Licensing Changes for Fourth Quarter 2015

 
Bulletin
No. G-01/16

-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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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, October 1, 2015 to December 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 Licences

Effective Date

SCOR UK Company Limited operating under the names of SCOR Insurance - Canadian Branch / SCOR Assurances - Succursale canadienne
 
  • The company is licensed for:  Boiler and Machinery, Liability, Marine, Property
  • Jurisdiction of incorporation: Federal
  • SCOR UK Company Limited's contact in Ontario is:

    Henry Klecan
    199 Bay Street, Suite 2800
    Toronto ON M5L 1G1
    Tel (416) 869-3670
    Fax (416) 869-9578
    email: hklecan@scor.com
November 23, 2015
Manulife Assurance Company of Canada / Compagnie d'assurance Manuvie du Canada

  • The company is licensed for:  Life
  • Jurisdiction of incorporation: Federal
  • Manulife Assurance Company of Canada's contact in Ontario is:

    Bruce Harry Bos, Chief Agent
    250 Bloor Street, 6th floor
    Toronto ON M4W 1E5
    Tel (416) 593-6101
    Fax (416) 687-5118
    email: bruce_bos@manulife.com
December 8, 2015

Licence Cancellations

Effective Date

The Order of Italo - Canadians

  • The company is no longer an insurer.
  • There are no remaining liabilities.
  • The company continued under the Canada Not-for-Profit Corporations Act effective October 29, 2014.
November 9, 2015
Global Reinsurance Company

  • The company has ceased operations.
  • There are no remaining liabilities.
  • The company entered in an assumption reinsurance agreement with Northbridge General Insurance Corporation effective February 20, 2015.
December 15, 2015
Colisée Re

  • The company has ceased operations.
  • There are no remaining liabilities.
  • The company entered in an assumption reinsurance agreement with Northbridge General Insurance Corporation effective February 6, 2015. 
  • The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective December 7, 2015.
December 18, 2015

Licence Amendments

Effective Date

The following insurers made amendments to their licences:

 

 
Peel Maryborough Mutual Insurance Company
  • The name was changed to Edge Mutual Insurance Company
October 14, 2015
CAA Insurance Company (Ontario)
  • The name was changed to CAA Insurance Company
October 16, 2015
Ecclesiastical Insurance Office Public Limited Company
  • Class added: Boiler and Machinery
October 16, 2015
Transamerica Life Canada / Transamerica Vie
  • The name was changed to ivari and in French ivari.
October 26, 2015
COSECO Insurance Company / Compagnie d'Assurance COSECO
  • Class added: Boiler & machinery, legal expense, fidelity, marine and surety, all limited to reinsurance.
November 16, 2015
The Sovereign General Insurance Company / Compagnie d'Assurance Sovereign
  • Class added : Legal Expense limited to reinsurance
November 16, 2015
Giraffe & Friends Life Insurance Company / Girafe & Cie, Compagnie d'assurance - vie

  • Restriction added : Limited to dealing with existing policies and other existing contracts
November 26, 2015
Certas Homes and Auto Insurance Company / Certas Compagnie d'assurance auto et habitation
  • Class added: Accident and Sickness, Boiler and Machinery, Marine
December 8, 2015
Wynward Insurance Group (Groupe d'Assurance Wynward)
  • Class added: Automobile, Boiler and Machinery
December 8, 2015
Lambton Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
December 8, 2015
Hamilton Township Mutual Insurance Company

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
December 17, 2015
Grenville Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
December 17, 2015
SSQ, Life Insurance Company Inc. / SSQ. Société d'assurance-vie Inc.
  • Class added: Property and liability (limited to travel insurance)
December 17, 2015
Munich Reinsurance Company of Canada
  • Removed reinsurance limitation on Surety Class
December 18, 2015
Starr Insurance & Reinsurance Limited
  • Class added: Automobile
 
December 21, 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

October 1, 2015 to December 31, 2015


Application TypeNew LicencesRenewal Licences
Individual Agent Licences¹
2,530
4,190
Corporate Agent Licences
118
469
Individual Adjuster Licences¹
30
24
Corporate Adjuster Licences
1
2

 

¹FSCO 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)

October 1, 2015 to December 31, 2015


ReceivedIssuedPending
1
(3 pending from 3rd quarter)
4

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.

Service Providers

October 1, 2015 to December 31, 2015

 

Licence TypeLicences IssuedLicences Issued with condition(s)Licences surrendered
Sole Proprietorship
50
0
0
Corporation
52
1
1
Partnership
5
0
0
Total
107
1
1

Co-operative Corporations 

October 1, 2015 to December 31, 2015


Application TypePending as of Oct. 1, 2015ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of Dec. 31, 2015Average Days to Issue ²
Certificates
of Status
0
54
54
54
0
0
2
Offering Statements
5
2
0
4
0
3
42
Articles of Amendment
0
2
2
2
0
0
21
Articles of Continuance
0
1
0
1
0
0
37
Articles of Dissolution / Cancellation Order
0
5
0
3
0
2
16
Articles of Incorporation
5
6
0
6
0
5
36
Article of Amalgamation
0
1
0
0
0
1
0

 

²The 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

October 1, 2015 to December 31, 2015


Application TypePending as of Oct. 1, 2015ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of Dec. 31, 2015Average Days to Issue ³
Certificate of Status
0
20
20
20
0
0
2
Offering Statements
3
0
0
3
0
0
95
Articles of Amendment
1
2
2
3
0
0
12
Articles of Amalgamation
0
4
3
4
0
0
40
Orders
0
2
2
2
0
0
7
Articles of Dissolution
2
1
0
1
0
2
4

 

³Calculation excludes time awaiting company responses.

Individuals Engaged in Mortgage Brokering

October 1, 2015 to December 31, 2015


Licence TypeApplication Type# of Licences Issued
Mortgage Broker¹
New
12
Renewal
0
Mortgage Agent¹
New
697
Renewal
0

 
 
¹FSCO 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

October 1, 2015 to December 31, 2015

 

Licence TypeApplication TypePending as of Oct. 1, 2015ReceivedComplete on ReceiptIssuedWithdrawnPending as of Dec. 31, 2015Average Days to Issue
Mortgage Brokerage
New
2
20
4
12
4
6
10
Mortgage Brokerage
Surrender
-
0
15
15
15
0
0
11
Mortgage Administrator
New
0
14
12
7
3
4
9
Mortgage Administrator
Surrender
-
0
0
0
0
0
0
0
Certificate of Status
-
0
7
7
7
0
0
2
 

 

Anatol Monid
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario



March 23, 2016