No. G-01/09
– General
Licensing Changes for Fourth 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 fourth quarter, October 1 to December 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 |
||
AXIS Reinsurance Company
|
Oct. 29, 2008 |
|
|
||
Effective Date |
||
AIG Life Insurance Company of Canada
|
Oct. 1, 2008 |
|
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Effective Date |
Life Investors Insurance Company of America
|
Oct. 23, 2008 |
Canadian Slovak Benefit Society
|
Dec. 11, 2008 |
Innovative Insurance Corporation
|
Dec. 11, 2008 |
Canadian Slovak League
|
Dec. 22, 2008 |
London and Midland General Insurance Company
|
Dec. 22, 2008 |
Swiss Re Frankona Rückversicherungs-Aktiengesellschaft
|
Dec. 22, 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)
October 1, 2008 to December 31, 2008
Received |
Issued |
Pending |
15 (5 pending from 3rd quarter) |
19 |
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 IVICs with the Superintendent, including the applicable fee.
Insurance Agents and Adjusters
October 1, 2008 to December 31, 2008
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,568 |
4,751 |
Corporate Agent Licences |
67 |
620 |
Individual Adjuster Licences |
63 |
51 |
*FSCO completed its review and issued individual agent licences in five days or less for 99 per cent of applications received.
Credit Unions/Caisses Populaires
October 1, 2008 to December 31, 2008
Application Type |
Pending as of Sept. 30, 2008 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Dec. 31, 2008 |
Average Days to Issue |
Certificate of Status |
0 |
16 |
16 |
16 |
0 |
0 |
3 |
Offering Statements |
0 |
2 |
0 |
2 |
0 |
0 |
37 |
Articles of Amendment |
0 |
2 |
2 |
2 |
0 |
0 |
27 |
Amalgamations |
2 |
0 |
0 |
1 |
0 |
1 |
40 |
Orders |
0 |
1 |
0 |
1 |
0 |
0 |
8 |
Certified Copies of Documents |
0 |
2 |
2 |
2 |
0 |
0 |
5 |
Co-operatives
October 1, 2008 to December 31, 2008
Application Type |
Pending as of Sept. 30, 2008 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Dec. 31, 2008 |
Average Days to Issue |
Certificates |
0 |
25 |
25 |
25 |
0 |
0 |
2 |
Offering Statements |
1 |
5 |
0 |
3 |
0 |
3 |
38 |
Articles of Amendment |
0 |
3 |
0 |
1 |
0 |
2 |
15 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Dissolution |
0 |
1 |
1 |
1 |
0 |
0 |
2 |
Articles of Incorporation |
3 |
2 |
2 |
4 |
1 |
0 |
22 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Cancellation Order |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Material Change |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Extra Provincial |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Applications under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)
October 1, 2008 to December 31, 2008
Application Type |
Pending as of Sept. 30, 2008 |
Received |
Complete on Receipt |
Issued |
Closed
|
Pending as of Dec. 31, 2008 |
Average Days to Issue |
Mortgage Brokerage |
15 |
28 |
4 |
22 |
16 |
5 |
15 |
Mortgage Administrator |
2 |
11 |
0 |
4 |
4 |
5 |
21 |
Principal Broker |
0 |
15 |
15 |
15 |
0 |
0 |
2 |
Mortgage Broker |
0 |
18 |
18 |
18 |
0 |
0 |
2 |
Mortgage Agent |
0 |
305 |
305 |
296 |
0 |
9 |
2 |
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
February 17, 2009;
ISSN 1481-1499
Financial Services Commission of Ontario