Licensing changes for third quarter 2017

 
Bulletin
No. G-04/17
 
– 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, 2017 to September 30, 2017:
 
  • statistics on the disposition of applications for new licences and renewals;
  • applications for a licence or a registration and cancellations;
  • applications for licence changes; 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, mortgage brokering, and service providers who invoice auto insurers for statutory accident benefits claims. General information on pensions, 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)

New licence

Effective Date

There were no new insurance companies.

 

Licence cancellations

Effective Date

Caisse Centrale de Reassurance


  • The company entered into an assumption reinsurance agreement with CCR RE effective December 31, 2016.
  • 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 September 27, 2017.
September 30, 2017

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

Allstate Life Insurance Company of Canada

 

  • Condition added: Limited to the servicing of policies issued prior to November 15, 1996. 
July 19, 2017

Western Assurance Company

 

  • Class Added: Legal Expense limited to reinsurance. 
September 21, 2017

Quebec Assurance Company

 

  • Class Added: Legal Expense limited to reinsurance.
September 21, 2017

 

Co-operative Corporations

(Listed by effective date)

 

​New registrationEffective Date​
Fergus Women’s Fitness Co-operative Inc.July 19, 2017
Matawa Health Co-operative Inc.July 21, 2017
Co-opérative de Solidarité la Termitière Corp.August 22, 2017
Sprouts Food and Health Co-operative Inc.September 27, 2017
Adventure Haliburton Group Co-operative Inc.September 29, 2017

 

Dissolution or cancellation of registrationEffective Date​
West End Well Co-operative Inc.July 12, 2017
Carleton Co-operative Milk Transport Inc.July 12, 2017
Haldimand Community Power Co-operative Inc.August 14, 2017
Galetta Renewable Energy & Environment Network Co-operative Corporation (Green)August 15, 2017
People’s Co-operative Society (Port Arthur) LimitedAugust 21, 2017
Durable Power Renewable Energy Co-operative Inc.August 24, 2017
Clarence-Rockland Renewable Energy Co-operative Inc.August 24, 2017
Northwest Feeder Finance Co-operative Ltd.September 5, 2017
Northern Claybelt Breeder Co-operative Inc.September 5, 2017
Sideline 16 Worker Co-operative LimitedSeptember 22, 2017
Island Feeder Co-operative Inc.September 27, 2017

Receipts issued for an offering statement

Six co-operatives received a receipt for an offering statement in the quarter. The list has not been reproduced in this document as it is found on FSCO’s web pages in the following link.

 

http://www.fsco.gov.on.ca/en/coops/Pages/offering-statements.aspx

 

 

Credit Unions / Caisses Populaires

(Listed by effective date)

 

New incorporation
There were no new credit unions incorporated and no new completed amalgamations of credit unions to report for the quarter.
 
​Certificate of amendment​Effective date
​Windsor Family Credit Union Limited​July 7, 2017
​Motor City Community Credit Union Limited​September 27, 2017
 
Dissolution or cancellation of registration​Effective date
​Hald-Nor Community Credit Union Limited​August 28, 2017

Receipts issued for an offering statement
One credit union received a receipt for an offering statement in the quarter.

 

 

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, 2017 to September 30, 2017

Application TypeNew LicencesRenewal Licences

Individual agent licences1

1,938

4,704

Corporate agent licences

191

395

Individual adjuster licences

65

185

Corporate adjuster licences

1

16

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)

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.

 

There were 17 receipts issued from July 1, 2017 to September 30, 2017. A receipt can cover more than one IVIC information folder.

Service providers

July 1, 2017 to September 30, 2017
Licence TypeNumber of Licences Issued
Sole Proprietorship -
(unincorporated business)
30
Corporation
48
Partnership
3
Total
81

 

25 licences were surrendered in the period.

 

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

Individuals engaged in mortgage brokering

July 1, 2017 to September 30, 2017

Licence TypeApplication typeIssued

Mortgage broker1

New

5

 

Renewal

0

Mortgage agent1

New

973

 

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, 2017 to September 30, 2017

​Licence Type​Application type​Issued
​Mortgage broker2​New​20
​Mortgage brokerage surrender​–​11
​Mortgage administrator2​New​7
​Mortgage administrator surrender​–​1

2 FSCO reviews licence applications for mortgage brokerages and administrators and issues licences within its service standard of fifteen 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 fifteen business days.


 

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

 

November 28, 2017