Licensing Changes for Fourth Quarter 2013

 
Bulletin
No. G-01/14
 
- General

NOTE: The bulletins that are posted on this website are provided for historical reference purposes. The information in these bulletins is accurate on the date the information is published, but is subject to change and may be replaced by more recent bulletins.


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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, October 1, 2013 to December 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 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

 
Orion Travel Insurance Company
 
  • The company is licensed for: Accident and Sickness and Property
  • Jurisdiction of incorporation: Extra Provincial (Alberta)
  • The Orion Travel Insurance Company’s contact in Ontario is:

    Ms. Rita Yeung
    Associate Counsel
    60 Commerce Valley Drive East
    Thornhill, ON  L3T 7P9
    Tel: (905) 771-3203
    Fax:(905) 771-3453
 
 
 
October 2, 2013
AXA Art Insurance Corporation
 
  • The company is licensed for: Property
  • Jurisdiction of incorporation: Federal
  • AXA Art Insurance Corporation’s contact in Ontario is:

    Ms. Ann-Louise Seago
    Chief Agent
    500 King Street West, Floor 3
    Toronto, ON  M5V 1L9
    Tel: (437) 836-3561
    Fax:(437) 836-3560
 
October 31, 2013
 
Ironshore Insurance Ltd.
 
  • The company is licensed for: Accident and Sickness, Boiler and Machinery, Credit, Fidelity, Legal expense, Liability and Property
  • Jurisdiction of incorporation: Federal
  • Ironshore Insurance Ltd.’s contact in Ontario is:

    Mr. Michael Charles Wills
    Chief Agent
    1500-320 Bay Street West
    Toronto, ON  M5H 2A6
    Tel: (416) 216-2270
    Fax:(416) 216-2268
 
 
December 6, 2013
 
 
 
 

Licence Amendments:

Effective Date

 
The following insurers made amendments to their licences:
 
 
Hartford Life Insurance Company
 
  • Restriction added to licence:  Limited to the servicing of existing policies.
 
 
October 22, 2013
The Grand Orange Lodge of British America
 
  • Class added: Accident and Sickness
 
October 29, 2013
Usborne & Hibbert Mutual Fire Insurance Company
 
  • Restriction removed on Automobile class.
November 7, 2013
International Insurance Company of Hanover PLC
 
  • Class added: Aircraft, Marine and Automobile
 
November 28, 2013
AXA Insurance Inc.
 
  • Class removed: Life
 December 20, 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

October 1, 2013 to December 31, 2013

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,558
3894
Corporate Agent Licences
125
425
Individual Adjuster Licences*
38
44
Corporate Adjuster Licences*
1
3
 
* FSCO reviews broker and 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, 2013 to December 31, 2013

 
Received
Issued
Pending
11
(includes 2 pending from 3rd quarter)
13
 
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, 2013 to December 31, 2013

 
Application Type
Pending as of Sept. 30, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2013
Average Days to Issue**
Certificates
of Status
0
34
34
34
0
0
2
Offering Statements
3
6
0
5
0
4
60
Articles of Amendment
1
5
2
6
0
0
17
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
1
0
0
0
1
0
Articles of Incorporation
3
14
0
15
0
2
14
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
1
0
1
0
0
5
 

Credit Unions/Caisses Populaires

 
**The calculation of average days to issue is based on the number of working days from the original date the application was received.
 

October 1, 2013 to December 31, 2013

 
Application Type
Pending as of Sept. 30, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2013
Average Days to Issue***
Certificate of Status
0
10
10
10
0
0
2
Offering Statements
0
1
0
0
0
1
0
Articles of Amendment
0
3
3
2
0
1
12
Amalgamations
0
4
0
0
0
4
0
Orders
1
1
0
2
0
0
15
Certified Copies of Documents
0
1
1
1
0
0
10
Statement of Material Change
0
1
0
1
0
0
2
 
***Calculation excludes time awaiting company responses.

Persons or Businesses Engaged in Mortgage Broking

October 1, 2013 to December 30, 2013

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

Withdrawn
Pending as of Dec. 31, 2013
Average Days to Issue
Mortgage Brokerage
 
2
23
4
18
1
6
9
Mortgage Brokerage
Surrender
0
26
26
26
0
0
5
Mortgage Administrator
 
0
3
1
1
1
1
3
Mortgage Administrator
Surrender
0
3
3
3
0
0
6
Mortgage Broker****
0
23
23
23
0
0
2
Mortgage Agent ****
23
594
583
606
0
11
2
 
****FSCO reviews broker and 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
 
February 12, 2014