Licensing Changes for Second Quarter 2013

 
Bulletin
No. G-04/13
 
General
 
 

NOTE: The bulletins that are posted on this website are provided for historical reference purposes. The information in these bulletins is accurate on the date the information is published, but is subject to change and may be replaced by more recent bulletins.


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The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, April 1, 2013 to June 30, 2013:

 
  • 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

 
La Capitale Insurance and Financial Services Inc.
Promutuel Vie Inc.                                                                              
 
  • On December 31, 2012, two extra provincial companies, La Capitale Insurance and Financial Services Inc. and Promutuel Vie Inc. amalgamated their operations and continued under the name La Capitale Insurance and Financial Services Inc. and, in French, La Capitale Assurances et Gestion du Patrimoine Inc..
  • The Ontario licence for Promutuel Vie Inc. was cancelled effective April 4, 2013. 
 
April 4, 2013
 
 

Licence Cancellations:

Effective Date

 
Cavell Insurance Company Limited
 
  • The company has ceased operations and has no remaining liabilities effective December 31, 2011.  The company entered in an assumption reinsurance agreement with Omega General Insurance Company.
 
 
June 12, 2013
Union of Canada Life Insurance
 
  • The company has ceased operations.  A discharge order dated May 14, 2013 for its liquidation was issued and Grant Thornton Limited was also discharged as liquidator.
June 28, 2013
 

Licence Amendments:

Effective Date

 
The following insurers made amendments to their licences:
 
 
Gan Eurocourtage
 
  • The name was changed to Groupama S.A.
 
 
April 5, 2013
XL Insurance Company Limited
 
  • Class added: Credit
April 11, 2013
Grain Insurance and Guarantee Company
 
  • The name was changed to Wynward Insurance Group and, in French, Group d’Assurance Wynward.
May 1, 2013
JEVCO Insurance Company
 
  • Condition to class added: Surety (limited to transact business of surety insurance to reinsurance with a related party)
May 8, 2013
La Survivance, Compagnie Mutuelle d’Assurance Vie
 
  • The name was changed to Humania Assurance Inc. and the company as an extra provincial company coverted from a mutual to a stock company on June 15, 2012.
 
May 17, 2013
Hannover Ruckversicherung AG
 
  • The name was changed to Hannover Rűck SE.
June 5, 2013
Chartis Insurance Company of Canada
 
  • The name was changed to AIG Insurance Company of Canada and, in French, Compagnie d’Assurance AIG du Canada.
July 1, 2013
 

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

 

April 1, 2013 to June 30, 2013

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences*
1,603
4,261
Corporate Agent Licences
95
463
Individual Adjuster Licences
6
975
Corporate Adjuster Licences
0
81
 
*     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)

April 1, 2013 to June 30, 2013

Received
Issued
Pending
15
(12 pending from 1st quarter)
20
 
7
 
IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and Ontario Regulation 132/97.
 
Pursuant to Ontario Regulation 132/97, 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 132/97.
 

Co-operative Corporations                               

April 1, 2013 to June 30, 2013

 
Application Type
Pending as of March 31, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2013
Average Days to Issue *
Certificates
of Status
0
22
22
22
0
0
1
Offering Statements
4
8
1
6
0
6
18
Articles of Amendment
1
7
6
6
0
2
19
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
1
0
0
0
1
0
0
Articles of Incorporation
8
11
4
14
0
5
28
Certified Copies of Documents
0
0
0
0
0
0
0
Cancellation Order
0
1
0
1
0
0
95
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

                                                                     

April 1, 2013 to June 30, 2013

Application Type
Pending as of March 31, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of June 30, 2013
Average Days to Issue *
Certificate of Status
0
6
6
6
0
0
1
Offering Statements
1
0
0
1
0
0
2
Articles of Amendment
1
1
0
1
0
1
39
Amalgamations
0
1
1
1
0
0
3
Orders
0
3
3
3
0
0
9
Certified Copies of Documents
0
2
0
2
0
0
6
 
* Calculation excludes time awaiting company responses.
 
 

Persons or Businesses Engaged in Mortgage Broking

April 1, 2013 to June 30, 2013

Licence Type
Pending as of March 31, 2013
Received
Complete on Receipt
Issued

Withdrawn
Pending as of June 30, 2013
Average Days to Issue
Mortgage Brokerage
 
4
34
5
30
3
5
9
Mortgage Brokerage
Surrender
0
26
26
26
0
0
8
Mortgage Administrator
 
0
7
0
5
1
1
9
Mortgage Administrator
Surrender
0
0
0
0
0
0
0
Mortgage Broker *
0
18
18
18
0
0
2
Mortgage Agent *
15
688
664
679
0
24
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
 
August 16, 2013