Licensing Changes for First Quarter 2014

 
Bulletin
No. G-02/14
 
-General
 

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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the first quarter, January 1, 2014 to March 31, 2014:
 
  • 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 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:

Effective Date

 
Starr Insurance & Reinsurance
 
  • The company is licensed for: Accident and Sickness, Aircraft, Boiler and Machinery, Credit, Fidelity, Liability, Marine, Property, Surety
  • Jurisdiction of incorporation: Federal
  • Starr Insurance & Reinsurance’s contact in Ontario is:

    Mr. Hano Pak
    Chief Agent
    200 King Street West, Suite 1805
    P.O. Box 16
    Toronto, ON  M5H 3T4
    Tel: (416) 947-3079
    Fax:(416) 947-3099
 
February 4, 2014
British Insurance Company of Cayman
 
  • The company is licensed for: Accident and Sickness, Credit Protection, Life (Limited to the business of reinsurance)
  • Jurisdiction of incorporation: Federal
  • British Insurance Company of Cayman’s contact in Ontario is:

    Ms. Brenda Buckingham
    Chief Agent
    200 Front Street West, Suite 2702
    Toronto, ON  M5V 3K2
    Tel: (416) 979-2525
    Fax:(416) 979-3823
March 12, 2014
 

Amalgamations:

Effective Date

 
Northbridge General Insurance Corporation
 
  • On January 1, 2014, two federal insurance companies, Northbridge General Insurance Corporation and Northbridge Indemnity Insurance Corporation amalgamated their operations and continued under the name of Northbridge General Insurance Corporation and in French, Société d'assurance générale Northbridge. 
  • The Ontario licence for Northridge Indemnity Insurance Corporation was cancelled effective January 1, 2014.
 
Howick Mutual Insurance Company
 
  • On January 1, 2014, two Ontario incorporated mutual insurance companies, Grey & Bruce Mutual Insurance Company and Howick Mutual Insurance Company amalgamated their operations and continued under the name of Howick Mutual Insurance Company. 
  • The Ontario licence of the two predecessor mutual insurance companies were cancelled effective January 1, 2014.
 The Commonwell Mutual Insurance Group
 
  • On January 1, 2014, three Ontario incorporated mutual insurance companies, Farmers' Mutual Insurance Company, Lanark Mutual Insurance Company and Glengarry Mutual Insurance Company amalgamated their operations and continued under the name of The Commonwell Mutual Insurance Group. 
  • The licence of the three predecessor mutual insurance companies were cancelled effective January 1, 2014.
 
 
January 1, 2014
 
 
 
 
 

 

 

 

 

 

 
 
 
January 1, 2014
 
 
 
 

 

 

 

 

 
 
January 1, 2014

Licence Cancellations:

Effective Date

 
Fidelity National Title Insurance Company
 
  • The company has ceased operations and has no remaining liabilities.  The company entered in an assumption reinsurance agreement with Chicago Title Insurance Company.  The release of assets and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective December 20, 2013.
 
 
January 7, 2014
Massachusetts Mutual Life Insurance Company
 
  • The company has ceased operations and has no remaining liabilities. The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective December 6, 2013.
 
NRG Victory Reinsurance Limited
 
  • The company has ceased operations in Canada effective July 1, 2013 and has no remaining liabilities. The company entered an assumption reinsurance agreement with National Liability & Fire Insurance Company effective July 1, 2013.  The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective February 13, 2014.
 
L'Union Canadienne, Compagnie d'Assurances
 
  • The company has ceased operations and has no remaining liabilities. The company entered in an assumption reinsurance agreement with Royal & Sun Alliance Insurance Company of Canada effective January 1, 2014.  The revocation of the company’s licence was issued by its, primary regulator, l'Autorité des marchés financiers effective January 1, 2014.
 
 
Constitution Insurance Company of Canada
 
  • The company was in liquidation since 1992. The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective January 16, 2014 with its Letters Patent of Dissolution.
 
Converium Reinsurance (North America) Inc.
 
  • The company has ceased operations and has no remaining liabilities. The company entered in an assumption reinsurance agreement with National Liability & Fire Insurance Company effective July 1, 2013.  The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective February 28, 2014.
 
Manulife Canada Ltd.
 
