Licensing changes for second quarter 2018

 
Bulletin
No. G-03/18
 
– 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NOTE: The bulletins that are posted on this website are provided for historical reference purposes.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.


An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person's or entity's licence on the Licensing Link section of FSCO's website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.


These bulletins may include forms that are no longer up-to-date or accurate. Readers should visit the forms section of the FSCO website, to ensure they are using the most recent version of a FSCO form.

​​​​​
The Financial Services Commission of Ontario (FSCO) is releasing the following information about licensing changes during the second quarter, April 1, 2018 to June 30, 2018:
 
  • 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

United States Liability Insurance Company

 

  • Authorized classes of insurance: Fidelity, Liability , Property
  • Contact in Ontario:

    Mark Frederick, Chief Agent
    Scotia Plaza, 40 King Street West, Suite 5800
    Toronto ON M5H 3S1
    Tel: (416) 595-8500
    Email: mfrederick@millerthomson.com
May 17, 2018

Licence cancellations

Effective Date

AXA Art Insurance Corporation

 

  • The company ceased operations.
  • No remaining liabilities.
  • The company entered in an assumption reinsurance agreement with AXA Insurance Company, effective April 1, 2017.
April 17, 2018

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

Temple Insurance Company

 

  • Class added: Legal Expense
April 25, 2018

General American Life Insurance Company

 

  • Name change to Metropolitan Tower Life Insurance Company due to a merger with Metropolitan Tower Life Insurance Company effective April 27, 2018
May 9, 2018

First Canadian Insurance Corporation

 

  • French version of name added: La Corporation d'Assurance First Canadian
May 16, 2018

Millennium Insurance Corporation

 

  • French version of name added: La Corporation d'Assurance Millennium
May 16, 2018

Northbridge Personal Insurance Corporation

 

  • Name change to Verassure Insurance Company
June 8, 2018

United States Liability Insurance Company

 

  • Class added: Boiler & Machinery
June 15, 2018

Bertie and Clinton Mutual Insurance Company

 

  • Class / Condition added: Aircraft (limited to unmanned air vehicle for use in farming and commercial activities)
June 25, 2018

Licence amalgamations

Effective Date

There were no licence amalgamations to report for the quarter.

  
Co-operative Corporations

(Listed by effective date)

 

​New registrationEffective Date​
CheckMark Holiday Travel Co-operative Inc. April 5, 2018

Union: Sustainable Development Co-operative Inc.

April 5, 2018
Convivium Cohousing Co-operative Inc. April 12, 2018
Goat Milk Canada Co-operative Inc. April 25, 2018
Canyon Country Co-operative Inc. May 18, 2018
Eminence Vacation Co-operative Ltd. May 29, 2018

Coopérative Communautaire Multiservices
L’union Fait La Force Incorporée

June 4, 2018
Innovate to Incubate Co-operative Ltd. June 22, 2018
Skill Squirrel Co-operative Corporation June 27, 2018

 

Dissolution or cancellation of registrationEffective Date​
Marchand Farms Marketing Co-operative Inc.May 1, 2018
Aspen Ridge Co-operative Development CorporationMay 31, 2018
Ontario Digital Cadastre Co-operative Corp.June 8, 2018
Local Organic Food Team Co-operative Inc.June 22, 2018
St. John’s Co-operative Nursery SchoolJune 25, 2018

Receipts issued for an offering statement

Three 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 incorporationEffective date
There were no new credit union / caisse populaire incorporations to report for the quarter.
 
Certificate of amendment ​Effective date
Quinte First Credit Union Limited​April 25, 2018
Your Neighbourhood Credit Union Limited April 25, 2018
Auto Workers Community Credit Union Limited May 9, 2018

Certificate of amalgamation​Effective date
There were no credit union / caisse populaire certificates of amalgamation to report for the quarter.

​Dissolution or cancellation of registrationEffective date
There were no credit union / caisse populaire dissolutions or cancellations of registration to report for the quarter.

Receipts issued for an offering statement
No credit union / caisse populaire has 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

April 1, 2018 to June 30, 2018

Application TypeNew LicencesRenewal Licences

Individual agent licences1

2,056

6,353

Corporate agent licences

221

591

Individual adjuster licences

308

599

Corporate adjuster licences

0

67

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 21 receipts issued from April 1, 2018 to June 30, 2018. A receipt can cover more than one IVIC information folder.

Service providers

April 1, 2018 to June 30, 2018
Licence TypeNumber of Licences Issued
Sole Proprietorship (unincorporated business)
31
Corporation
65
Partnership
4
Total
100

 

52 licences were surrendered in the period.

 

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

Individuals engaged in mortgage brokering

April 1, 2018 to June 30, 2018

Licence TypeApplication typeIssued

Mortgage broker1

New

115

 

Renewal

0

Mortgage agent1

New

1,427

 

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

April 1, 2018 to June 30, 2018

​Licence Type​Application type​Issued
​Mortgage broker2​New20
​Mortgage brokerage surrender​–28
​Mortgage administrator2​New3
​Mortgage administrator surrender​–5

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, 85 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

 

September 5, 2018