Licensing Changes for Third Quarter 2013

 
Bulletin
No. [G-05/13]
 
- General]
 

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The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, July 1, 2013 to September 30, 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 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:

Effective Date

 
The Mutual Fire Insurance Company of British Columbia
 
  • The company is licensed for: Automobile, Boiler and Machinery, Liability, Marine and Property
  • Jurisdiction of incorporation: Extra Provincial (British Columbia)
  • The Mutual Fire Insurance Company of British Columbia’s contact in Ontario is:
 
Mr. Igor Ellyn
Chief Agent
c/o Ellyn Law LLP
3000 – 20 Queen Street West
Toronto, ON  M5H 3R3
Tel: (416) 365-3750
Fax:(416) 368-2982
 
July 5, 2013
 
 

Licence Amendments:

Effective Date

 
The following insurers made amendments to their licences:
 
 
International Insurance Company of Hannover Limited
 
  • The name was changed to International Insurance Company of Hannover PLC
 
September 23, 2013
 

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, 2013 to September 30, 2013

Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,514
3,942
Corporate Agent Licences
111
365
Individual Adjuster Licences¹
291
232
Corporate Adjuster Licences¹
1
27
  
 
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, 2013 to September 30, 2013

Received
Issued
Pending
9
(7 pending from 2nd quarter)
14
(0 withdrawn)
2
 
 
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, 2013 to September 30, 2013

Application Type
Pending as of June 30, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2013
Average Days to Issue²
Certificates
of Status
0
34
34
34
0
0
2
Offering Statements
6
6
2
8
1
3
48
Articles of Amendment
2
2
1
3
0
1
17
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
2
1
2
0
0
20
Articles of Incorporation
5
9
0
10
1
3
17
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
Articles of Amalgamation
0
0
0
0
0
0
0
 
 
2 Starting this quarter the calculation for the average number of days to issue has changed.  Previously the calculation excluded time awaiting company responses.  The calculation is now based on the number of working days from the original date the application was received.
 

Credit Unions/Caisses Populaires                                                                    

July 1, 2013 to September 30, 2013

Application Type
Pending as of June 30, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2013
Average Days to Issue ³
Certificate of Status
0
7
7
7
0
0
2
Offering Statements
0
2
0
2
0
0
32
Articles of Amendment
1
1
1
2
0
0
27
Amalgamations
0
0
0
0
0
0
0
Orders
0
4
4
3
0
1
11
Certified Copies of Documents
0
0
0
0
0
0
0
 
 
3 Calculation excludes time awaiting company responses.

Persons or Businesses Engaged in Mortgage Broking

 

July 1, 2013 to September 30, 2013

Licence Type
Pending as of June 30, 2013
Received
Complete on Receipt
Issued

Withdrawn
Pending as of Sept. 30, 2013
Average Days to Issue
Mortgage Brokerage
 
5
27
4
30
0
2
11
Mortgage Brokerage
Surrender
0
15
15
15
0
0
5
Mortgage Administrator
 
1
6
0
6
1
0
9
Mortgage Administrator
Surrender
0
1
1
1
0
0
4
Mortgage Broker¹
0
11
11
11
0
0
2
Mortgage Agent ¹ 
24
614
591
615
0
23
2
  
1 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.
 
 
 
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
December 3, 2013