Licensing Changes for First Quarter 2017

 
Bulletin
No. G-02/17
 
– General
 
​​

NOTE: The bulletins that are posted on this website are provided for historical reference purposes. The information in these bulletins is accurate on the date the information is published, but is subject to change and may be replaced by more recent bulletins.


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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, 2017 to March 31, 2017:
 
  • 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 the Pensions section on FSCO’s website.
 
 
 
 
 
 
 
 
 


Insurance Companies

(Listed by effective date)

Licence amalgamations

Effective Date

Northbridge General Insurance Corporation

 

  • Northbridge General Insurance Corporation and Northbridge Commercial 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 Northbridge Commercial Insurance Corporation was cancelled effective January 1, 2017.
January 1, 2017

Licence cancellations

Effective Date

Principal Insurance Company


  • The company ceased operations in Canada.
  • There are 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 21, 2016.
February 13, 2017

Atradius Credit Insurance N.V

 

  • The Ontario licence was cancelled as the company amalgamated with Compania Espanola de Seguros y Reaseguros de Credito y Caucion, S.A.U. effective December 31, 2016.
March 3, 2017

Phoenix Life Insurance Company

 

  • The company ceased operations in Canada.
  • There are 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 February 15, 2017.
March 9, 2017

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

Western Financial Insurance Company

 

  • The name was changed to Petline Insurance Company 
January 13, 2017

The Guarantee Company of North America

 

  • Class added: aircraft 
January 19, 2017

Euler Hermes North America Insurance Company

 

  • Class added: surety
February 9, 2017

Omega General Insurance Company

 

  • Removed the reinsurance-only limitation on the legal expense class of insurance. 
March 3, 2017

Halwell Mutual Insurance Company

 

  • Class added: Accident and sickness and aircraft (limited to the plan of insurance and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services. Aircraft is also limited to unmanned air vehicles for use in farming and commercial activities.) 
March 16, 2017

Heartland Farm Mutual Inc.

 

  • Classes added: aircraft 
March 21, 2017

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, 2017 to March 31, 2017

Application TypeNew LicencesRenewal Licences

Individual agent licences¹

1,984

6,000

Corporate agent licences

236

691

Individual adjuster licences

67

19

Corporate adjuster licences

2

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.

Individual variable insurance contracts (IVICs)

January 1, 2017 to March 31, 2017
ReceivedIssuedPending
6
(3 pending from previous quarter)
8
1

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

January 1, 2017 to March 31, 2017
Licence TypeNumber of Licences Issued
Sole Proprietorship -
(unincorporated business)
38
Corporation
61
Partnership
5
Total
104

 

29 licences were surrendered in the period.

 

87 per cent of applications were issued a licence within 15 business days.

 

Co-operative corporations 

January 1, 2017 to March 31, 2017
Application TypePending as of Dec 31, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of Mar 31, 2017Average Days to Issue2
Certificates of status
0
39
39
39
0
0
2
Offering statements
1
7
0
3
1
4
15
Articles of amendment
0
2
0
1
0
1
6
Articles of Dissolution
7
5
0
5
0
7
12
Cancellation
Order
3
3
0
5
1
0
55
Articles of
Incorporation
2
9
0
8
0
3
12

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, 2017 to March 31, 2017

Application TypePending as of Dec 31, 2016ReceivedComplete on ReceiptIssuedClosed (incomplete or withdrawn)Pending as of Mar 31, 2017Average Days to Issue2
Certificate of Status
0
4
4
4
0
0
2
Offering Statements
2
2
0
2
0
2
49
Articles of Amendment
0
3
3
2
0
1
8
Articles of Amalgamation
2
0
0
2
0
0
33
Articles of Dissolution
0
2
2
2
0
0
5

2 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

January 1, 2017 to March 31, 2017

Licence TypeApplication typeIssued

Mortgage broker¹

New

17

 

Renewal

0

Mortgage agent¹

New

939

 

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

January 1, 2017 to March 31, 2017

Licence TypeApplication TypePending as of Dec. 31, 2016ReceivedComplete on ReceiptIssuedWithdrawnPending as of Mar 31, 2017Average Days to Issue2
Mortgage Brokerage
New
4
29
5
22
3
8
10
Mortgage Brokerage
Surrender
-
0
16
16
12
0
4
9
Mortgage Administrator
New
0
10
1
4
3
3
15
Mortgage Administrator
Surrender
-
0
2
2
0
0
2
7
Certificate of Status
-
0
7
7
7
0
0
 2

2 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

 

June 6, 2017