Licensing Changes for Second Quarter 2012

 
Bulletin
No. G-02/12
- General
 
​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the second quarter, April 1, 2012 to June 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)
 

Amalgamations:

Effective Date
 
Novex Insurance Company  
AXA General Insurance                                                                              
 
  • On May 1, 2012 Novex Insurance Company and AXA General Insurance amalgamated their operations and continued under the name Novex Insurance Company. 
  • The Ontario licence for AXA General Insurance was cancelled effective June 15, 2012.  An amended Ontario licence for Novex Insurance Company was issued effective June 15, 2012. 
 
June 15, 2012
 

Licence Amendments:

 
Effective Date
The following insurers made amendments to their licences:
 
 
Colisée Re                                                                                                      
 
  • Class removed: Life.
 
 
May 3, 2012
Euler Hermes American Credit Indemnity Company                                   
 
  • The name was changed to Euler Hermes North America Insurance Company, and in French, Compagnie d’Assurances Euler Hermes-Amerique du Nord.
 
May 3, 2012
Travelers Guarantee Company of Canada   
           
  • The name was changed to Travelers Insurance Company of Canada, and in French, La Compagnie d’Assurance Travelers du Canada.   
June 15, 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

April 1, 2012 to June 30, 2012

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,610
5,646
Corporate Agent Licences
105
502
Individual Adjuster Licences
24
1244
Corporate Adjuster Licences
0
105
 
*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)

April 1, 2012 to June 30, 2012

 
Received
Issued
Pending
8
(4 pending from the 1st quarter)
11
1
 
IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and 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                               

April 1, 2012 to June 30, 2012

 
Application Type
Pending as of March 31, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2012
Average Days to Issue *
Certificates
of Status
0
25
25
25
0
0
2
Offering Statements
6
9
0
6
0
9
28
Articles of Amendment
2
2
1
3
0
1
22
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
1
1
1
0
0
22
Articles of Incorporation
2
11
0
5
0
8
21
 
 

Co-operative Corporations                               

April 1, 2012 to June 30, 2012

 
Application Type
Pending as of March 31, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2012
Average Days to Issue *
Certified Copies of Documents
0
1
0
1
0
0
3
Cancellation Order
0
0
0
0
0
0
0
Material Change
0
2
0
0
0
2
0
Extra Provincial
0
0
0
0
0
0
0
Articles of Restatement
0
0
0
0
0
0
0
Articles of Amalgamation
0
0
0
0
0
0
0
 
* Calculation excludes time awaiting company responses.
 
 

Credit Unions/Caisses Populaires

April 1, 2012 to June 30, 2012

Application Type
Pending as of March 31, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2012
Average Days to Issue *
Certificate of Status
0
9
9
9
0
0
2
Offering Statements
0
0
0
0
0
0
N/A
Articles of Amendment
0
3
0
1
0
2
22
Amalgamations
0
2
0
0
0
2
N/A
Orders
0
1
1
0
0
1
N/A
Certified Copies of Documents
0
0
0
0
0
0
N/A
 
* Calculation excludes time awaiting company responses.
 

Persons or Businesses Engaged in Mortgage Broking

April 1, 2012 to June 30, 2012

Licence Type
 
Application Type
Pending as of March 31, 2012
Received
Complete on Receipt
Issued
 
Withdrawn
Pending as of June 30, 2012
Average Days to Issue
Mortgage Brokerage
 
new
9
31
4
32
4
4
14
surrender
5
23
23
28
0
0
3
Mortgage Administrator
new
0
6
0
3
3
0
22
surrender
0
3
3
3
0
0
5
Principal Broker
new
1
37
37
38
N/A
0
2
renewal
0
0
0
0
N/A
0
2
Mortgage Broker
new
1
25
25
26
N/A
0
2
renewal
0
2
2
2
N/A
0
2
Mortgage Agent
 
new
7
1003
990
997
N/A
13
2
renewal
0
14
14
14
N/A
0
2
 
 
 
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
August 23, 2012                                                                                             ISSN 1481-1499