Licensing Changes for Second Quarter 2017

 
Bulletin
No. G-03/17
 
– 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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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, 2017 to June 30, 2017:
 
  • statistics on the disposition of applications for new licences and renewals;
  • applications for a licence or a registration and cancellations;
  • applications for licence changes; 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, mortgage brokering, and service providers who invoice auto insurers for statutory accident benefits claims. General information on pensions, another financial services sector under FSCO’s jurisdiction, can be obtained by visiting the Pensions section on FSCO’s website.
 
 
 
 
 
 
 
 
 


Insurance Companies

(Listed by effective date)

New licence

Effective Date

Wilton Re (Canada) Limited

 

  • Authorized classes of insurance: Life (limited to reinsurance).
April 24, 2017

Licence cancellations

Effective Date

XL Insurance Company SE


  • The company ceased operations in Canada.
  • 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 February 16, 2017.
April 6, 2017

State Farm Mutual Automobile Insurance Company
State Farm International Life Insurance Company Ltd.
State Farm Fire and Casualty Company

 

  • The companies transferred all liabilities to insurers of the Desjardins Group.
  • The release of assets in Canada and revocation of the federal licences were issued by the Office of the Superintendent of Financial Institutions effective March 23, 2017.
April 27, 2017

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

CCR RE

 

  • Class added: hail (limited to the business of reinsurance) 
April 5, 2017

National Bank Life Insurance Company

 

  • Class added: property and liability (both classes are limited to travel and credit-card related insurance, however liability insurance is also extended to provide insurance for representatives of National Bank and affiliated societies). 
April 12, 2017

Aurigen Reinsurance Company

 

  • The name was changed to PartnerRe Life Reinsurance Company of Canada.
April 24, 2017

McKillop Mutual Insurance Company

 

  • Class added: aircraft (limited to the plan of insurance and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services.  Aircraft is also limited to unmanned air vehicles for use in farming and commercial activities). 
June 5, 2017

Ontario Municipal Insurance Exchange

 

  • Condition added: limited to dealing with existing policies and existing contracts 
June 8, 2017

Continental Casualty Company

 

  • Classes added: credit 
June 28, 2017

Co-operative Corporations

(Listed by effective date)

 

​New registrationEffective Date​
​Carte Blanche Co-operative International Inc.​April 5, 2017
​Local Food and Farm Co-operative Inc.​April 12, 2017
​Beetbox Co-operative Farm Ltd.​April 28, 2017
​Organic Farm Co-operative Inc.​May 31, 2017

 

Dissolution or cancellation of registrationEffective Date​
Your Local Market Co-operative Inc.​April 20, 2017
FFV-Tel Co-operative Inc.June 5, 2017
Mad River Feeder Co-operative Inc.​June 13, 2017

Receipts issued for an offering statement

Seven co-operatives received a receipt for an offering statement in the quarter. The list has not been reproduced in this document as it is found on FSCO’s web pages in the following link.

 

http://www.fsco.gov.on.ca/en/coops/Pages/offering-statements.aspx

 

Credit Unions / Caisses Populaires

(Listed by effective date)
 
There were no new credit unions incorporated and no new completed amalgamations of credit unions to report for the quarter.

 

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, 2017 to June 30, 2017

Application TypeNew LicencesRenewal Licences

Individual agent licences1

2,007

4,897

Corporate agent licences

244

491

Individual adjuster licences

18

1,232

Corporate adjuster licences

1

87

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)

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.
 
Eight receipts were issued from April 1, 2017 to June 30, 2017. A receipt can cover more than one IVIC information folder.

Service providers

April 1, 2017 to June 30, 2017
Licence TypeNumber of Licences Issued
Sole Proprietorship -
(unincorporated business)
35
Corporation
61
Partnership
5
Total
101

 

78 licences were surrendered in the period.

 

77 per cent of applications were issued a licence within 15 business days.

Individuals engaged in mortgage brokering

April 1, 2017 to June 30, 2017

Licence TypeApplication typeIssued

Mortgage broker1

New

9

 

Renewal

0

Mortgage agent1

New

965

 

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, 2017 to June 30, 2017

​Licence Type​Application type​Issued
​Mortgage Broker2​New​26
​Mortgage Brokerage Surrender​–​12
​Mortgage Administrator2​New​8
​Mortgage Administrator Surrender​–​3

 

2 FSCO reviews licence applications for mortgage brokerages and administrators and issues licences within its service standard of fifteen 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 fifteen business days.


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

 

August 31, 2017