No. G-01/08
– General
Licensing Changes for Fourth 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 fourth quarter, October 1 to December 31, 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 |
|
Partner Reinsurance Company Limited
|
Dec. 14, 2007 |
Partner Reinsurance Europe Limited
|
Dec. 21, 2007 |
Licence Cancellations:
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Effective Date |
Heritage General Insurance Company
|
Nov. 23, 2007 |
Liberty Mutual Fire Insurance Company
|
Dec. 13, 2007 |
Provident Life and Accident Insurance Company
|
Dec. 13, 2007 |
State Farm Life Insurance Company
|
Oct. 5, 2007 |
Licence Amendments:
Effective Date |
|
Fenchurch General Insurance Company
|
Nov. 14, 2007 |
NRG Victory Reinsurance
|
Dec. 31, 2007 |
Effective Date |
|
Poultry Insurance Exchange Reciprocal of Canada
|
Nov. 23, 2007 |
S & Y Insurance Company
|
Dec. 24, 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)
October 1, 2007 to December 31, 2007
Received |
Issued |
Pending |
7 (2 pending from 3rd quarter) |
8 |
1 |
IVIC information folders have been reviewed for compliance with the requirements under the Insurance Act and related Ontario 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 section 110(6)(b) of the Insurance Act and Ontario Regulation 132/97, insurers are required to file a new Individual Variable Insurance Contract information folder with the Superintendent, including the applicable fee, whether or not there has been a material change, in accordance with section 4 of Ontario Regulation 132/97.
Please remember that pursuant to section 110(6)(b) of the Insurance Act and Ontario Regulation 132/97, insurers are required to file a new Individual Variable Insurance Contract information folder with the Superintendent, including the applicable fee, whether or not there has been a material change, in accordance with section 4 of Ontario Regulation 132/97.
Insurance Agents and Adjusters
October 1, 2007 to December 31, 2007
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,411 |
2,890 |
Corporate Agent Licences |
61 |
290 |
Individual Adjuster Licences |
26 |
12 |
*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
October 1, 2007 to December 31, 2007
Application Type |
Pending as of Sept. 30, 2007 |
Received |
Completed on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Dec. 31, 2007 |
Average Days to Issue |
Certificate of Status |
0 |
12 |
12 |
12 |
0 |
0 |
3 |
Offering Statements |
1 |
1 |
0 |
1 |
1 |
1 |
47 |
Articles of Amendment |
2 |
2 |
3 |
4 |
2 |
1 |
32 |
Amalgamations |
1 |
3 |
2 |
0 |
1 |
2 |
39 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Co-operatives
October 1, 2007 to December 31, 2007
Application Type |
Pending as of Sept. 30, 2007 |
Received |
Completed on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of Dec. 31, 2007 |
Average Days to Issue |
|
Certificates of Status |
0 |
19 |
15 |
19 |
0 |
0 |
4 |
|
Offering Statements |
3 |
8 |
1 |
4 |
2 |
5 |
37 |
|
Articles of Amendment |
2 |
0 |
0 |
1 |
0 |
1 |
32 |
|
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Articles of Dissolution |
2 |
1 |
0 |
1 |
0 |
2 |
32 |
|
Articles of Incorporation |
1 |
6 |
0 |
4 |
0 |
3 |
31 |
|
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Cancellation Order |
0 |
1 |
1 |
1 |
0 |
0 |
15 |
|
Material Change |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Mortgage Brokers
October 1, 2007 to December 31, 2007
Application Type |
New Received |
New Issued |
Renewals Issued |
Individual and Corporate Registrations |
83 |
63 |
243 |
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
January 25, 2008
ISSN 1481-1499
Financial Services Commission of Ontario