Licensing Changes for Third Quarter 2007

 

Bulletin

G-09/07
 
-General

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 third quarter, July 1 to September 30, 2007.  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 in alphabetical order)

New Companies:

 

Effective Date

Associated Electric & Gas Insurance Services Limited        

               

    • The company is licensed for: aircraft, automobile, boiler and machinery, liability, and property.
    • Jurisdiction of incorporation: federal.    
    • Associated Electric & Gas Insurance Services Limited’s contact in Ontario is:

      Brian Reeve
      Chief Agent
      Cassels Brock & Blackwell LLP
      2100 Scotia Plaza, 40 King St. West
      Toronto, ON  M5H 2C2
      Tel:   (416) 508-2756
      Fax:  (416) 360-8877

July 12, 2007

Certas Home and Auto Insurance Company

 

    • The company is licensed for: automobile, liability, property, and surety.
    • Jurisdiction of incorporation: federal.    
    • Certas Home and Auto Insurance Company’s contact in Ontario is:

      Jean-François Chalifoux
      Senior Executive Vice President & General Manager
      550-3 Robert Speck Parkway
      Mississauga, ON  L4Z 3Z9
      Tel:   (905) 306-5330
      Fax:  (905) 306-5258

August 30, 2007

Paris RE

 

    • The company is licensed for: accident and sickness, aircraft, automobile, boiler and machinery, fidelity, hail, liability, property, and surety.  (Limited to the business of reinsurance)
    • Jurisdiction of incorporation: federal.    
    • Paris RE’s contact in Ontario is:

      Sanjit Sodhi
      Chief Agent
      Torys LLP
      79 Wellington St. West, Suite 3000
      Box 270, TD Center
      Toronto, ON  M5K 1N2
      Tel:   (416) 218-4188
      Fax:  (416) 250-5833

July 5, 2007

Triad Guaranty Insurance Corporation

 

    • The company is licensed for: mortgages.
    • Jurisdiction of incorporation: federal.    
    • Triad Guaranty Insurance Corporation’s contact in Ontario is:

      James Sturdy
      Chief Agent
      20 Queen St. West, Suite 1000
      Toronto, ON  M5H 3R3
      Tel:   (866) 506-9900
      Fax:  (416) 506-9900

August 8, 2007

 

Licence Cancellations:

 

The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.

 

Effective Date

Premier Insurance Company

 

  • The company has discontinued its operations in Ontario and does not have any outstanding liabilities.

September 12, 2007

 

 

Licence Amendments:

 

Effective Date

The Prudential Insurance Company of America                               

  • Licence restriction added: “Limiting to the servicing of policies issued prior to August 8, 2007.”

 

August 8, 2007

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)

July 1, 2007 to September 30, 2007

Received

Issued

Pending

4
(5 pending from 2nd quarter)

 

7

2

 

IVIC information folders have been reviewed for compliance with the requirements under the Insurance Act and related 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 Ontario Regulation 359/06 (formerly Ontario Regulation 132/97), insurers arerequired to file nonmaterial changes for Individual Variable Insurance Contracts with the Superintendent, including theapplicable fee.

Insurance Agents and Adjusters

July 1, 2007 to September 30, 2007

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,596

2,852

Corporate Agent Licences

64

285

Individual Adjuster Licences

42

405

*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

July 1, 2007 to September 30, 2007

Application
Type

Pending as of June 30, 2007

Received

Completed on Receipt

Issued

Pending as of Sept. 30, 2007

Average Days to Issue

Certificate of Status

1

14

14

15

0

3

Offering Statements

1

1

1

1

1

45

Articles of Amendment

4

2

2

3

2

30

Amalgamations

1

2

2

2

1

37

Orders

0

0

0

0

0

0

Certified Copies of Documents

0

4

4

4

0

4

Co-operatives

July 1, 2007 to September 30, 2007

Application Type

Pending as of June 30, 2007

Received

Completed on Receipt

Issued

Closed: Incomplete
/Withdrawn

Pending as of Sept. 30, 2007

Average Days to Issue

Certificates
of Status

0

37

32

35

2

0

1

Offering Statements

5

3

0

3

2

3

53

Articles of Amendment

4

1

0

2

1

2

83

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

3

2

1

1

2

2

21

Articles of Incorporation

1

3

3

3

0

1

10

Certified Copies of Documents

0

1

1

1

0

0

1

Cancellation Order

0

0

0

0

0

0

0

Material Change

0

0

0

0

0

0

0

Mortgage Brokers

July 1, 2007 to September 30, 2007

Application Type

New Received

New Issued

Renewals Issued

Individual and Corporate Registrations

 

70

67

215

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 licensing applications.

 

Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario        

November 9, 2007

ISSN 1481-1499