Licensing Changes for First Quarter 2016

 
Bulletin
No. G-02/16

-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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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.

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The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the first quarter, January 1, 2016 to March 31, 2016:

  • 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)

Amalgamation

Effective Date

Heartland Farm Mutual Inc.

 

  • On January 1, 2016, Oxford Mutual Insurance Company continued as a federal company and amalgamated with another federal company, North Waterloo Farmers Mutual Insurance Company. 
  • The amalgamated company continued their operations under the name of Heartland Farm Mutual Inc.
January 1, 2016

Licence Cancellations

Effective Date

Oxford Mutual Insurance Company

 

  • The company amalgamated with the North Waterloo Farmers Mutual Insurance Company and continued operations as one company under the name of Heartland Farm Mutual Inc.
January 1, 2016

Progressive Casualty Insurance Company

 

  • The company has ceased operations.
  • There are no remaining liabilities.
  • The company entered in an assumption reinsurance agreement with Omega General Insurance Company effective July 31, 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 18, 2015.
January 19, 2016

Lumbermen's Underwriting Alliance

 

  • The company has ceased operations.
  • There are no remaining liabilities.
  • The release of assets in Canada and the revocation of the federal licence was issued by the Superintendent of Financial Institutions on December 30, 2015.
January 19, 2016

Allstate Insurance Company

 

  • The company ceased operations.
  • There are no remaining liabilities.
  • The company requested that OSFI remove all of the liabilities reported on the books of Allstate on the basis that those risks were insured or reinsured outside Canada, in accordance with Part XIII of the Insurance Companies Act (Canada).
  • 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 22, 2015.
January 20, 2016

Granite Insurance Company

 

  • The company is no longer an insurer.
  • The company has continued under the Canada Business Corporations Act, effective December 11, 2015.
  • There are no remaining liabilities.
February 18, 2016

Security Insurance Company of Hartford

 

  • The company has ceased operations.
  • There are no remaining liabilities.
  • The release of assets in Canada and the revocation of the federal licence was issued by the Superintendent of Financial Institutions on February 19, 2016.
March 18, 2016

Licence Amendments

Effective Date

The following insurers made amendments to their licences:

 

 
The North Waterloo Farmers Mutual Insurance Company
  • The name was changed to Heartland Farm Mutual Inc.
January 1, 2016
Federation Insurance Company of Canada
  • The name was changed to Sonnet Insurance Company
January 21, 2016
Echelon Insurance Company
  • Class added: Boiler and Machinery
February 1, 2016
HDI-Gerling Industrie Versicherung AG, Canada Branch
  • The name was changed to HDI Global SE Canada Branch
February 16, 2016
The West Wawanosh Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities
February 16, 2016
Kent & Essex Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
February 16, 2016
The Commonwell Mutual Insurance Group
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
February 22, 2016
S&Y  Insurance Company
  • Removed reinsurance limitation on Liability Class
February 22, 2016
Usborne & Hibbert Mutual Fire Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
February 22, 2016
Middlesex Mutual Insurance Co.
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
March 4, 2016
Ayr Farmers Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
March 17, 2016
Dumfries Mutual Insurance Company
  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
March 21, 2016

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

January 1, 2016 to March 31, 2016

Application TypeNew LicencesRenewal Licences

Individual Agent Licences¹

1,844

4,922

Corporate Agent Licences

135

550

Individual Adjuster Licences

45

25

Corporate Adjuster Licences

0

3

1 FSCO reviews licence applications for insurance agents, mortgage brokers and mortgage agents 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)

January 1, 2016 to March 31, 2016

ReceivedIssuedPending
18
(0 pending from 4th quarter)
8

10

 
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

January 1, 2016 to March 31, 2016

Licence TypeLicences Issued2Licences Issued with condition(s)Licences surrendered
Sole Proprietorship
66
0
38
Corporation
62
0
21
Partnership
4
0
0
Total
132
0
59

2 FSCO reviews service provider licence applications and issues licences within its service standard of 15 business days for applications that are complete on receipt and where suitability is not an issue.  In this quarter, 80% of applications were processed and had licences issued within 15 business days.

Co-operative Corporations   

January 1, 2016 to March 31, 2016

Application TypePending as of Dec. 31, 2015ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of March 31, 2016Average Days to Issue3
Certificates
of Status
0
32
32
32
0
0
2
Offering Statements
3
8
0
7
1
3
59
Articles of Amendment
0
2
2
1
0
1
11
Articles of Dissolution / Cancellation Order
2
18
1
11
0
9
15
Articles of Incorporation
5
5
1
3
2
5
62
Article of Amalgamation
1
0
0
1
0
0
23

3 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, 2016 to March 31, 2016

Application TypePending as of Dec. 31, 2015ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of March 31, 2016Average Days to Issue³
Certificate of Status
0
5
5
5
0
0
2
Offering Statements
0
1
0
0
0
1
0
Articles of Amendment
0
1
0
1
0
0
17
Articles of Amalgamation
0
1
1
1
0
0
36
Orders
0
1
1
1
0
0
4
Certified Copies of Documents
0
1
1
1
0
0
3
Articles of Dissolution
2
8
0
7
1
2
9

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

Individuals Engaged in Mortgage Brokering

January 1, 2016 to March 31, 2016

Licence TypeApplication Type# of Licences Issued

Mortgage Broker¹

New

33

Renewal

2,456

Mortgage Agent¹

New

706

Renewal

9,190

1 FSCO reviews licence applications for insurance agents, mortgage brokers and mortgage agents 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.

Businesses Engaged in Mortgage Brokering

January 1, 2016 to March 31, 2016

Licence TypeApplication TypePending as of December 31, 2015ReceivedComplete on ReceiptIssuedWithdrawnPending as of March 31, 2016Average Days to Issue3
Mortgage Brokerage
New
6
35
10
26
4
5
14
Mortgage Brokerage
Surrender
-
0
28
27
18
0
10
13
Mortgage Administrator
New
4
13
5
13
0
4
16
Mortgage Administrator
Surrender
-
0
4
4
2
0
2
10
Certificate of Status
-
0
1
1
1
0
0
2

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


Heather Anne Driver
Director, Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario


May 26, 2016