Licensing Changes for Fourth Quarter 2012

 
Bulletin
No. G-01/13
 
General
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, October 1, 2012 to December 31, 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)

 

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
 
Canadian Egg Industry Reciprocal Alliance
 
  • The reciprocal is licensed for: property (limited to business interruption loss due to Salmonella enteritidis)
  • Jurisdiction: Province of Alberta
  • Canadian Egg Industry Reciprocal Alliance’s contact in Ontario is:

    Judith Shum-Mossea
    Chief Agent
    333 Preston Street, Suite 600
    Preston Square, Tower 1
    Ottawa, ON  K1S 5N4
    Tel: (613) 792-4862
    Fax:(416) 722-3635
 
 
December 7, 2012
 

Amalgamations:

Effective Date     

November 16, 2012  
Industrial Alliance Pacific Insurance and Financial Services Inc.  
Industrial Alliance Insurance and Financial Services Inc.                                        
  
  • On June 30, 2012 Industrial Alliance Pacific Insurance and Financial Services Inc. and Industrial Alliance Insurance and Financial Services Inc. amalgamated their operations and continued under the name Industrial Alliance Insurance and Financial Services Inc.
 
  • The Ontario licence for Industrial Alliance Pacific Insurance and Financial Services Inc. was cancelled effective November 16, 2012.  An amended Ontario licence for Industrial Alliance Insurance and Financial Services Inc. was issued effective November 16, 2012. 
 

Licence Cancellations:

Effective Date

 
Confederation Life Insurance Company
 
  • The company has ceased operations in Canada and has no remaining liabilities.  A discharge order dated April 5, 2012 for its liquidation was issued and KPMG Inc. was also discharged as liquidator.
 
October 26, 2012
 

Licence Amendments:

 

Effective Date

 
The following insurers made amendments to their licences:
 
 
First North American Insurance Company
                                                                                 
  • Class added: surety (limited to coverage to providers of auto warranties)
 
 
October 19, 2012
Industrial Alliance Insurance and Financial Services Inc.                              
 
  • Class added:  credit protection
 
November 16, 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 

October 1, 2012 to December 31, 2012

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,481
5,337
Corporate Agent Licences
147
661
Individual Adjuster Licences
31
25
Corporate Adjuster Licences
2
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)

October 1, 2012 to December 31, 2012

Received
Issued
Pending
17
(6 pending from the 3rd quarter)
22
(1 withdrawn)
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.
 
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                               

October 1, 2012 to December 31, 2012

 
Application Type
Pending as of Sept. 30, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec.31, 2012
Average Days to Issue *
Certificates
of Status
0
20
20
20
0
0
1
Offering Statements
3
5
2
6
1
1
9
Articles of Amendment
3
2
2
5
0
0
53
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
4
3
3
0
1
5
Articles of Incorporation
4
36
13
31
0
9
10
Certified Copies of Documents
0
0
0
0
0
0
0
Cancellation Order
0
0
0
0
0
0
0
Material Change
0
1
0
0
0
1
0
Extra Provincial
0
0
0
0
0
0
0
Articles of Restatement
0
1
1
1
0
0
12
Articles of Amalgamation
0
0
0
0
0
0
0
 
* Calculation excludes time awaiting company responses.
 

Credit Unions/Caisses Populaires                                                                     

October 1, 2012 to December 31, 2012

Application Type
Pending as of Sept. 30, 2012
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2012
Average Days to Issue *
Certificate of Status
0
12
12
12
0
0
2
Offering Statements
0
0
0
0
0
0
0
Articles of Amendment
0
1
0
1
0
0
1
Amalgamations
5
3
1
3
1
4
10
Orders
0
3
3
3
0
0
8
Certified Copies of Documents
0
0
0
0
0
0
0
 
*Calculation excludes time awaiting company responses.
  

Persons or Businesses Engaged in Mortgage Broking

October 1, 2012 to December 31, 2012

Licence Type
Pending as of Sept. 30, 2012
Received
Complete on Receipt
Issued

Withdrawn
Pending as of Dec. 31, 2012
Average Days to Issue
Mortgage Brokerage
 
5
25
4
21
7
2
6
Mortgage Brokerage
Surrender
0
12
12
12
0
0
4
Mortgage Administrator
 
1
8
2
4
3
2
4
Mortgage Administrator
Surrender
0
1
1
1
0
0
9
Mortgage Broker *
1
15
15
16
0
0
2
Mortgage Agent *
33
601
582
615
0
19
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
 
February 7, 2013                                                                                 ISSN 1481-1499