Licensing changes for third quarter 2018

 
Bulletin
No. G-04/18
 
– 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, 2018 to September 30, 2018:
 
  • statistics on the disposition of applications for new licences and renewals;
  • applications for a licence or a registration and cancellation;
  • 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 about pensions, another financial services sector under FSCO’s jurisdiction, can be accessed by visiting the Pensions section on FSCO’s website.
 
 
 
 


Insurance Companies

(Listed by effective date)

New Licence

Effective Date

There were no new insurance company incorporations to report for the quarter.

Licence cancellations

Effective Date

The Shipowners Mutual Protection and Indemnity Association (Luxembourg)

 

  • The company is in the process of an orderly withdrawal from Canada.
  • No remaining liabilities in Ontario.
  • The company has stopped operating in Ontario, has no liabilities, no outstanding policies as well as no active claims in Ontario since May 2018.
September 27, 2018

Licence amendments

Effective Date

The following insurers made amendments to their licences:

 

 

COSECO Insurance Company / Compagnie d'Assurance COSECO

 

  • Amended aircraft to be limited to reinsurance.
July 12, 2018

Waterloo Insurance Company

 

  • Added: Limited to the servicing of current and existing policies.
September 15, 2018

The Missisquoi Insurance Company

 

  • Added: Limited to the servicing of current and existing policies.
September 15, 2018

Perth Insurance Company

 

  • Added: Limited to the servicing of current and existing policies.
September 15, 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​
Fanaka Co-operative LimitedJuly 5, 2018
Information Technology Analysts Co-operative Inc.August 15, 2018
Co-operative TAAB Community Care/TAAB Pour Tous Inc. August 20, 2018
Northern Ontario Centre for Sustainable Development Co-operative Inc. September 5, 2018

 

​AmendmentsEffective Date​
Pickerel River Co-operative CorporationJuly 16, 2018
Bricktown Co-operative Development CorporationAugust 23, 2018

 

Dissolution or cancellation of registrationEffective Date​
Jack and Jill Co-operative Nursery School of Ridgetown Inc.August 8, 2018
Maple Grove C-operative Development CorporationAugust 23, 2018
Centre Éducatif Coopérative Le Manege Inc.September 12, 2018
Black Walnut Co-operative Development CorporationSeptember 26, 2018

Receipts issued for an offering statement

Four co-operatives received a receipt for an offering statement in the quarter. The list has not been reproduced in this document but is available on FSCO’s web site using 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 amendmentEffective date
There were no new credit union / caisse populaire certificates of amendment to report for the quarter.
 
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​
London Fire Fighters’ Credit Union LimitedSeptember 26, 2018

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 about 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 are pending, unless otherwise indicated.

Insurance agents and adjusters

July 1, 2018 to September 30, 2018

Application TypeNew LicencesRenewal Licences

Individual agent licences1

1,853

6,061

Corporate agent licences

264

500

Individual adjuster licences

119

1,067

Corporate adjuster licences

2

38

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, 2018 to September 30, 2018. A receipt can cover more than one IVIC information folder.

Service providers

July 1, 2018 to September 30, 2018
Licence TypeNumber of Licences Issued
Sole Proprietorship (unincorporated business)
25
Corporation
55
Partnership
1
Total
81

 

33 licences were surrendered in the period.

 

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

Individuals engaged in mortgage brokering

July 1, 2018 to September 30, 2018

Licence TypeApplication typeIssued

Mortgage broker1

New

21

 

Renewal

0

Mortgage agent1

New

778

 

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, 2018 to September 30, 2018

​Licence Type​Application type​Issued
​Mortgage broker2​New27
​Mortgage brokerage surrender​–17
​Mortgage administrator2​New9
​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, 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

 

December 5, 2018