Licensing Changes for Second Quarter 2015

 
Bulletin
No. G-03/15
 
-General
 

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The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, April 1, 2015 to June 30, 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

 
 XL Specialty Insurance Company  
  • The company is licensed for: Accident & sickness, Aircraft, Automobile, Boiler and Machinery, Credit, Liability, Marine, Property, Surety
  • Jurisdiction of incorporation: Federal
  • XL Specialty Insurance Company’s contact in Ontario is:

    Cindy L. Guyatt, Chief Agent
    1200 - 100 Yonge Street
    Toronto ON M5C 2W1
    Tel (416) 928-8561
    Fax (416) 928-8858
May 25, 2015

Licence Cancellations

Effective Date

 
TIG Insurance Company
  • The company has ceased operations.
  • There are no remaining liabilities.
  • The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective April 24, 2015.
May 6, 2015

Licence Amendments

Effective Date

 
The following insurers made amendments to their licences:
 
 
 
Echelon General Insurance Company
  • The name was changed to Echelon Insurance and in French Échelon Assurance.
 
April 24, 2015
 
Darwin National Assurance Company
  • The name was changed to Allied World Specialty Insurance Company and in French Compagnie d'Assurance de Spécialité Allied Word
 
May 25, 2015
Trisura Guarantee Insurance Company/Compagnie D'assurance Trisura Garantie
  • Class added: Hail
June 19, 2015

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

April 1, 2015 to June 30, 2015

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,942
4,640
Corporate Agent Licences
116
516
Individual Adjuster Licences¹
4
1,233
Corporate Adjuster Licences
0
93
 
¹ FSCO reviews insurance 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.  In this quarter, 99 per cent of these applications were processed and had licences issued within five business days.
 

Individual Variable Insurance Contracts (IVICs)

April 1, 2015 to June 30, 2015

 
Received
Issued
Pending
10
(6 pending from 1st  quarter)
12
(2 withdrawn applications)
 
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.

Service Providers

April 1, 2015 to June 30, 2015

 
Licence Type
Licences Issued
Licences issued with condition(s)
Licences surrendered
Sole Proprietorship
88
0
18
Corporation
149
3
14
Partnership
11
1
3
Total
248
4
35
 

Co-operative Corporations 

April 1, 2015 to June 30, 2015

Application Type
Pending as of Apr. 1, 2015
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2015
Average Days to Issue²
Certificates
of Status
0
28
28
28
0
0
2
Offering Statements
5
6
2
7
1
3
25
Articles of Amendment
2
2
2
4
0
0
11
Articles of Dissolution / Cancellation Order
0
1
1
0
0
1
-
Articles of Incorporation
2
9
6
8
0
3
10
Material Change
0
1
0
0
1
0
0
 
 
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                                  

April 1, 2015 to June 30, 2015
 

Application Type
Pending as of Apr. 1, 2015
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2015
Average Days to Issue³
Certificate of Status
0
7
7
7
0
0
2
Offering Statements
1
3
0
1
0
3
41
Articles of Amendment
0
5
3
5
0
0
7
Articles of Dissolution
5
13
11
16
0
2
23
 
 
³ Calculation excludes time awaiting company responses.
 

Individuals Engaged in Mortgage Brokering

April 1, 2015 to June 30, 2015

Licence Type
Application Type
# of Licences Issued
Mortgage Broker1
New
24
Renewal
0
Mortgage Agent1
New
795
Renewal
0
 
 
1 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

April 1, 2015 to June 30, 2015

 
Licence Type
Application Type
Pending as of Apr. 1, 2015
Received
Complete on Receipt
Issued
Withdrawn
Pending as of June 30, 2015
Average Days to Issue
Mortgage Brokerage
New
4
36
7
25
6
9
12
Mortgage Brokerage
Surrender
-
6
15
14
19
0
2
13
Mortgage Administrator
New
2
5
1
4
2
1
22
Mortgage Administrator
Surrender
-
0
1
1
1
0
0
6
 
 
 
Shonna Neil
Director
Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
October 14, 2015