Licensing Changes for Third Quarter 2014

 
Bulletin
No. G-04/14
 
– General
 
 

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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the third quarter, July 1, 2014 to September 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 following 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

Utica Mutual 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 May 6, 2014.
 
August 22, 2014
The Standard Life Assurance Company 2006
 
  • 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 August 15, 2014.
 
September 12, 2014

Licence Amendments

Effective Date

 
The following insurers made amendments to their licences:
 
 
Certas Homes and Auto Insurance Company
 
  • Class added: Fidelity
July 16, 2014
Sompo Japan Insurance Inc.
 
  • Class added: Aircraft (limited to the servicing of policies to be assumed on an assumption reinsurance basis from the Canadian branch of NIPPONKOA Company Limited)
August 12, 2014
Allstate Insurance Company of Canada
 
  • Class added: Accident and Sickness
August 9, 2014
International Insurance Company of Hannover PLC
 
  • The name was changed to International Insurance
    Company of Hannover SE
 
September 29, 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

July 1, 2014 to September 30, 2014

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences ¹
1,618
5,862
Corporate Agent Licences
106
596
Individual Adjuster Licences ¹
87
238
Corporate Adjuster Licences
6
24
 
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)

July 1, 2014 to September 30, 2014

 
Received
Issued
Pending
16
(includes 3 pending from 2nd  quarter)
11
 
 
5
 
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 

July 1, 2014 to September 30, 2014

 
 
Application Type
Pending as of July 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2014
Average Days to Issue ²
Certificates
of Status
0
19
19
19
0
0
2
Offering Statements
3
6
0
8
0
1
32
Articles of Amendment
3
1
1
4
0
0
19
Articles of Continuance
0
1
0
0
0
1
0
Articles of Dissolution
1
2
1
2
1
0
7
Articles of Incorporation
1
8
4
8
0
1
15
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
1
0
0
1
0
0
32
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

July 1, 2014 to September 30, 2014.

 
Application Type
Pending as of July 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Sept. 30, 2014
Average Days to Issue 3
Certificate of Status
0
8
8
8
0
0
2
Offering Statements
0
0
0
0
0
0
0
Articles of Amendment
0
0
0
0
0
0
0
Amalgamations
1
0
0
1
0
0
27
Orders
0
0
0
0
0
0
0
Certified Copies of Documents
0
0
0
0
0
0
0
Statement of Material Change
0
0
0
0
0
0
0
Articles of Dissolution
0
9
9
9
0
0
6
 
 
³ Calculation excludes time awaiting company responses.

Individuals Engaged in Mortgage Broking

July 1, 2014 to September 30, 2014

 
Licence Type
Application Type
# of Licences Issues
Mortgage Broker 4
New
44
Renewal
0
Mortgage Agent 4
New
631
Renewal
0
 
 
 

 
 
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.
 

Businesses Engaged in Mortgage Brokering

July 1, 2014 to September 30, 2014

 
Licence Type
 
Application Type
Pending as of  July 1, 2014
Received
Complete on Receipt
Issued

Withdrawn
Pending as of  Sept. 30, 2014
Average Days to Issue
Mortgage Brokerage
New
6
35
2
32
5
4
11
Mortgage Brokerage
Surrender
-
4
25
25
25
0
4
6
Mortgage Administrator
New
0
5
0
4
1
0
15
Mortgage Administrator
Surrender
-
0
0
0
0
0
0
0
 
 
 
 
Shonna Neil
Director
Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
November 10, 2014