Licensing Changes for Second Quarter 2016

 
Bulletin
No. G-03/16
 
– 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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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.


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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the second quarter, April 1, 2016 to June 30, 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, which is 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

AXA Insurance Company/ AXA Assurances

 

  • Licensed for property. 
  • Jurisdiction of incorporation is federal.
  • AXA Insurance Company’s contact in Ontario is: 

Laurie LaPalme
40 King Street West, Suite 2100
Toronto ON M5H 3C2
Tel (416) 869-5781
Fax (416) 644-9353
email: llapalme@casselsbrock.com

April 13, 2016

Licence Cancellations

Effective Date

Standard Life Assurance Limited

 

  • The company ceased operations in Canada.
  • There are no remaining liabilities.
  • The release of assets in Canada and revocation of the federal licence were issued by the Office of the Superintendent of Financial Institutions, effective April 20, 2016.
May 13, 2016

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 
Alea (Bermuda) Ltd.
  • The name changed to Catalina General Insurance Ltd. 
April 28, 2016

Cayuga Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
April 28, 2016

Germania Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
May 18, 2016

South Easthope Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities) 
May 24, 2016

Edge Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities) 
May 24, 2016

Motors Insurance Corporation

 

  • Class removed: Automobile 
June 6, 2016

The Shipowners Mutual Protection and Indemnity Association (Luxembourg)

 

  • Restriction added: restriction of servicing of existing policies 
June 6, 2016

National Liability & Fire Insurance Company

 

  • Restriction removed: limited to business of reinsurance removed from accident and sickness, automobile and surety 
June 6, 2016

Caradoc Delaware Mutual Fire Insurance Company

 

  • The name changed to Caradoc Delaware Mutual Insurance Company 
June 6, 2016

Traders General Insurance Company

 

  • Class added: Accident and sickness 
June 21, 2016

Trillium Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities) 
June 22, 2016

The Mortgage Insurance Company of Canada

 

  • The name was changed to 12345 Insurance Company/ La Compagnie D'Assurance 12345     
July 4, 2016

North Blenheim Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
July 11, 2016

RBC General Insurance Company

 

  • Name changed to Aviva General Insurance Company
July 11, 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

April 1, 2016 to June 30, 2016

Application TypeNew LicencesRenewal Licences

Individual agent licences¹

1,885

6,326

Corporate agent licences

121

637

Individual adjuster licences

12

1,066

Corporate adjuster licences

2

84

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)

April 1, 2016 to June 30, 2016
ReceivedIssuedPending
3
(10 pending from first quarter)
11
1

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, 2016 to June 30, 2016
Licence TypeLicences Issued2Licences Issued with condition(s)Licences surrendered
Sole Proprietorship
35
0
18
Corporation
84
0
24
Partnership
8
0
2
Total
127
0
44

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, 94 per cent of applications were processed and had licences issued within 15 business days.

Co-operative corporations 

April 1, 2016 to June 30, 2016
Application TypePending as of March 31, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of June 30, 2016Average Days to Issue³
Certificates of status
0
31
31
31
0
0
2
Offering statements
3
8
0
6
1
4
26
Articles of amendment
1
6
1
5
1
1
6
Articles of dissolution / Cancellation
order
9
30
0
25
1
13
13
Articles of
incorporation
5
12
1
8
0
9
23
Articles of
amalgamation
0
0
0
0
0
0
0

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

April 1, 2016 to June 30, 2016

Application TypePending as of March 31, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of June 30, 2016Average Days to Issue³
Certificate of Status
0
11
11
11
0
0
2
Offering Statements
1
0
0
1
0
0
26
Articles of Amendment
0
3
3
3
0
0
9
Articles of Amalgamation
0
1
0
1
0
0
22
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
0
0
0
0
0
0
Articles of Dissolution
2
0
0
2
0
0
26

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

April 1, 2016 to June 30, 2016

Licence TypeApplication typeNumber of licences issued

Mortgage broker¹

New

150

Renewal

0

Mortgage agent¹

New

1,385

Renewal

0

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

April 1, 2016 to June 30, 2016

Licence TypeApplication TypePending as of March 31, 2016ReceivedComplete on ReceiptIssuedWithdrawnPending as of June 30, 2016Average Days to Issue3
Mortgage Brokerage
New
5
31
4
24
5
7
12
Mortgage Brokerage
Surrender
-
10
22
22
27
0
5
11
Mortgage Administrator
New
4
9
3
7
2
4
12
Mortgage Administrator
Surrender
-
2
0
0
2
0
0
32
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

August 15, 2016