Licensing Changes for First Quarter 2013

 
Bulletin
No. [G-03/13]
 
General
 
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, January 1, 2013 to March 31, 2013:
  • 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 Licence:

Effective Date

Arch Insurance Canada Ltd.
 
  • The company is licensed for: accident and sickness, aircraft, automobile, credit protection, liability, property, surety, boiler and machinery, fidelity, legal expenses, hail, marine, title
  • Jurisdiction of incorporation: Federal
  • Arch Insurance Canada Ltd.’s contact in Ontario is:

    Mr. Gordon Kerr
    Chief Agent & Chief Executive Officer
    77 King Street West, Suite 3600
    Toronto, ON  M5K 1K2
    Tel: (416) 309-8151
    Fax:(416) 309-8150
 
January 1, 2013
The Provenance Life Insurance Company
Provenance, Compagnie D’Assurance-Vie
 
  • The company is licensed for: life, accident and sickness
  • Jurisdiction of incorporation: Federal
  • The Provenance Life Insurance Company’s contact in Ontario is:

    Mr. Andrew Hai
    Presiden
    3221 North Services Road, Suite 30
    Burlington, ON  L7N 3G2
    Tel: (905) 319-8365
    Fax:(416) 319-2241
 
January 8, 2013
 

Amalgamations:

Effective Date

 
The Canada Life Assurance Company  
Crown Life Insurance Company                                                                              
 
  • On December 31, 2012, The Canada Life Assurance Company and Crown Life Insurance amalgamated their operations and continued under the name The Canada Life Assurance Company and, in French, La Compagnie d’assurance Canada sur la Vie.
  • The Ontario licence for Crown Life Insurance Company was cancelled effective February 22, 2013. 
 
February 22, 2013
 
 

Licence Cancellations:

Effective Date

 
ICAROM Public Limited Company
 
  • The company has ceased operations in Canada and has no remaining liabilities effective December 13, 2013.  The company entered in an assumption reinsurance agreement with Omega General Insurance Company.
 

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

 
January 11, 2013

January 1, 2013 to March 31, 2013

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,453
5,496
Corporate Agent Licences
147
670
Individual Adjuster Licences
22
23
Corporate Adjuster Licences
3
0
 
* 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)

January 1, 2013 to March 31, 2013

Received
Issued
Pending
14
 
2
 
12
 
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                  

January 1, 2013 to March 31, 2013

Application Type
Pending as of Dec. 31, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of March 31, 2013
Average Days to Issue *
Certificates
of Status
0
11
11
11
0
0
1
Offering Statements
1
6
4
3
0
4
21
Articles of Amendment
0
4
0
2
1
1
19
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
1
4
2
4
0
1
5
Articles of Incorporation
9
13
4
14
0
8
13
Certified Copies of Documents
0
0
0
0
0
0
0
Cancellation Order
0
1
0
1
0
0
49
Material Change
1
1
0
1
1
0
18
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

January 1, 2013 to March 31, 2013

Application Type
Pending as of Dec. 31, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of March 31, 2013
Average Days to Issue *
Certificate of Status
0
7
7
7
0
0
1
Offering Statements
0
2
0
1
0
1
1
Articles of Amendment
0
16
1
15
0
1
34
Amalgamations
4
0
0
4
0
0
14
Orders
0
2
2
2
0
0
11
Certified Copies of Documents
0
1
0
1
0
0
1
 
* Calculation excludes time awaiting company responses.
 

Persons or Businesses Engaged in Mortgage Broking

January 1, 2013 to March 31, 2013

Licence Type
Pending as of Dec. 31, 2012
Received
Complete on Receipt
Issued
Withdrawn
Pending as of March 31, 2013
Average Days to Issue
Mortgage Brokerage
2
22
5
16
4
4
7
Mortgage Brokerage
Surrender
0
22
22
22
0
0
4
Mortgage Administrator
2
4
0
5
1
0
11
Mortgage Administrator
Surrender
0
2
2
2
0
0
2
Mortgage Broker *
0
17
17
17
0
0
2
Mortgage Agent *
19
693
678
697
0
15
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
 
May 22, 2013