Licensing Changes for Fourth Quarter 2014

 
Bulletin
No. G-01/15
 
-General
 
 

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​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the fourth quarter, October 1, 2014 to December 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 Licence

Effective Date

Arch Reinsurance Company
  • The company is licensed for: Accident and Sickness, Aircraft, Automobile, Boiler and Machinery, Credit, Credit Protection, Fidelity, Hail, Legal expenses, Liability, Marine, Property and Surety (limited to the reinsurance of risks) 
  • Jurisdiction of incorporation: Federal
  • Arch Reinsurance Company’s contact in Ontario is:

    Patrick McGuinness, Chief Agent
    100 Wellington Street West, TD Centre, Suite 1210 PO Box 284
    Toronto ON M5K 1K2
    Tel (416) 681-3100
    Fax (416) 504-9242
December 22, 2014
 
 

Amalgamation

Effective Date

SOMPO Japan NIPPONKOA Insurance Inc.
 
  • On September 1, 2014, two federal insurance companies, NIPPONKOA Insurance Company, Limited and SOMPO Japan Insurance Inc. amalgamated their operations and continued under the name of SOMPO Japan NIPPONKOA Insurance Inc. and in French, Assurances SOMPO NIPPONKOA du Japon Inc. 
  • The Ontario licence for NIPPONKOA Insurance Company, Limited was cancelled effective November 12, 2014.
 
TD Life Insurance Company
 
  • On November 1, 2014, two federal insurance companies, TD Life Insurance Company and CT Financial Assurance Company amalgamated their operations and continued under the name of TD Life Insurance Company and in French, TD, Compagnie d'assurance-vie. 
  • The Ontario licence for CT Financial Assurance Company was cancelled effective December 16, 2014.
November 12, 2014
 
 
 
 
 
 
 
 
December 16, 2014
 
 

Licence Amendments

Effective Date

 
The following insurers made amendments to their licences:
 
 
XL Insurance Company Limited
  • The name was changed to XL Insurance Company SE
October 2, 2014
Trisura Guarantee Insurance Company
  • Classes added: Accident and Sickness, Credit Protection
December 1, 2014
L&A Mutual Insurance Co.
  • Class added: Boiler and machinery
December 9, 2014
Security Insurance Company of Hartford
  • Class removed: Automobile
 
December 15, 2014
 
Omega General Insurance Company
  • Correction of French name to Omega Compagnie d'assurance générale
December 15, 2014
Sunderland Marine Mutual Insurance Company Limited (Canada Branch)
  • The name was changed to Sunderland Marine Insurance Company Limited (Canada Branch) and in French, Société d'assurance Maritime Sunderland Limitée (succursale Canadienne)
December 15, 2014
PMI Mortgage Insurance Company Canada
  • The name was changed to MIC Insurance Company Canada and in French, Société d'assurance MIC du Canada
December 22, 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

October 1, 2014 to December 31, 2014

 
Application Type
New Licences
Renewal Licences
Individual Agent Licences¹
1,605
5,416
Corporate Agent Licences
88
725
Individual Adjuster Licences¹
50
21
Corporate Adjuster Licences
2
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)

October 1, 2014 to December 31, 2014

 
Received
Issued
Pending
10
(5 pending from 3rd  quarter)
13
 
 
2
 
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 

October 1, 2014 to December 31, 2014

 
Application Type
Pending as of Oct. 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2014
Average Days to Issue ²
Certificates
of Status
0
31
31
31
0
0
2
Offering Statements
1
3
0
2
0
2
30
Articles of Amendment
0
8
4
4
1
3
13
Articles of Continuance
1
0
0
1
0
0
25
Articles of Dissolution
0
2
1
1
0
1
4
Articles of Incorporation
1
3
1
3
0
1
10
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
1
0
0
0
1
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                                  

October 1, 2014 to December 31, 2014

 
Application Type
Pending as of Oct. 1, 2014
Received
Complete on Receipt
Issued
Closed (incomplete or withdrawn)
Pending as of Dec. 31, 2014
Average Days to Issue ³
Certificate of Status
0
9
9
9
0
0
2
Offering Statements
0
0
0
0
0
0
0
Articles of Amendment
0
0
0
0
0
0
0
Articles of Amalgamation
0
2
0
0
0
2
0
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
6
1
3
0
3
13
 
³ Calculation excludes time awaiting company responses.

Individuals Engaged in Mortgage Broking

October 1, 2014 to December 31, 2014

 
Licence Type
Application Type
# of Licences Issues
Mortgage Broker 4
New
8
Renewal
0
Mortgage Agent 4
New
630
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

October 1, 2014 to December 31, 2014

Licence Type
 
Application Type
Pending as of  Sept. 30, 2014
Received
Complete on Receipt
Issued

Withdrawn
Pending as of  Dec. 31, 2014
Average Days to Issue
Mortgage Brokerage
New
4
25
8
25
4
0
8
Mortgage Brokerage
Surrender
-
4
17
17
21
0
0
13
Mortgage Administrator
New
0
8
0
7
1
0
10
Mortgage Administrator
Surrender
-
0
1
0
1
0
0
30
 
 
 
 
 
Shonna Neil
Director
Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario
 
March 17, 2015