G-09/07
-General
Licensing Changes for Third 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 third quarter, July 1 to September 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 |
|
|---|---|
Associated Electric & Gas Insurance Services Limited
|
July 12, 2007 |
Certas Home and Auto Insurance Company
|
August 30, 2007 |
Paris RE
|
July 5, 2007 |
Triad Guaranty Insurance Corporation
|
August 8, 2007 |
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
Effective Date |
|
Premier Insurance Company
|
September 12, 2007 |
Licence Amendments: |
Effective Date |
|
The Prudential Insurance Company of America
|
August 8, 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)
July 1, 2007 to September 30, 2007
Received |
Issued |
Pending |
4 |
7 |
2 |
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
July 1, 2007 to September 30, 2007
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,596 |
2,852 |
Corporate Agent Licences |
64 |
285 |
Individual Adjuster Licences |
42 |
405 |
*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
July 1, 2007 to September 30, 2007
| Application |
Pending as of June 30, 2007 |
Received |
Completed on Receipt |
Issued |
Pending as of Sept. 30, 2007 |
Average Days to Issue |
Certificate of Status |
1 |
14 |
14 |
15 |
0 |
3 |
Offering Statements |
1 |
1 |
1 |
1 |
1 |
45 |
Articles of Amendment |
4 |
2 |
2 |
3 |
2 |
30 |
Amalgamations |
1 |
2 |
2 |
2 |
1 |
37 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
4 |
4 |
4 |
0 |
4 |
Co-operatives
July 1, 2007 to September 30, 2007
Application Type |
Pending as of June 30, 2007 |
Received |
Completed on Receipt |
Issued |
Closed: Incomplete
|
Pending as of Sept. 30, 2007 |
Average Days to Issue |
Certificates |
0 |
37 |
32 |
35 |
2 |
0 |
1 |
Offering Statements |
5 |
3 |
0 |
3 |
2 |
3 |
53 |
Articles of Amendment |
4 |
1 |
0 |
2 |
1 |
2 |
83 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Dissolution |
3 |
2 |
1 |
1 |
2 |
2 |
21 |
Articles of Incorporation |
1 |
3 |
3 |
3 |
0 |
1 |
10 |
Certified Copies of Documents |
0 |
1 |
1 |
1 |
0 |
0 |
1 |
Cancellation Order |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Material Change |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Mortgage Brokers
July 1, 2007 to September 30, 2007
Application Type |
New Received |
New Issued |
Renewals Issued |
Individual and Corporate Registrations |
70 |
67 |
215 |
Once the Mortgage Brokerages, Lenders and Administrators Act, 2006 comes into full effect on July 1, 2008, 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
November 9, 2007
ISSN 1481-1499
Financial Services Commission of Ontario