Licensing Changes for Third Quarter 2016

 
Bulletin
No. G-04/16
 
– 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, 2016 to September 30, 2016:
 
  • 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, which is 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

Esurance Insurance Company of Canada/ Esurance du Canada,Compagnie d'Assurance

 

  • The company is licensed for: Legal expenses, liability, property
  • Jurisdiction of incorporation: Federal
  • Esurance Insurance Company of Canada’s contact in Ontario is: 

Saskia Matheson, General Manager
27 Allstate Parkway, Suite 102
Markham ON L3R 5P9
Tel (905)475-4902
email: smatheson@esurance.com

August 11, 2016

Licence Cancellations

Effective Date

Groupama S.A.

 

  • The company ceased operations in Canada.
  • There are no remaining liabilities.
  • The release of assets in Canada and revocation of the federal licence were issued by the Office of the Superintendent of Financial Institutions, effective June 23, 2016.
July 7, 2016

Giraffe & Friends Life Insurance Company

 

  • The company is no longer an insurer.
  • There are no remaining liabilities.
  • The company has continued under the Canada Business Corporations Act, effective August 11, 2016.
September 12, 2016

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 
The Mortgage Insurance Company of Canada
  • The name changed to 12345 Insurance Company and in French La Compagnie D'Assurance 12345
July 4, 2016

North Blenheim Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
July 11, 2016

RBC General Insurance Company

 

  • The name was changed to Aviva General Insurance Company
July 11, 2016

L&A Mutual Insurance Company

 

  • Class added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities) 
July 25, 2016

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, 2016 to September 30, 2016

Application TypeNew LicencesRenewal Licences

Individual agent licences¹

2,111

5,968

Corporate agent licences

191

532

Individual adjuster licences

52

286

Corporate adjuster licences

3

19

1 FSCO reviews licence applications for insurance agents, mortgage brokers and mortgage agents 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. In this quarter, 99 per cent of these applications were processed and had licences issued within five business days.

Individual variable insurance contracts (IVICs)

July 1, 2016 to September 30, 2016
ReceivedIssuedPending
13
14
(one pending from second quarter)
0

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.

Service providers

July 1, 2016 to September 30, 2016
Licence TypeLicences Issued2Licences Issued with condition(s)Licences surrendered
Sole Proprietorship
44
0
23
Corporation
59
0
18
Partnership
4
0
2
Total
107
0
43

2 FSCO reviews service provider licence applications and issues licences within its service standard of 15 business days for applications that are complete on receipt and where suitability is not an issue. In this quarter, 94 per cent of applications were processed and had licences issued within 15 business days.

Co-operative corporations 

July 1, 2016 to September 30, 2016
Application TypePending as of June 30, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of Sept. 30, 2016Average Days to Issue³
Certificates of status
0
19
19
19
0
0
2
Offering statements
4
6
1
9
0
1
27
Articles of amendment
1
4
1
4
0
1
10
Articles of dissolution / Cancellation
order
13
6
0
5
0
14
27
Articles of
incorporation
9
5
3
10
3
1
40
Articles of
amalgamation
9
0
0
0
0
0
0

3 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, 2016 to September 30, 2016

Application TypePending as of June 30, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of June 30, 2016Average Days to Issue³
Certificate of Status
0
5
5
5
0
0
2
Offering Statements
0
1
0
0
0
1
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
Articles of Dissolution
0
4
4
1
0
3
20

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

Individuals engaged in mortgage brokering

July 1, 2016 to September 30, 2016

Licence TypeApplication typeNumber of licences issued

Mortgage broker¹

New

20

Renewal

0

Mortgage agent¹

New

799

Renewal

0

1 FSCO reviews licence applications for insurance agents, mortgage brokers and mortgage agents 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. In this quarter, 99 per cent of these applications were processed and had licences issued within five business days.

Businesses engaged in mortgage brokering

July 1, 2016 to September 30, 2016

Licence TypeApplication TypePending as of March 31, 2016ReceivedComplete on ReceiptIssuedWithdrawnPending as of June 30, 2016Average Days to Issue3
Mortgage Brokerage
New
7
31
6
28
2
8
13
Mortgage Brokerage
Surrender
-
5
16
16
21
0
0
6
Mortgage Administrator
New
4
7
3
9
2
0
11
Mortgage Administrator
Surrender
-
0
0
0
0
0
0
0
Certificate of Status
-
0
0
0
0
0
0
 0

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


Heather Anne Driver
Director, Licensing Branch
Licensing and Market Conduct Division
Financial Services Commission of Ontario

November 18, 2016