No. G-03/09
– General
Licensing Changes for Second Quarter 2009
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 second quarter, April 1 to June 30, 2009. 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)
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Effective Date |
Pennsylvania Life Insurance Co.
|
May 6, 2009 |
Terra Nova Insurance Company
|
June 19, 2009 |
Licence Amendments: |
Effective Date |
|
ING Insurance Company of Canada
|
April 15, 2009 |
ING Novex Insurance Company of Canada
|
April 15, 2009 |
AIG Life Insurance Company of Canada
|
June 15, 2009 |
General American Life Insurance Company
|
June 17, 2009 |
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)
April 1, 2009 to June 30, 2009
Received |
Issued |
Pending |
12 |
12 |
3 |
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 updated information folders must be filed at least annually, even in the absence of a material change, in accordance with Ontario Regulation 132/97.
Insurance Agents and Adjusters
April 1, 2009 to June 30, 2009
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,625 |
3,438 |
Corporate Agent Licences |
69 |
398 |
Individual Adjuster Licences |
24 |
961 |
*FSCO completed its review and issued individual agent licences in five days or less for 99 per cent of applications received.
Co-operatives
April 1, 2009 to June 30, 2009
Application Type |
Pending as of March 31, 2009 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of June 30, 2009 |
Average Days to Issue |
|---|---|---|---|---|---|---|---|
Certificates |
0 |
21 |
21 |
21 |
0 |
0 |
2 |
Offering Statements |
3 |
1 |
0 |
3 |
0 |
1 |
41 |
Articles of Amendment |
1 |
5 |
1 |
4 |
0 |
2 |
15 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
- |
Articles of Dissolution |
0 |
2 |
1 |
1 |
0 |
1 |
11 |
Articles of Incorporation |
0 |
6 |
2 |
6 |
0 |
0 |
23 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Cancellation Order |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Material Change |
0 |
2 |
2 |
2 |
0 |
0 |
19 |
Extra Provincial |
1 |
0 |
0 |
1 |
0 |
0 |
41 |
Credit Unions/Caisses Populaires
April 1, 2009 to June 30, 2009
Application Type |
Pending as of March 31, 2009 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of June 30, 2009 |
Average Days to Issue |
Certificate of Status |
0 |
8 |
8 |
8 |
0 |
0 |
3 |
Offering Statements |
0 |
2 |
0 |
1 |
0 |
1 |
36 |
Articles of Amendment |
0 |
2 |
2 |
1 |
0 |
1 |
23 |
Amalgamations |
0 |
0 |
0 |
0 |
0 |
0 |
- |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
- |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
- |
Applications under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)
April 1, 2009 to June 30, 2009
Application Type |
Pending as of March 31, 2009 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of June 30, 2009 |
Average Days to Issue |
Mortgage Brokerage |
15 |
126 |
0 |
102 |
17 |
22 |
12 |
Mortgage Administrator |
2 |
9 |
0 |
4 |
0 |
7 |
42 |
Principal Broker |
1 |
84 |
76 |
77 |
0 |
8 |
2 |
Mortgage Broker |
0 |
354 |
354 |
354 |
0 |
0 |
2 |
Mortgage Agent |
24 |
606 |
606 |
630 |
0 |
0 |
2 |
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
July 28, 2009
ISSN 1481-1499