Licensing Changes for Second Quarter 2014

 
Bulletin
No. G-03/14
- General
 

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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the second quarter, April 1, 2014 to June 30, 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)
 

Licence Cancellations:

Effective Date

 
CMFG Life Insurance Company
 
  • The company has ceased operations and has no remaining liabilities. 
  • The company entered into an assumption reinsurance agreement with CUMIS Life Insurance Company effective September 30, 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 March 26, 2014.
 
 
April 10, 2014

Licence Amend​​​​ments:

The following insurers made amendments to their licences:

  Effective Date

 
Odyssey Reinsurance Company
 
  • Class added: Fidelity (limited to the business of reinsurance)
 
April 16, 2014
 
 
La Capitale Insurance and Financial Services Inc./La Capitale Assurance et Gestion du Patrimoine Inc.
 
  • Class added: Credit Protection
 
 
April 30, 2014
Usborne & Hibbert Mutual Fire Insurance Company
 
  • Class added: Fidelity
 
May 9, 2014
Provenance Life Insurance Company
 
  • The name was changed to Giraffe & Friends Life Insurance Company
 
May 20, 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

April 1, 2014 to June 30, 2014

Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,780
5,791
Corporate Agent Licences
164
548
Individual Adjuster Licences¹
12
1,184
Corporate Adjuster Licences
1
87
 
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)

April 1, 2014 to June 30, 2014

Received
Issued
Pending
 13
(includes 3 pending from 1st quarter)
10
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 

April 1, 2014 to June 30, 2014

Application Type
Pending as of Apr. 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Jun. 30, 2014
Average Days to Issue ²
Certificates
of Status
0
25
25
25
0
0
2
Offering Statements
7
5
0
9
0
3
36
Articles of Amendment
0
7
6
4
0
3
7
Articles of Continuance
0
0
0
0
0
0
0
Articles of Dissolution
0
1
0
0
0
1
0
Articles of Incorporation
2
4
0
4
1
1
9
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
1
0
0
0
1
0
Articles of Restatement
0
0
0
0
0
0
0
Articles of Amalgamation
0
1
0
1
0
0
20
 
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               

April 1, 2014 to June 30, 2014

Application Type
Pending as of Apr. 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Jun. 30, 2014
Average Days to Issue ³
Certificate of Status
0
7
7
7
0
0
2
Offering Statements
0
1
0
1
0
0
31
Articles of Amendment
0
3
1
3
0
0
11
Amalgamations
0
3
2
2
0
1
34
Orders
0
3
0
3
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 Brokering

April 1, 2014 to June 30, 2014

Licence Type
Application Type
# of Licences Issues
Mortgage Broker4
New
77
Renewal
5
Mortgage Agent4
New
1,033
Renewal
8
 
 
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 Brokering

April 1, 2014 to June 30, 2014

 
Licence Type
 Application Type
Pending as of  Apr. 1, 2014
Received
Complete on Receipt
Issued
Withdrawn
Pending as of  Jun. 30, 2014
Average Days to Issue
Mortgage Brokerage
New
2
32
4
23
5
6
13
Mortgage Brokerage
Surrender
-
0
45
41
41
0
4
7
Mortgage Administrator
New
0
8
1
7
1
0
14
Mortgage Administrator
Surrender
-
0
5
5
5
0
0
10
 
 
 
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
September 3, 2014