Licensing Changes for Fourth Quarter 2011

 
Bulletin
No. [G-04/11]
[-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, 2011:
 
  • statistics on the disposition of applications for new licences 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 broking.  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 insurer received a licence:
 
 
Effective Date
Partner Reinsurance Europe Public Limited Company (Life Branch)
 
  • The company is licensed for: accident and sickness (limited to business of reinsurance)
  • Jurisdiction of incorporation: federal
  • Partner Reinsurance Europe Public Limited Company (Life Branch) contact in Ontario is:
Mr. Herve Castella
Chief Agent
123 Front Street West, Suite 909
Toronto, Ontario M5J 2M2
Tel: (416) 861-2051
Fax:(416) 861-0200
 
 

Licence Cancellations:

 
December 28, 2011
 
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities:
 
Cancellation Date
 
 
Seaton Insurance Company
  • The company has ceased operations in Canada and has no remaining liabilities.  
October 31, 2011
Pearl Assurance Public Limited Company  
  • The company has ceased operations in Canada and has no remaining liabilities. On June 13, 2011 the company transferred all its insurance business to Omega General Insurance Company.
 
December 22, 2011
Partner Reinsurance Europe Limited
  • The company has ceased operations in Canada and has no remaining liabilities.  On January 1, 2011 the company transferred all its insurance business to Partner Reinsurance Company of the U.S.
 
December 28, 2011
Aviva International Insurance Limited
  • The company has ceased operations in Canada and has no remaining liabilities. On December 31, 2011, the company transferred all its insurance business to Aviva Insurance Company of Canada.
 
December 31, 2011
 

Licence Amendments:

 
The following insurers made amendments to their licences:
 
 
 
Effective Date
White Mountains Reinsurance Company of America
  • The name was changed to Sirius America Insurance Company.
 
October 21, 2011
Yarmouth Mutual Fire Insurance Company, The     
  • Class added: boiler and machinery
October 21, 2011
Everest Reinsurance Company
  • Class added: mortgage (limited to the reinsurance of Property Valuation Insurance)
November 2, 2011
York Fire & Casualty Insurance Company
  • The name was changed to Unica Insurance, and in French, Unica assurances inc.
November 14, 2011
Associated Electric & Gas Insurance Services Limited
  • Class added: marine
December 28, 2011
SSQ, Life Insurance Company Inc.
  • Class added: credit protection
December 28, 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

 
October 1, 2011 to December 31, 2011
 
Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,557
3,574
Corporate Agent Licences
110
366
Individual Adjuster Licences
35
26
 
 
*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)

 
October 1, 2011 to December 31, 2011
 
Received
Issued
Pending
26
(0 pending from the 3rd quarter)
25
1
 
IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and 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.
 
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                               

October 1, 2011 to December 31, 2011
 
Application Type
Pending as of September 30, 2011
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of December 31, 2011
Average Days to Issue
Certificates
of Status
0
17
17
17
0
0
2
Offering Statements
5
3
0
3
1
4
37
Articles of Amendment
0
0
0
0
0
0
0
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
1
2
1
3
0
0
10
Articles of Incorporation
4
5
2
9
0
0
17
Certified Copies of Documents
0
0
0
0
0
0
0
Cancellation Order
0
0
0
0
0
0
0
Material Change
0
1
0
1
0
0
14
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
 
  Calculation excludes time awaiting company responses. 

Credit Unions/Caisses Populaires

                                                                    
 
October 1, 2011 to December 31, 2011
 
Application Type
Pending as of Sept. 30, 2011
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2011
Average Days to Issue
Certificate of Status
0
11
11
11
0
0
2
Offering Statements
0
2
0
1
0
1
32
Articles of Amendment
0
1
0
1
0
0
30
Amalgamations
0
1
0
1
0
0
31
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
0
0
0
0
0
0
 
Calculation excludes time awaiting company responses.
 

Persons or Businesses Engaged in Mortgage Broking

 
October 1, 2011 to December 31, 2011
Application Type
Pending as of Sept. 30, 2011
Received
Complete on Receipt
Issued
 
Withdrawn
Pending as of Dec. 31, 2011
Average Days to Issue
Mortgage Brokerage
10
31
0
26
4
11
22
Mortgage Brokerage Surrender
2
15
15
17
0
0
12
Mortgage Administrator
1
3
0
2
1
1
28
Mortgage Administrator
Surrender
0
0
0
0
0
0
0
Mortgage Broker*
1
13
13
13
0
1
2
Mortgage Agent*
37
461
461
494
0
4
2
 
* 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
 
February 1, 2012                                                                                               ISSN 1481-1499