No. G-03/08
– General
Licensing Changes for First Quarter 2008
The Financial Services Commission of Ontario (FSCO) is releasing the following information on the disposition of applications for licences and licence changes it received during the first quarter, January 1 to March 31, 2008. The applications relate to individuals and organizations in the financial services sectors under FSCO's jurisdiction: insurance, credit unions/caisses populaires, co-operatives, trust and loan companies, and mortgage brokers. 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)
New Companies: |
Effective Date |
|
Triton Insurance Company
|
March 28, 2008 |
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Effective Date |
Canadian Professional Sales Association The company has discontinued its operations in Ontario. All insurance business was transferred to Unity Life of Canada effective December 14, 2007. |
Jan. 10, 2008 |
Revios Reinsurance Canada Ltd.
|
Feb. 13, 2008 |
MetLife Insurance Company of Connecticut
|
Mar. 20, 2008 |
Licence Amendments:
Effective Date |
|
NRG Victory Reinsurance
|
Jan. 1, 2008 |
Transatlantic Reinsurance Company
|
Jan. 11, 2008 |
Employers Reinsurance Corporation
|
Jan. 16, 2008 |
LICENSING STATISTICS
The statistics below provide information on FSCO's review of common applications for licences and other related services. All of the provided figures represent the quantity of applications that were received, issued or pending, unless otherwise indicated.
Individual Variable Insurance Contracts (IVICs)
January 1, 2008 to March 31, 2008
Received |
Issued |
Pending |
7 (1 pending from 4th quarter) |
7 |
1 |
IVIC information folders have been reviewed for compliance with the requirements under the Insurance Act and related Ontario Regulation 132/97. All of the receipts were issued within the 30 day time period specified in Regulation 132/97.
Please remember that pursuant to section 110(6)(b) of the Insurance Act and Ontario Regulation 359/06 (formerly Ontario Regulation 132/97), insurers are required to file non-material changes for Individual Variable Insurance Contracts with the Superintendent, including the applicable fee.
Insurance Agents and Adjusters
January 1, 2008 to March 31, 2008
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,520 |
3,042 |
Corporate Agent Licences |
85 |
316 |
Individual Adjuster Licences |
32 |
13 |
*FSCO completed its review and issued individual agent licences in five days or less for 98 per cent of applications received.
Credit Unions/Caisses Populaires
January 1, 2008 to March 31, 2008
Application Type |
Pending as of Dec. 31, 2007 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Mar. 31, 2008 |
Average Days to Issue |
Certificate |
0 |
15 |
15 |
15 |
0 |
0 |
3 |
Offering Statements |
1 |
2 |
0 |
1 |
0 |
2 |
46 |
Articles of Amendment |
1 |
3 |
2 |
2 |
1 |
1 |
35 |
Amalgamations |
2 |
0 |
0 |
2 |
0 |
0 |
37 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Co-operatives
January 1, 2008 to March 31, 2008
Application Type |
Pending as of Dec. 31, 2007 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Mar. 31, 2008 |
Average Days to Issue |
Certificates of Status |
0 |
16 |
16 |
16 |
0 |
0 |
1 |
Offering Statements |
5 |
3 |
0 |
6 |
0 |
2 |
40 |
Articles of Amendment |
1 |
1 |
0 |
1 |
0 |
1 |
86 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Dissolution |
2 |
0 |
0 |
1 |
1 |
0 |
74 |
Articles of Incorporation |
3 |
4 |
0 |
3 |
3 |
1 |
20 |
Certified Copies of Documents |
0 |
1 |
1 |
1 |
0 |
0 |
4 |
Cancellation Order |
0 |
1 |
1 |
1 |
0 |
0 |
7 |
Material Change |
0 |
1 |
1 |
1 |
0 |
0 |
2 |
Mortgage Brokers
January 1, 2008 to March 31, 2008
Application Type |
New Received |
New Issued |
Renewals Issued |
Individual and Corporate Registrations |
57 |
72 |
264 |
Once the Mortgage Brokerages, Lenders and Administrators Act, 2006 comes into full effect on July 1, 2008, FSCO will have a system in place to measure the turnaround time of all mortgage licensing applications.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
May 20, 2008
ISSN 1481-1499
Financial Services Commission of Ontario