Licensing Changes for Second Quarter 2009

 

Bulletin

No. G-03/09
 
– 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 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.            

 

    • The company has discontinued its operations in Canada. The company's insurance business was transferred to Penncorp Life Insurance Company (Penncorp) effective January 1, 2002.

May 6, 2009

Terra Nova Insurance Company                 

                                           

    • The company has discontinued its operations in Canada. The company’s insurance business was transferred to Lloyd’s Underwriters syndicate effective June 17, 2008.

 June 19, 2009

 

 

Licence Amendments:


 

Effective Date

ING Insurance Company of Canada  

 

    • The name was changed to: Intact Insurance Company (in English) and Intact Compagnie d’assurance (in French).

April 15, 2009

ING Novex Insurance Company of Canada

 

    • The name was changed to: Novex Insurance Company (in English) and Novex Compagnie d’assurance (in French).

April 15, 2009

AIG Life Insurance Company of Canada

 

    • The name was changed to: BMO Life Assurance Company (in English) and BMO Société d’assurance-vie (in French).

 

June 15, 2009

General American Life Insurance Company

 

    • Restriction Added: limited to the business of reinsurance.

 

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
(3 pending from 1st quarter)

 

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
of Status

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