No. G-07/07
– General
Licensing Changes for Second Quarter 2007
The Financial Services Commission of Ontario (FSCO) is releasing the following information on the disposition of applications for licences and licence changes it received during the second quarter, April 1 to June 30, 2007. The applications relate to individuals and organizations in the financial services sectors under FSCO's jurisdiction: insurance, credit unions/caisses populaires, co-operatives, trust and loan companies, and mortgage brokers. General information on pensions, 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 in alphabetical order)
New Companies: |
| Effective Date |
|
|---|---|
PMI Mortgage Insurance Company Canada
|
June 1, 2007 |
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Effective Date |
Fidelity Investments Life Insurance Company
Trent Health Insurance Company
|
June 15, 2007 June 22, 2007 |
Licence Amendments: |
Effective Date |
|
AXA General Insurance Company
|
April 19, 2007 |
CUMIS Life Insurance Company
|
April 18, 2007 |
National Liability & Fire Insurance Company
|
April 5, 2007 |
RBC Travel Insurance Company
|
June 4, 2007 |
TIG Insurance Company
|
June 20, 2007 |
Harmonized Classes of Insurance and Applicable Definition Order Pursuant to section 43(1) of the Insurance Act, the Harmonized Classes of Insurance and Applicable Definitions Order replaces regulation 666 of the Insurance Act. Due to this change, insurers licensed for the loss of employment class of insurance had their licences amended to the class of credit protection. The following companies were affected by this change:
|
April 30, 2007 |
LICENSING STATISTICS
The statistics below provide information on FSCO’s review of common applications for licences and other related services. All of the provided figures represent the quantity of applications that were received, issued or pending, unless otherwise indicated.
Individual Variable Insurance Contracts (IVICs)
April 1, 2007 to June 30, 2007
Received |
Issued |
Pending |
9 |
6 |
5 |
IVIC information folders have been reviewed for compliance with the requirements under the Insurance Act and related Regulation 132/97. All of the receipts were issued within the 30 day time period specified in Regulation 132/97.
Please remember that pursuant to Ontario Regulation 359/06 (formerly Ontario Regulation 132/97), insurers arerequired to file nonmaterial changes for Individual Variable Insurance Contracts with the Superintendent, including theapplicable fee.
Insurance Agents and Adjusters
April 1, 2007 to June 30, 2007
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,604 |
2,978 |
Corporate Agent Licences |
90 |
348 |
Individual Adjuster Licences |
23 |
622 |
*FSCO completed its review and issued individual agent licences in five days or less for 99 per cent of applications received.
Credit Unions/Caisses Populaires
April 1, 2007 to June 30, 2007
Application Type |
Pending as of March 31, 2007 |
Received |
Completed on Receipt |
Issued |
Pending as of June 31, 2007 |
Average Days to Issue |
Certificate of Status |
0 |
17 |
17 |
16 |
1 |
3 |
Offering Statements |
1 |
1 |
1 |
1 |
1 |
40 |
Articles of Amendment |
2 |
4 |
2 |
2 |
4 |
27 |
Amalgamations |
2 |
2 |
2 |
3 |
1 |
35 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
Co-operatives
April 1, 2007 to June 30, 2007
Application Type |
Pending as of March 31, 2007 |
Received |
Completed on Receipt |
Issued |
Pending as of June 30, 2007 |
Average Days to Issue |
Certificates of Status |
0 |
42 |
42 |
42 |
0 |
2 |
Offering Statements |
7 |
3 |
1 |
5 |
5 |
37 |
Articles of Amendment |
4 |
2 |
1 |
2 |
4 |
74 |
Articles of Continuance |
1 |
0 |
0 |
1 |
0 |
26 |
Articles of Dissolution |
3 |
1 |
0 |
1 |
3 |
17 |
Articles of Incorporation |
3 |
5 |
1 |
7 |
1 |
39 |
Certified Copies of Documents |
0 |
2 |
2 |
2 |
0 |
5 |
Cancellation Order |
1 |
0 |
0 |
1 |
0 |
325 |
Material Change |
0 |
1 |
1 |
1 |
0 |
4 |
Mortgage Brokers
April 1, 2007 to June 30, 2007
Application Type |
New Received |
New Issued |
Renewals Issued |
Individual and Corporate Registrations |
81 |
71 |
147 |
Once the Mortgage Brokerages, Lenders and Administrators Act, 2006 is proclaimed and the licensing of mortgage brokerages and agents takes effect, FSCO will have a system in place to measure the turnaround time of all licensing applications.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
August 8, 2007
ISSN 1481-1499
Financial Services Commission of Ontario