licences
27
456
Corporate Adjuster Licences
3
26
 
*     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, 2012 to September 30, 2012

Received
Issued
Pending
16
(1 pending from the 2nd quarter)
11
6
 
IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and Ontario Regulation 132/97.
 
Pursuant to Ontario Regulation 132/97, 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 132/97.
 

Co-operative Corporations                               

July 1, 2012 to September 30, 2012

Application Type
Pending as of June 30, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2012
Average Days to Issue *
Certificates
of Status
0
24
24
24
0
0
1
Offering Statements
9
1
1
5
2
3
23
Articles of Amendment
1
3
0
1
0
3
14
Articles of Continuance
0
0
0
0
0
0
N/A
Articles of Dissolution
0
1
1
1
0
0
14
Articles of Incorporation
8
17
5
21
0
4
28
Certified Copies of Documents
0
0
0
0
0
0
N/A
Cancellation Order
0
0
0
0
0
0
N/A
Material Change
2
1
0
0
3
0
N/A
Extra Provincial
0
0
0
0
0
0
N/A
Articles of Restatement
0
0
0
0
0
0
N/A
Articles of Amalgamation
0
0
0
0
0
0
N/A
 
*Calculation excludes time awaiting company responses.
  
 

Credit Unions/Caisses Populaires

 

July 1, 2012 to September 30, 2012

Application Type
Pending as of June 30, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2012
Average Days to Issue *
Certificate of Status
0
1
1
1
0
0
2
Offering Statements
0
0
0
0
0
0
N/A
Articles of Amendment
2
0
0
2
0
0
54
Amalgamations
2
4
0
0
1
5
N/A
Orders
1
0
0
1
0
0
42
Certified Copies of Documents
0
0
0
0
0
0
N/A
 
Calculation excludes time awaiting company responses.
 

Persons or Businesses Engaged in Mortgage Brokering

 

July 1, 2012 to September 30, 2012

Licence Type
Pending as of June 30, 2012
Received
Complete on Receipt
Issued
Withdrawn
Pending as of Sept. 30, 2012
Average Days to Issue
Mortgage Brokerage
 
4
24
12
19
4
5
15
Mortgage Brokerage
Surrender
0
28
27
28
0
0
7
Mortgage Administrator
 
0
9
2
6
2
1
13
Mortgage Administrator
Surrender
0
0
0
0
0
0
N/A
Principal Broker
0
10
10
10
0
0
2
Mortgage Broker
0
10
9
9
0
1
2
Mortgage Agent
13
713
680
693
0
33
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
 
November 19, 2012                                                                                             ISSN 1481-1499