Licensing Changes for First Quarter 2015

 
Bulletin
No. G-02/15
 
-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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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.


An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person's or entity's licence on the Licensing Link section of FSCO's website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.


These bulletins may include forms that are no longer up-to-date or accurate. Readers should visit the forms section of the FSCO website, to ensure they are using the most recent version of a FSCO form.

​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, January 1, 2015 to March 31, 2015:
 
  • 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 Licence

Effective Date

 Technology Insurance Company Inc.  
  • The company is licensed for: Automobile, Boiler and Machinery, Credit Protection, Fidelity, Legal expenses, Liability, Marine and Property
  • Jurisdiction of incorporation: Federal
  • Technology Insurance Company’s contact in Ontario is:

    Laurie LaPalme, Chief Agen
    2100-40 King Street West, Scotia Plaza
    Toronto ON M5H 3C
    Tel (416) 869-5300
    Fax (416) 360-8877
January 16, 2015
Hannover Re (Ireland) Limited / Hannover Re (Irlande)  
  • The company is licensed for: Accident and Sickness, Credit Protection, Life (limited to the business of reinsurance)
  • Jurisdiction of incorporation: Federal
  • Hannover Re (Ireland) Limited’s contact in Ontario is:

    Brian Reeve, Chief Agent
    2100-40 King Street West,
    Toronto ON M5H 3C2
    Tel (416) 869-5300
    Fax (416) 360-8877
February 26, 2015
Red River Valley Mutual Insurance Company
  • The company is licensed for: Automobile, boiler and machinery, fidelity, liability, property, surety
  • Jurisdiction of incorporation: Extra-Provincial
  • Red River Valley Mutual Insurance Company’s contact in Ontario is:

    Robert E. Somerleigh, Chief Agent
    291 Court St. S.
    Thunder Bay ON P7B 2Y1
    Tel (807) 345-1213
    Fax (416) 345-2526
 
March 17, 2015

Licence Cancellations

Effective Date

Markham General Insurance Company
  • The company has ceased operations. 
  • A discharge order dated November 18, 2014 for its liquidation was issued and Deloitte & Touche Inc. was also discharged as liquidator.
 
March 27, 2015

Licence Amendments

Effective Date

The following insurers made amendments to their licences:
 
 
Perth Insurance Company
  • Classes added: Boiler and Machinery, Fidelity, Surety (limited to the reinsurance of risks)
 
 
The Yarmouth Mutual Fire Insurance Company
  • Class added: Accident and sickness
 
 
Great American Insurance Company
  • Class added: Credit
 
 
 

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.
 

 

 

January 30, 2015

 

 

 

 

February 26, 2015

 

 

March 4, 2015

Insurance Agents and Adjusters

January 1, 2015 to March 31, 2015

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,828
5,725
Corporate Agent Licences
132
755
Individual Adjuster Licences¹
54
18
Corporate Adjuster Licences
2
0
 
¹FSCO 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, 2015 to March 31, 2015

 
Received
Issued
Pending
12
(2 pending from 4th  quarter)
8
 
 
6
 
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.
 

Health Service Providers

June 2014 to March 31, 2015

 
FSCO's online Service Provider licensing window went live on June 1, 2014.  The licensing requirement became effective December 1, 2014.  As of December 1, 2014, FSCO received 3582 applications for licensing and issued a total of 3277 licenses. 
 
Licence
Type
Licences Issued
 
Licences issued with condition(s)
Licences surrendered
Merge Applications
 
 
Total
by 2014/12/01
2014/12/02 to 2015/03/31
Sole Proprietorship
1,445
 
210
 
 
0
 
14
 
n/a
 
1,641
Corporation
1,674
 
321
 
 
2
 
4
 
3
 
1,988
Partnership
158
 
32
 
 
0
1
 
n/a
 
189
Total
3,277
563
 
2
19
 
3
 
3,818
 
 
 

Co-operative Corporations 

January 1, 2015 to March 31, 2015

 
Application Type
Pending as of Jan. 1, 2015
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Mar. 31, 2015
Average Days to Issue ²
Certificates
of Status
0
27
27
27
0
0
2
Offering Statements
2
9
3
5
1
5
43
Articles of Amendment
3
7
3
6
2
2
18
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution / Cancellation Order
1
0
0
1
0
0
70
Articles of Incorporation
1
4
1
3
0
2
24
Certified Copies of Documents
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
1
0
0
1
0
0
33
 
² The calculation of average days to issue is based on the number of working days from the original date the application was received.

Credit Unions/Caisses Populaires

January 1, 2015 to March 31, 2015

Application Type
Pending as of Jan. 1, 2015
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of March 31, 2015
Average Days to Issue ³
Certificate of Status
0
8
8
8
0
0
2
Offering Statements
0
3
0
2
0
1
31
Articles of Amendment
0
4
3
4
0
0
18
Articles of Amalgamation
2
0
0
2
0
0
7
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
0
0
0
0
0
0
Statement of Material Change
0
0
0
0
0
0
0
Articles of Dissolution
3
5
2
3
0
5
27
 
³ Calculation excludes time awaiting company responses.

Individuals Engaged in Mortgage Brokering

January 1, 2015 to March 31, 2015

Licence Type
Application Type
# of Licences Issued
Mortgage Broker 4
New
11
Renewal
0
Mortgage Agent 4
New
667
Renewal
0
 
4 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.

Businesses Engaged in Mortgage Brokering

January 1, 2015 to March 31, 2015

 
Licence Type
Application Type
Pending as of Jan. 1, 2015
Received
Complete on Receipt
Issued
Withdrawn
Pending as of Mar. 31, 2015
Average Days to Issue
Mortgage Brokerage
New
0
34
8
26
4
4
16
Mortgage Brokerage
Surrender
-
0
18
18
17
0
1
10
Mortgage Administrator
New
0
11
2
8
1
2
16
Mortgage Administrator
Surrender
-
1*
1
1
2
0
0
15
 
* Amended to 1 from 0 as reported in previous bulletin.
 
 
Shonna Neil
Director
Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
June 10, 2015