Licensing Changes for First Quarter 2018

 
Bulletin
No. G-02/18
 
– 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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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 first quarter, January 1, 2018 to March 31, 2018:
 
  • 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

La Mutuelle d'Eglise de l'inter-Ouest

 

  • The company amalgamated with "Compagnie assurance mutuelle des fabriques de Montreal" and continued as one company under the name of "Compagnie mutuelle d'assurance en Eglise" effective March 31, 2017.
  • The amalgamated company is not permitted to conduct business outside of Quebec.
January 25, 2018

VSP Canada Vision Care Insurance

 

  • The company is no longer an insurer.
  • No remaining liabilities.
  • The company has continued under the Canada Business Corporations Act, effective February 28, 2018.
March 30, 2018

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

La Capitale Insurance and Financial Services Inc.

 

  • Name Change: The name was changed to La Capitale Civil Service Insurer Inc.
January 1, 2018

Licence amalgamations

Effective Date

Caradoc Townsend Mutual Insurance Company

 

  • Caradoc Delaware Mutual Insurance Company amalgamated with Townsend Mutual Insurance Company to form Caradoc Townsend Mutual Insurance Company.
January 1, 2018

  
Co-operative Corporations

(Listed by effective date)

 

​New registrationEffective Date​
Charlton Housing Co-operative Inc.January 9, 2018
Developmental Services Worker Co-operative IncorporatedMarch 1, 2018
Ontario Musicians Co-operative Inc.March 13, 2018

 

Dissolution or cancellation of registrationEffective Date​
Canadian Vehicle Development Co-operative Inc.February 14, 2018
Dominion Cycleworks Supply Co-operative Inc.February 14, 2018
Happi-Tots of Paris Co-operative Pre-School Inc.February 14, 2018
Grindstone Co-operative Ltd.February 14, 2018
Shoppers’ Co-operative Inc.February 14, 2018
Carnelian Health Services Co-operative Inc.February 14, 2018
Women’s Retreat Co-operative of Waterloo Region Inc.February 14, 2018
Triple K Co-operative Inc.February 22, 2018
JSG Co-operative Homes Inc.March 12, 2018
Oneida Co-operative Homes Inc.March 12, 2018
Canadian Greenhouse Produce Co-operative Inc.March 12, 2018
Maple Syrup Producers Co-operative of Ontario Ltd.March 12, 2018
Canadian Hydroponics Information Co-operative Inc.March 12, 2018
La Co-opérative Bonjour Soleil Inc.March 12, 2018
Hibiscus Co-operative Homes Inc.March 12, 2018
Muskoka Seed Cleaning Co-operativeMarch 12, 2018
Selam Co-operative Homes IncorporatedMarch 12, 2018

Receipts issued for an offering statement

Eight 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 incorporationEffective date
There are no new credit union incorporations to report for the quarter.
 
Certificate of amendment ​Effective date
The Police Credit Union Limited​February 27, 2018
Comtech Fire Credit Union LimitedMarch 13, 2018

Certificate of amalgamation​Effective date
Caisse populaire Voyageurs Inc. and Caisse populaire Cochrane-Temiskaming Limitée amalgamated to form Caisse populaire Voyageurs Inc.January 1, 2018
All twelve members caisses of L’Alliance des Caisses populaires de l’Ontario amalgamated to form Caisse populaire Alliance LimitéeJanuary 1, 2018

​Dissolution or cancellation of registrationEffective date
There are no credit union dissolutions or cancellations of registration to report for the quarter.

Receipts issued for an offering statement
No credit union has 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

January 1, 2018 to March 31, 2018

Application TypeNew LicencesRenewal Licences

Individual agent licences1

2,031

5,430

Corporate agent licences

269

502

Individual adjuster licences

155

41

Corporate adjuster licences

4

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.

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 12 receipts issued from January 1, 2018 to March 31, 2018. A receipt can cover more than one IVIC information folder.

Service providers

January 1, 2018 to March 31, 2018
Licence TypeNumber of Licences Issued
Sole Proprietorship (unincorporated business)
35
Corporation
81
Partnership
3
Total
119

 

129 licences were surrendered in the period.

 

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

Individuals engaged in mortgage brokering

January 1, 2018 to March 31, 2018

Licence TypeApplication typeIssued

Mortgage broker1

New

19

 

Renewal

2,601

Mortgage agent1

New

663

 

Renewal

9,960

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, 2018 to March 31, 2018

​Licence Type​Application type​Issued
​Mortgage broker2​New​36
​Mortgage brokerage surrender​–​15
​Mortgage administrator2​New8
​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

 

July 18, 2018