No. G-04/08
– General
Licensing Changes for Second Quarter 2008
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, 2008.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 by effective date)
Licence Cancellations:
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities. |
|
Effective Date |
|
Mapfre Reinsurance Corporation
|
Jun. 13, 2008 |
Licence Amendments:
L’Unique General Insurance Inc
|
Effective Date May 15, 2008 |
XL Insurance Company Limited
|
May 15, 2008 |
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, 2008 to June 30, 2008
Received |
Issued |
Pending |
13 (1 pending from 1st quarter) |
9 |
5 |
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 non-material changes for IVICs with the Superintendent, including the applicable fee.
Insurance Agents and Adjusters
April 1, 2008 to June 30, 2008
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,724 |
4,366 |
Corporate Agent Licences |
144 |
978 |
Individual Adjuster Licences |
15 |
742 |
*FSCO completed its review and issued individual agent licences in five days or less for 98 per cent of applications received.
Credit Unions/Caisses Populaires
April 1, 2008 to June 30, 2008
Application Type |
Pending as of March 31, 2008 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of June 30, 2008 |
Average Days to Issue |
Certificate of Status |
0 |
7 |
7 |
7 |
0 |
0 |
3 |
Offering Statements |
2 |
0 |
0 |
1 |
0 |
1 |
48 |
Articles of Amendment |
1 |
2 |
2 |
3 |
0 |
0 |
35 |
Amalgamations |
0 |
2 |
2 |
0 |
0 |
2 |
37 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
2 |
2 |
2 |
0 |
0 |
4 |
Co-operatives
April 1, 2008 to June 30, 2008
Application Type |
Pending as of March 31, 2008 |
Received |
Complete on Receipt |
Issued |
Closed (incomplete or withdrawn) |
Pending as of June 30, 2008 |
Average Days to Issue |
Certificates of Status |
0 |
17 |
16 |
17 |
0 |
0 |
1 |
Offering Statements |
2 |
2 |
0 |
1 |
0 |
3 |
90 |
Articles of Amendment |
1 |
3 |
1 |
1 |
0 |
3 |
3 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Dissolution |
0 |
1 |
0 |
1 |
0 |
0 |
10 |
Articles of Incorporation |
1 |
8 |
0 |
5 |
0 |
4 |
29 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Cancellation Order |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Material Change |
0 |
3 |
0 |
3 |
0 |
0 |
6 |
Applications under the Mortgage Brokers Act (MBA)*
April 1, 2008 to June 30, 2008
Application Type |
New Received |
New Issued |
Renewals Issued |
Individual and Corporate Registrations |
149 |
136 |
219 |
Applications under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA)*
March 1, 2008 to June 30, 2008
Application Type |
Pending as of March 1, 2008 |
Received |
Complete on Receipt |
Issued |
Returned to Brokerage due to Deficiencies |
Pending as of June 30, 2008 |
Average Days to Issue |
Mortgage Brokerage |
0 |
1,500 |
1,064 |
1,064 |
320 |
116 |
10 |
Principal Broker |
0 |
1,082 |
1,082 |
992 |
0 |
90 |
2 |
Mortgage Broker |
0 |
730 |
730 |
623 |
0 |
107 |
2 |
Mortgage Agent |
0 |
6,797 |
6,797 |
5,710 |
0 |
1,087 |
2 |
*The Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) came into full effect on July 1, 2008. FSCO accepted advance applications under the MBLAA from March 1, 2008 to June 30, 2008. The Mortgage Brokers Act (MBA) remained in effect until June 30, 2008 (inclusive), when all existing Mortgage Broker registrations expired.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
September 2, 2008
ISSN 1481-1499
Financial Services Commission of Ontario