Licensing Changes for First Quarter 2011

 

Bulletin

 
– General
No. G-01/11

The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the first quarter, January 1 to March 31, 2011:

 

  • 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-operative corporations, loan and trust corporations, 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)

New Licences:

 

The following insurers received a licence:

 

Effective Date

 

Millennium Insurance Corporation

 

    • The company is licensed for: boiler and machinery, credit protection.
    • Jurisdiction of incorporation: extra-provincial (Alberta)
    • Millennium Insurance Corporation’s contact in Ontario is:

    Ms. Christina Polano
    Chief Agent
    c/o Thomas Gold Pettingill LLP
    150 York Street, Unit 1800
    Toronto, Ontario  M5H 3S5
    Tel: (416) 507-1828
    Fax: (416) 507-1850

February 15, 2011

 

Sunderland Marine Mutual Insurance Company

 

    • The company is licensed for: accident and sickness, boiler and machinery, legal expenses, liability, marine and property
    • Jurisdiction of Incorporation: federal.
    • Sunderland Marine Mutual Insurance Company’s contact in Ontario is:

    Mr. Ian Epstein
    Chief Agent
    c/o Blaney McMurty
    2 Queen Street East, Suite 1500

    Toronto, Ontario  M5C 3G5
    Tel: (416) 593-3915
    Fax: (416) 593-5437

 

February 24, 2011

March 17, 2011

Groupama Transport

 

    • The company is licensed for: accident and
      sickness, boiler and machinery, liability,
      marine and property insurance.
    • Jurisdiction of Incorporation: federal.
    • Groupama Transport’s contact in Ontario is:

    Ms. Carol Lysons
    Chief Agent
    c/o McMillan LLP
    Brookfield Place, 181 Bay Street, Suite 4400

    Toronto, Ontario  M5J 2T3
    Tel: (416) 307-4106
    Fax: (416) 865-7048

 

Licence Cancellations:

 

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

 

Cancellation Date

Avemco Amex Assurance Company

 

  • The company has ceased operations in Canada and has no remaining liabilities.

January,12, 2011

The Prudential Insurance Company of America

 

  • The company has ceased operations in Canada and has no remaining liabilities.

January 14, 2011

Great American Insurance Company of New York

 

  • The company has ceased operations in Canada and has no remaining liabilities. On September 30, 2009, the company transferred all its insurance business to Great American Insurance Company.

February 9, 2011

Eagle Star Insurance Company Limited

 

  • The company has ceased operations in Canada and has no remaining liabilities. On August 31, 2010, the company transferred all its insurance business to Omega General Insurance Company.

March 3, 2011

Centennial Insurance Company

 

  • The company has ceased operations in Canada and has no remaining liabilities. On September 2, 2010, the company transferred all its insurance business to Omega General Insurance Company.

March 3, 2011

Licence Amendments:

 

The following insurers made amendments to their licences:

 

Effective Date

Arch Insurance Company            

 

  • Class added: credit protection

February 2, 2011

Allianz Global Risks US Insurance Company

 

  • Class added: surety

February 4, 2011

Blue Cross Life Insurance Company of Canada

 

  • Class added: credit protection (limited to the insurance against the involuntary loss of employment by a person)

 

February 9, 2011

LICENSING STATISTICS

 

 

The statistics below provide information on FSCO's review of applications for insurance licences and other related services.  All of the provided figures represent the number of applications that were received, issued or pending, unless otherwise indicated.

Insurance Agents and Adjusters

January 1, 2011 to March 31, 2011

Application Type

New Licences

Renewal Licences

Individual Agent Licences*

1,494

5,310

Corporate Agent Licences

107

632

Individual Adjuster Licences

57

33

 

*FSCO reviews agent licence applications and issues licences within its service standard of five business days for applications that are complete on receipt and where suitability is not an issue.  99 per cent of these applications were processed and had licences issued within five business days.

Individual Variable Insurance Contracts (IVICs)

January 1, 2011 to March 31, 2011

Received

Issued

Pending

10

(0 pending from the 4th quarter)

 

5

5

IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and Ontario Regulation 132/97, subsequently amended to Ontario Regulation 359/06.

Pursuant to Ontario Regulation 359/06, insurers arerequired to file all changes (material as well as non-material) for IVICs with the Superintendent, including theapplicable fee.

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 359/06.

Co-operative Corporations                               

January 1, 2011 to March 31, 2011

Application Type

Pending as of Dec. 31, 2010

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of March 31, 2011

Average Days to Issue

Certificates
of Status

0

16

16

16

0

0

2

Offering Statements

3

6

0

5

0

4

37

Articles of Amendment

0

5

2

3

0

2

10

Articles of Continuance

0

0

0

0

0

0

0

Articles of Dissolution

0

3

1

2

0

1

23

Articles of Incorporation

3

9

0

5

0

7

13

Certified Copies of Documents

0

4

4

4

0

0

3

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

Articles of Restatement

0

0

0

0

0

0

0

Articles of Amalgamation

0

1

1

1

0

0

47

Credit Unions/Caisses Populaires

January 1, 2011 to March 31, 2011

Application Type

Pending as of Dec. 31, 2010

Received

Complete on Receipt

Issued

Closed (incomplete or withdrawn)

Pending as of March 31, 2011

Average Days to Issue

Certificate of Status

0

2

2

2

0

0

2

Offering Statements

0

3

3

2

0

1

33

Articles of Amendment

5

3

3

7

0

1

29

Amalgamations

1

1

0

1

0

1

32

Orders

0

1

1

1

0

0

3

Certified Copies of Documents

0

0

0

0

0

0

0

Persons or Businesses Engaged in Mortgage Brokering

January 1, 2011 to March 31, 2011

Application Type

Pending as of Dec. 31, 2010

Received

Complete on Receipt

Issued

 

Withdrawn

Pending as of March 31, 2011

Average Days to Issue

Mortgage Brokerage

7

37

0

28

9

7

16

Mortgage Brokerage Surrender

0

28

27

22

0

6

5

Audit Surrenders1

0

10

7

10

0

0

8

Mortgage Administrator

3

5

0

3

0

5

20

Mortgage Administrator

Surrender

0

2

2

1

0

1

4

Mortgage Broker*

5

32

32

37

0

0

2

Mortgage Agent*

 

54

822

815

815

0

61

2

 

On October 15, 2010, FSCO conducted an audit to verify that all licensed mortgage brokerages met the requirement to carry errors and omissions insurance with extended coverage for fraudulent acts, as required under the Mortgage Brokerages, Lenders and Administrators Act, 2006.Following up on the results of the audit, FSCO has taken various enforcement actions to ensure compliance.  As a result, some brokerages chose to surrender their licences.

 

*FSCO reviews licence applications and issues licences within its service standard of five business days for applications that are complete on receipt and where suitability is not an issue. 99 per cent of these applications were processed and had licences issued within five business days.

 

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

May 19, 2011

ISSN 1481-1499