Licensing and Registration

   2017-18     2016-17     2015-16     2014-15     2013-14     2012-13     2011-12  


 

​Service​Standard

​Target

(%)

2017-18

Actual

(%)​

Application for Insurance Agent Licenses​​​Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days.​10077
Insurance Companies IVIC Submissions​​Approval of an Independent Variable Insurance Contract (IVIC) submission within 30 days of receipt​10097

 

FSCO’s improved risk identification practices for insurance agent applications has led to an increase in files being selected for in-depth screening. FSCO is taking steps to review business systems and practices so that insurance agent licensing timelines are not impacted by the detail assessment of theses applications.



 

​Service​Standard

​Target

(%)

2016-17

Actual

(%)​

Application for Insurance Agent Licenses​​​Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days.​10086
Insurance Companies IVIC Submissions​​Approval of an Independent Variable Insurance Contract (IVIC) submission within 30 days of receipt​100​100

 

Staffing changes in 2016-17 affected application reviews and approvals. FSCO is taking steps to reassign resources to improve performance.



 

​Service​Standard

​Target

(%)

2015-16

Actual

(%)​

Application for Insurance Agent Licenses​​​Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days.​10089
Insurance Companies IVIC Submissions​​Approval of an Independent Variable Insurance Contract (IVIC) submission within 30 days of receipt​100​100

 

 



 

​Service​Standard

​Target

(%)

2014-15

Actual

(%)​

Application for Insurance Agent Licenses​​*​Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days.​100​100
Insurance Companies IVIC Submissions​​Approval of an Independent Variable Insurance Contract (IVIC) submission within 30 days of receipt​100​100
 

* Resource availability accounts for the gap between the target and the result.

 

 



​Service ​Standard

​Target

(%)

2013-14

Actual

(%)​

Application for Insurance Agent Licenses​​ ​Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days. ​100 ​95
 

 

 

 



Licensing and Registration

Service Standard Target (%) 2012-13 Actual (%)
Application for Insurance Agent Licenses​ Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days. 100 97


Licensing and Registration

Service Standard Target (%) 2011-12 Actual (%)
Application for Insurance Agent Licenses​ Electronic applications for new and renewal Insurance Agent licences that are complete and meet all requirements will be reviewed and approved within 5 business days. 100 96