Licensing Changes for Fourth Quarter 2009

 

Bulletin

No. G-01/10
 
– General

The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, October 1 to December 31, 2009:

 

  • statistics on the disposition of applications for new licenses and renewals,
  • applications for licence changes and cancellations, and
  • statistics on other licensing and related services provided by FSCO.

These changes 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 brokering. 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.

 

Cancellation Date

Kingsway General Insurance Company

 

    • The company has discontinued its operations in Canada. The company’s insurance business was transferred to Jevco Insurance Company effective October 1, 2009.

October 13, 2009

Providence Washington Insurance Company

 

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to Omega General Insurance Company effective January 1, 2007.

November 13, 2009

The Insurance Corporation of New York

    • The company has discontinued its operations in Canada and has no outstanding liabilities.
November 17, 2009

American Home Assurance Company

 

    • The company has discontinued its operations in Canada. The company’s insurance business was transferred to AIG Commercial Insurance Company of Canada effective November 1, 2008.
November 20, 2009

Triad Guaranty Insurance Corporation Canada

 

    • The company has discontinued its operations in Canada and had no outstanding liabilities.
December 4, 2009

PartnerRe SA

 

    • The company has discontinued its operations in Canada.  It has transferred all its non-life assets and liabilities to Partner Reinsurance Europe Limited and all of its life assets and liabilities to Partner Reinsurance Company Ltd.
December 9, 2009

Stonebridge Life Insurance Company

 

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to Premier Life Insurance Company effective July 1, 2009.
December 17, 2009

Pohjola Non-Life Insurance Company Ltd.       

  

    • The company has discontinued its operations in Canada.  The company’s insurance business was transferred to Omega General Insurance Company effective November 28, 2008.
December 18, 2009

Fidelity Investments Insurance Company of Canada

 

    • The company has discontinued its operations in Canada effective September 11, 2009.  It continues to operate as a corporation under the Canada Corporations Act and has no outstanding liabilities.
December 29, 2009

Licence Amendments

 

Effective Date

Lombard General Insurance Company of Canada

 

    • Class of insurance added: credit protection insurance.
October 9, 2009

AIG Commercial Insurance Company of Canada

 

    • The name was changed to: Chartis Insurance Company of Canada (in English) and Compagnie d’Assurance Chartis du Canada (in French).

November 10, 2009

 

Alea Europe Ltd.

 

    • The name was changed to: Alea (Bermuda) Ltd.

November 26, 2009

 

Canadian Airports Reciprocal Insurance Exchange

 

    • Class of insurance added: liability insurance.

 

December 11, 2009

LICENSING STATISTICS

 

 

The statistics below provide information on FSCO's review of common applications for insurance 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, 2009 to December 31, 2009

Received

Issued

Pending

12

(5 pending from the 3rd  quarter)

 

14

3

IVIC information folders issued by life insurance companies are 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 Ontario Regulation 132/97.

 

Please note that updated IVIC 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

October 1, 2009 to December 31, 2009

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,620

3,319

Corporate Agent Licences

85

325

Individual Adjuster Licences

35

35

 

*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, 2009 to December 31, 2009

Application Type

Pending as of Sept. 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2009

Average Days to Issue

Certificate of Status

0

3

3

3

0

0

3

Offering Statements

0

2

0

2

0

0

36

Articles of Amendment

1

1

1

2

0

0

24

Amalgamations

0

0

0

0

0

0

-

Orders

0

0

0

0

0

0

-

Certified Copies of Documents

0

0

0

0

0

0

-

Co-operatives

October 1, 2009 to December 31, 2009

Application Type

Pending as of Sept. 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2009

Average Days to Issue

Certificates of Status

0

60

60

60

0

0

2

Offering Statements

4

6

0

5

1

4

37

Articles of Amendment

1

6

1

5

0

2

15

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

0

0

0

0

0

0

0

Articles of Incorporation

3

8

0

10

0

1

17

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

 

Persons or Businesses Engaged in Mortgage Brokering

 

October 1, 2009 to December 31, 2009

Application Type

Pending as of Sept. 30, 2009

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of Dec. 31, 2009

Average Days to Issue

Mortgage Brokerage

18

38

0

42

7

7

19

Mortgage Administrator

6

6

0

10

0

2

30

Principal Broker

0

4

4

4

0

0

2

Mortgage Broker

0

5

5

5

0

0

2

Mortgage Agent

0

660

660

660

0

0

2

 

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

 

February 1, 2010                                                                                                    

ISSN 1481-1499