Licensing Changes for Second Quarter 2011

 
Bulletin
No. [G-02/11]
-General
 
 

 

The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the second quarter, April 1 to June 30, 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

 
 
HDI – Gerling Industrie Vesicherung AG, Canada Branch
 
    • The company is licensed for: boiler and machinery, liability, marine and property.
    • Jurisdiction of incorporation: federal
    • HDI’s contact in Ontario is:
     
    Mr. Gordon Goodman
    Chief Agent
    c/o Cassels Brock & Blackwell LLP
    2100 Scotia Plaza, 40 King Street West
    Toronto, Ontario  M5H 3C2
    Tel: (416) 869-5300
    Fax: (416) 360-8877
May 17, 2011
 
 
LS-Travel, Insurance Company
 
    • The company is licensed for: accident and sickness, life
    • Jurisdiction of incorporation: extra-provincial (Quebec)
    • LS-Travel’s contact in Ontario is:
    Mr. Russell G. Gibson
    Chief Agent
    325 Dalhousie Street, Suite 600
    Ottawa, Ontario  K1N 7G2
    Tel: (613) 241-2701
    Fax: (613) 241-2599
 
June 7, 2011
 

Licence Cancellations:

 
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities:
Cancellation
Date
 Minnesota Life Insurance Company
 
  • The company has ceased operations in Canada and has no remaining liabilities.
April 6, 2011
Aviation & General Insurance Company
  • The company has ceased operations in Canada and has no remaining liabilities. On September 30, 2010, the company transferred all its insurance business to Global Reinsurance Company.
April 19, 2011
PARIS RE
  • The company has ceased operations in Canada and has no remaining liabilities.On October 1, 2010, the company merged and transferred all its insurance business to Partner Reinsurance Europe.
 
May 24, 2011
 
International Life Insurance Company, The
 
  • The company has ceased operations in Canada and has no remaining liabilities. On September 15, 2010 the company transferred all its insurance business to The Union Life Mutual Assurance Company.  
May 31, 2011
 

Licence Amendments:

 
The following insurers made amendments to their licences:
 
Effective
Date
 
Chrysler Insurance Company
 
  • The name was changed to CorePointe Insurance Company and, in French, La Compagnie d’Assurance CorePointe.
April 1, 2011
 
Berkley Insurance Company
  • Class added: marine
 
April 5, 2011
 
Odyssey America Reinsurance Corporation
 
  • The name was changed to Odyssey Reinsurance Company and, in French, Odyssey Compagnie de Réassurance

 

 
South Easthope Mutual Insurance Company
  • Classes added: boiler and machinery, fidelity
 
 
 
Wabisa Mutual Insurance Company
  • Class added: boiler and machinery
 
 
 
Munich Reinsurance America Inc.
 
  • Class added: marine (limited to the business of reinsurance)
 
 

 

 
 
April 28, 2011
 
 
 
 
 
 
June 14, 2011
 
 
 
 
 
June 24, 2011
 
 
 
 
 
June 27, 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.
 

April 1, 2011 to June 30, 2011

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,846
3,827
Corporate Agent Licences
89
434
Individual Adjuster Licences
27
1,168
 
*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
6
(5 pending from the 1st quarter)
 
10
1
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 are required to file all changes (material as well as non-material) for IVICs with the Superintendent, including the applicable fee. The Flesch-Kincaid score should also be included with the submission.
 
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

April 1, 2011 to June 30, 2011

 
Application
Type
Pending
as of March 31, 2011
Received
Complete
on
Receipt
Issued
Closed (incomplete
 or
withdrawn)
Pending
as of
June 30, 2011
Average
Days to
Issue
Certificates
of Status
0
41
41 
41
0
0
2
Offering Statements
4
5
0
3
1
5
32
Articles of Amendment
2
3
2
3
0
2
8
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
1
0
0
1
0
0
14
Articles of Incorporation
7
21
4
15
2
11
17
Certified Copies of Documents
0
1
1
1
0
0
2
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
0
0
0
0
0
0

 
Credit Unions/Caisses Populaires

April 1, 2011 to June 30, 2011

Application
Type
Pending
as of March 31, 2011
Received
Complete on
Receipt
Issued
Closed (incomplete
or
withdrawn)
Pending
as of
June 30, 2011
Average
Days to
Issue
Certificate of Status
0
10
10
6
0
4
2
Offering Statements
1
0
0
1
0
0
34
Articles of Amendment
1
0
0
1
0
0
31
Amalgamations
1
1
0
1
0
1
32
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
1
0
1
0
0
2

 
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
24
0
23
9
4
17
Mortgage Brokerage Surrender
6
32
34
34
0
4
7
Audit Surrenders1
0
3
1
3
0
0
8
Mortgage Administrator
5
2
0
4
1
2
58
Mortgage Administrator
Surrender
1
2
2
2
0
1
1
Mortgage Broker*
0
21
16
16
0
5
2
Mortgage Agent*
 
61
856
823
874
0
43
2
 
 
1The increase in the average number of days for processing is due to an incomplete application.FSCO is awaiting additional information from the applicant.
 
*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.  Based on the results of this 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
 
August 9, 2011
 
ISSN 1481-1499
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