Licensing Changes for Fourth Quarter 2007

 

Bulletin

No. G-01/08
 
– 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 fourth quarter, October 1 to December 31, 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

Partner Reinsurance Company Limited

 

    • The company is licensed for: accident and sickness, and life (limited to the business of reinsurance).
    • Jurisdiction of incorporation: incorporated outside of Canada.
    • Partner Reinsurance Company Limited's contact in Ontario is:

Mr. Francis Blumberg

Chief Agent
130 King St. West, Suite 2300
P.O. Box 166
Toronto, ON  M5X 1C7
Tel: (416) 869-5781
Fax: (416) 644-9353

 

Dec. 14, 2007

Partner Reinsurance Europe Limited

 

    • The company is licensed for: aircraft, automobile, boiler and machinery, credit, fidelity, hail, liability, marine, property, and surety (limited to the business of reinsurance).
    • Jurisdiction of incorporation: incorporated outside of Canada.
    • Partner Reinsurance Europe Limited's contact in Ontario is:

Mr. Francis Blumberg
Chief Agent
130 King St. West, Suite 2300
P.O. Box 166
Toronto, ON  M5X 1C7
Tel: (416) 869-5781
Fax: (416) 644-9353

Dec. 21, 2007

 

Licence Cancellations:

 

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

 

 

Effective Date

Heritage General Insurance Company

 

  • The company has discontinued its operations in Ontario. All insurance business was transferred to Legacy General Insurance Company effective December 28, 2006.

 

Nov. 23, 2007

 

 

 

Liberty Mutual Fire Insurance Company

 

  • The company has discontinued its operations in Ontario. All insurance business was transferred to Liberty Mutual Insurance Company effective December 31, 2006.

 

Dec. 13, 2007

 

Provident Life and Accident Insurance Company

 

  • The company has discontinued its operations in Ontario. All insurance business was transferred to RBC Life Insurance Company effective April 30, 2004.

 

Dec. 13, 2007

 

State Farm Life Insurance Company

 

  • The company has discontinued its operations in Ontario. All insurance business was transferred to State Farm International Life Insurance Company effective December 12, 2006.

 

Oct. 5, 2007

Licence Amendments:

 

Effective Date

Fenchurch General Insurance Company

 

  • Class added: accident and sickness.

 

Nov. 14, 2007

 

NRG Victory Reinsurance

 

  • Licence restriction deleted: limited to the business of reinsurance and subject to the additional limitation that the company shall not undertake or renew reinsurance contracts in Ontario after April 27, 1993.

Dec. 31, 2007

 

 

Effective Date

Poultry Insurance Exchange Reciprocal of Canada

 

  • Restriction amended: property (restricted to business interruption loss due to salmonella, mycoplasma synoviae, and mycoplasma gallisepticum).

 

Nov. 23, 2007

 

 

 

S & Y Insurance Company

 

  • Classes added: boiler and machinery, fidelity, liability, and surety (limited to the business of reinsurance).

 

 

Dec. 24, 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)

October 1, 2007 to December 31, 2007

Received

Issued

Pending

7

(2 pending from 3rd quarter)

8

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 132/97, insurers are required to file a new Individual Variable Insurance Contract information  folder with the Superintendent, including the applicable fee, whether or not there has been a material change, in accordance with section 4 of Ontario Regulation 132/97.

 

Please remember that pursuant to section 110(6)(b) of the Insurance Act and Ontario Regulation 132/97, insurers are required to file a new Individual Variable Insurance Contract information  folder with the Superintendent, including the applicable fee, whether or not there has been a material change, in accordance with section 4 of Ontario Regulation 132/97. 

Insurance Agents and Adjusters

 

October 1, 2007 to December 31, 2007

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,411

2,890

Corporate Agent Licences

61

290

Individual Adjuster Licences

26

12

*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, 2007 to December 31, 2007

Application Type

Pending as of Sept. 30, 2007

Received

Completed on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2007

Average Days to Issue

Certificate of Status

0

12

12

12

0

0

3

Offering Statements

1

1

0

1

1

1

47

Articles of Amendment

2

2

3

4

2

1

32

Amalgamations

1

3

2

0

1

2

39

Orders

0

0

0

0

0

0

0

Certified Copies of Documents

0

0

0

0

0

0

0

Co-operatives

October 1, 2007 to December 31, 2007

Application Type

Pending as of Sept. 30, 2007

Received

Completed on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2007

Average Days to Issue

Certificates of Status

0

19

15

19

0

0

4

Offering Statements

3

8

1

4

2

5

37

Articles of Amendment

2

0

0

1

0

1

32

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

2

1

0

1

0

2

32

Articles of Incorporation

1

6

0

4

0

3

31

Certified Copies of Documents

0

0

0

0

0

0

0

Cancellation Order

0

1

1

1

0

0

15

Material Change

0

0

0

0

0

0

0

Mortgage Brokers

October 1, 2007 to December 31, 2007

Application Type

New Received

New Issued

Renewals Issued

Individual and Corporate Registrations

 

83

63

243

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

January 25, 2008 

ISSN 1481-1499