Licensing Changes for Fourth Quarter 2017

 
Bulletin
No. G-01/18
 
– General
 
​​

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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, October 1, 2017 to December 31, 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

There were no new insurance companies.

 

 

Licence cancellations

Effective Date

Alta Surety Company

 

  • The company ceased operations in Canada.
  • There are no remaining liabilities.
  • The Office of the Superintendent of Financial Institutions took control of the company on July 13, 2001 and the court granted a winding-up order under the Winding Up and Restructuring Act. All outstanding claims have been settled.
October 13, 2017

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 
First Canadian Insurance Corporation
  • Condition Removed: Limitation to group creditor insurance.
October 4, 2017

Travelers Insurance Company of Canada

 

  • Class Added : Accident & sickness
October 4, 2017

Atradius Credito y Caucion, S.A. de Seguros y Reaseguros

 

  • Name Changed to Atradius Credito y Caucion S.A. de Seguros y Reaseguros
November 1, 2017

Axa Art Insurance Corporation

 

  • Condition Added: Limited to the servicing of existing policies 
November 8, 2017

Max Canada Insurance Company

 

  • Condition Amended: The restriction on the automobile class of insurance was amended to add the authorization for optional physical damage for insurance business to be conducted only in British Columbia 
November 16, 2017

Reliance Insurance Company

 

  • Class Removed: Automobile class of insurance 
December 7, 2017

Lloyd's Underwriters

 

  • Class added: Title 
December 7, 2017

Max Canada Insurance Company

 

  • Name changed to Max Insurance
December 22, 2017

  
Co-operative Corporations

(Listed by effective date)

 

​New registrationEffective Date​
First Northern Fresh Farms Co-operative Ltd.October 26, 2017
Highlands Co-operative Development CorporationNovember 17, 2017
Trito Co-operative Inc.December 18, 2017

 

Dissolution or cancellation of registrationEffective Date​
Palmerston Co-operative Nursery School Inc.October 3, 2017
EMC Purchasing Co-operative Ltd.October 24, 2017
Ceilis for Guelph Co-operative Inc.October 30, 2017
Lakeview Co-operative Nursery IncorporatedOctober 30, 2017
Tower Co-operative Nursery School IncorporatedOctober 30, 2017
Ontario Corn Pool Co-operative LimitedOctober 30, 2017
Cabbagetown Co-operative Nursery School Inc.November 17, 2017
Highlands Community Co-operative Inc.December 14, 2017
Glasgow Shores Renewable Energy Co-operative Inc.December 14, 2017

Receipts issued for an offering statement

Three 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)

 

New incorporation
 
There were no new credit unions incorporated and no new completed amalgamations of credit unions to report for the quarter.
 
​Certificate of amendment​Effective date
 
There were no new credit union certificates of amendment to report for the quarter.
 
Dissolution or cancellation of registration​Effective date
Nexus Community Credit Union Limited​October 26, 2017

Receipts issued for an offering statement
One credit union received a receipt for an offering statement in 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

October 1, 2017 to December 31, 2017

Application TypeNew LicencesRenewal Licences

Individual agent licences1

1,962

4,852

Corporate agent licences

181

449

Individual adjuster licences

43

28

Corporate adjuster licences

1

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)

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.

 

There were 7 receipts issued from October 1, 2017 to December 31, 2017. A receipt can cover more than one IVIC information folder.

Service providers

October 1, 2017 to December 31, 2017
Licence TypeNumber of Licences Issued
Sole Proprietorship -
(unincorporated business)
35
Corporation
92
Partnership
5
Total
132

 

17 licences were surrendered in the period.

 

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

Individuals engaged in mortgage brokering

October 1, 2017 to December 31, 2017

Licence TypeApplication typeIssued

Mortgage broker1

New

10

 

Renewal

0

Mortgage agent1

New

767

 

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

October 1, 2017 to December 31, 2017

​Licence Type​Application type​Issued
​Mortgage broker2​New​30
​Mortgage brokerage surrender​–​12
​Mortgage administrator2​New6
​Mortgage administrator surrender​–2

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

 

March 5, 2018