Licensing Changes for Fourth Quarter 2008

 

Bulletin

No. G-01/09
 
– 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, 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

 

    • The company is licensed for: accident and sickness, aircraft, automobile, boiler and machinery, credit, credit protection, fidelity, hail, legal expenses, liability, property, and surety.
    • Jurisdiction of incorporation: federal.
    • AXIS Reinsurance Company’s contact in Ontario is:

      Mr. Darin Michael Scanzano
      Chief Agent
      TD Canada Trust Tower, BCE Place
      161 Bay St., 27th Floor
      P.O. Box 508
      Toronto, ON  M5J 2S1
      Tel:   (416) 572-2660
      Fax:  (416) 572-4169

Oct. 29, 2008

 

 

 

 

 

 

 

 

Amalgamations:

 

Effective Date

AIG Life Insurance Company of Canada      

 

    • On October 1, 2008, AIG Life Insurance Company of Canada and AIG Assurance Canada merged their operations.  They will continue doing business as AIG Life Insurance Company of Canada.
    • Subsequently, the licence for AIG Assurance Canada was cancelled effective October 27, 2008.

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

 

    • The company has discontinued its operations in Canada and transferred all its insurance business to Canadian Premier Life Insurance Company effective July 1, 2008. 

 

Oct. 23, 2008

Canadian Slovak Benefit Society        

 

    • The company has discontinued its operations in Canada.  The Minister of Finance issued an order approving the voluntary liquidation and dissolution of the company.   

Dec. 11, 2008

Innovative Insurance Corporation

 

    • The company has discontinued its operations in Canada and transferred all its insurance business to Canadian Farm Insurance Corporation effective September 23, 2008. 

Dec. 11,  2008

Canadian Slovak League

 

    • The company has discontinued its operations in Canada and become a not-for-profit corporation under Part II of the Canada Corporations Act.

Dec. 22, 2008

London and Midland General Insurance Company  

 

    • The company has discontinued its operations in Canada and transferred all its insurance business to Triton Insurance Company effective August 1, 2008.

Dec. 22, 2008

Swiss Re Frankona Rückversicherungs-Aktiengesellschaft    

 

    • The company has discontinued its operations in Canada and transferred all its insurance business to Swiss Re Life & Health Canada.

 

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
of Status

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
(incomplete
or
withdrawn)

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