Licensing Changes for First Quarter 2012

 
Bulletin
No. [G-01/12]
 
[General]
 
​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the first quarter, January 1 to March 31, 2012:
 
  • 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 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)   

Amalgamations:

Effective Date

 
 
Royal & Sun Alliance Insurance Company of Canada
 
  • On January 1, 2012, GCAN Insurance Company of Canada and Royal & Sun Alliance Insurance Company of Canada amalgamated their operations and continued under the name Royal & Sun Alliance Insurance Company of Canada. 
  • The Ontario licence for GCAN Insurance Company of Canada was cancelled effective January 1, 2012.
 
 
January 1, 2012

Licence Cancellations:

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

Cancellation Date

 
 
Woman’s Life Insurance Society
  • The company has ceased operations in Canada and has no remaining liabilities.  On January 1, 2010, the company transferred all its insurance business to FaithLife Financial. 
March 12, 2012
 

Licence Amendments:

 

Effective Date

The following insurers made amendments to their licences:
 
 
Unity Life of Canada
  • The name was changed to Foresters Life Insurance Company.
 
 
 
January 23, 2012
Groupama Transport                   
  • The name was changed to Gan Eurocourtage
 
February 16, 2012
Commonwealth Insurance Company
  • The name was changed to Northbridge Indemnity Insurance Corporation and, in French, Société d’assurance d’indemnisation Northbridge.
 
March 1, 2012
Lombard General Insurance Company of Canada
  • The name was changed to Northbridge General Insurance Corporation and, in French, Société d’assurance générale Northbridge.
 
March 1, 2012
Lombard Insurance Company
  • The name was changed to Northbridge Personal Insurance Corporation and, in French, Société d’assurance des particuliers Northbridge.
 
March 1, 2012
Markel Insurance Company of Canada
  • The name was changed to Northbridge Commercial Insurance Corporation and, in French, Société d’assurance des enterprises Northbridge.
March 1, 2012

CUNA Mutual Insurance Society

  • The name was changed to CMFG Life Insurance Company.
March 23, 2012
 

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, 2012 to March 31, 2012

 

Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,553
4,355
Corporate Agent Licences
104
406
Individual Adjuster Licences
39
23

 

 

*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, 2012 to March 31, 2012

 

Received
Issued
Pending
15
(1 pending from the 4th quarter)
12
4

 

 

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                               

January 1, 2012 to March 31, 2012 

 

Application Type
Pending as of December31, 2011
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of March 31, 2012
Average Days to Issue*
Certificates
of Status
0
14
14
14
0
0
2
Offering Statements
4
6
0
4
0
6
37
Articles of Amendment
0
4
0
2
0
2
6
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
1
1
1
0
0
2
Articles of Incorporation
0
9
1
7
0
2
17
Certified Copies of Documents
0
2
0
2
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

 

 

*Calculation excludes time awaiting company responses.

 

Credit Unions/Caisses Populaires                                                                    

January 1, 2012 to March 31, 2012

Application Type
Pending as of Dec. 31, 2011
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of March 31, 2012
Average Days to Issue*
Certificate of Status
0
6
6
6
0
0
2
Offering Statements
1
0
0
1
0
0
35
Articles of Amendment
0
0
0
0
0
0
0
Amalgamations
0
1
0
1
0
0
33
Orders
0
2
0
2
0
0
16
Certified Copies of Documents
0
0
0
0
0
0
0

 

 

* Calculation excludes time awaiting company responses.

 

 

Persons or Businesses Engaged in Mortgage Broking

January 1, 2012 to March 31, 2012

Licence Type
 Application Type
Pending as of Dec. 31, 2011
Received
Complete on Receipt
Issued
 
Withdrawn
Pending as of March 31, 2012
Average Days to Issue
Mortgage Brokerage
 
 
new
11
44
0
41
5
9
15
 
surrender
0
66
60
61
0
5
4
Mortgage Administrator*
new
1
6
0
5
2
0
5
 
surrender
0
3
3
3
0
0
5
Principal Broker **
new
 
7
7
7
0
1
2
renewal
 
1,058
1,058
1,058
N/A
0
2
Mortgage Broker **
new
1
35
35
35
0
1
2
renewal
 
1,338
1,338
1,338
N/A
0
2
Mortgage Agent**
 
new
4
617
613
614
0
7
2
renewal
0
7,657
7,657
7,657
N/A
0
2
 
 
 
*Although mortgage administrators have perpetual licences, they were required to pay a regulatory fee by March 31, 2012.   As of April 11th, 2012, 78 of the 89 licensed mortgage administrators paid the regulatory fee.  During this quarter, 61 mortgage brokerages and 3 mortgage administrators have surrendered their licences.
 
**Principal brokers, mortgage brokers and mortgage agents that wanted to continue dealing and trading in mortgages were required to renew their licences by March 31, 2012.  The licence renewal period was from February 1 to March 31, 2012.  On January 31, 2012, before the licence renewal started, there were 1,177 principal brokers, 1,525 mortgage brokers and 9,746 mortgage agents.  On April 2nd, 2012, there were 1,051 principal brokers, 1,306 mortgage brokers and 7,394 mortgage agents.

 

 

 

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

 

 

 

May 31, 2012                                                                                                     ISSN 1481-1499