  • The company has continued under the Canada Business Corporation Act, effective December 30, 2013. The company entered in an assumption reinsurance agreement with The Manufacturers Life Insurance Company effective December 30, 2013.
Arch Insurance Company
 
  • The company has ceased operations and has no remaining liabilities. The company entered in an assumption reinsurance agreement with Arch Insurance Canada Ltd.  The release of assets in Canada and revocation of the federal licence was issued by the Office of the Superintendent of Financial Institutions effective February 28, 2014.
February 21, 2014
 
 
 
 
 

 

 
 
February 28, 2014
 
 
 
 
 
 
 
 
 

 

 

March 6, 2014

 
 
 
 
 
 
 
 
 
 
 
 March 7, 2014

 

 

 

 

 

 
 
 March 7, 2014
 
 
 
 
 
 
 
 
 

 

 March 7, 2014

 
 
 
 
 

 

 
 March 19, 2014

Licence Amendments:

Effective Date

 
The following insurers made amendments to their licences:
 
 
Penncorp Life Insurance Company
 
  • The name was changed to La Capitale Financial Security Insurance Company
 
 
January 1, 2014
 
National Liability & Fire Insurance Company
 
  • Restriction removed on Fidelity and Boiler & Machinery class
 
 
January 6, 2014
Swiss Reinsurance Company Ltd
 
  • Amended restriction on Life insurance class: Limited to the business of insurance coverage for longevity products to pension plans and to the business of reinsurance.
 
February 3, 2014
Household Life Insurance Company
 
  • The name was changed to Pavonia Life Insurance Company of Michigan

 

February 14, 2014
Old Republic Insurance Company of Canada
 
  • Class added: Accident & Sickness
 
Munich Reinsurance Company of Canada
 
  • Class added: Legal expense
 
March 5, 2013
 
 

 

 
 
March 18, 2014

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, 2014 to March 31, 2014

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,588
4,632
Corporate Agent Licences
127
469
Individual Adjuster Licences¹
156
24
Corporate Adjuster Licences
1
1
 
1. 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, 2014 to March 31, 2014

 
Received
Issued
Pending
9
6
3
 
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                               

January 1, 2014 to March 31, 2014

 
Application Type
Pending as of Dec. 31, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Mar. 31, 2013
Average Days to Issue 2
Certificates
of Status
0
18
18
18
0
0
2
Offering Statements
4
8
0
4
1
7
26
Articles of Amendment
0
3
3
3
0
0
8
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
1
2
1
3
0
0
39
Articles of Incorporation
2
8
0
8
0
2
12
Certified Copies of Documents
0
0
0
0
0
0
0
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

2. The calculation of average days to issue is based on the number of working days from the original date the application was received.

 

Credit Unions/Caisses Populaires

January 1, 2014 to March 31, 2014

 
Application Type
Pending as of Dec. 31, 2013
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Mar. 31, 2014
Average Days to Issue 3
Certificate of Status
0
6
6
6
0
0
2
Offering Statements
1
1
0
2
0
0
29
Articles of Amendment
1
1
0
2
0
0
17
Amalgamations
4
0
0
4
0
0
37
Orders
0
5
5
5
0
0
10
Certified Copies of Documents
0
0
0
0
0
0
0
Statement of Material Change
0
0
0
0
0
0
0
 
 
3. Calculation excludes time awaiting company responses.
 

Individuals Engaged in Mortgage Broking

January 1, 2014 to March 31, 2014

 
Licence Type
Application Type
# of Licences Issues
Mortgage Broker 4
New
23
Renewal
2,395
Mortgage Agent 4
New
451
Renewal
7,953
 
4. FSCO reviews broker and 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.
 

Entities Engaged in Mortgage Broking

January 1, 2014 to March 31, 2014

 
Licence Type
Application Type
Pending as of Dec. 31, 2013
Received
Complete on Receipt
Issued
Withdrawn
Pending as of March 31, 2014
Average Days to Issue
Mortgage Brokerage
New
6
48
4
50
2
2
10
Mortgage Brokerage
Surrender
-
3
46
46
49
0
0
8
Mortgage Administrator
New
1
3
0
4
0
0
14
Mortgage Administrator
Surrender
-
0
4
4
4
0
0
7
 
 

 
 
 
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
June 27, 2014