Licence Cancellations:
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities:
|
Cancellation
Date |
|---|
ACA Assurance
- The company has ceased operations in Canada and has no remaining liabilities. On September 30, 2009, the company transferred all its insurance business to L’Union-Vie Mutual Insurance Company.
|
July 25, 2011 |
The Home Insurance Company
- The company has ceased operations in Canada and has no remaining liabilities. On November 18, 2003, the company transferred all its insurance business to Lombard General Insurance Company of Canada.
|
July 28, 2011 |
First Allmerica Financial Life Insurance Company
- The company has ceased operations in Canada and has no remaining liabilities.
|
August 5, 2011
|
The British Aviation Insurance Company Limited
- The company has ceased operations in Canada and has no remaining liabilities. On December 31, 2010, the company transferred all its insurance business to Omega General Insurance Company.
Lumbermens Mutual Casualty Company - The company has ceased operations in Canada and has no remaining liabilities.
|
August 19, 2011
August 22, 2011 |
|
|
Licence Amendments:
The following insurers made amendments to their licences: |
Effective
Date |
|---|
Industrial-Alliance Pacific Life Insurance Company
- The name was changed to Industrial Alliance Pacific and Financial Services Inc. and, in French, Industrielle Alliance Pacifique, Assurance et services financiers inc.
|
|
Everest Insurance Company of Canada
- Class added: accident and sickness
|
|
|
|
LICENSING STATISTICS
The statistics below provide information on 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 pending, unless otherwise indicated.
Insurance Agents and Adjusters
July 1, 2011 to September 30, 2011
Application Type |
New Licences |
Renewal Licences |
Individual Agent Licences* |
1,560 |
3,698 |
Corporate Agent Licences |
69 |
356 |
Individual Adjuster Licences |
48 |
230
|
*FSCO reviews agent licence applications 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. 99 per cent of these applications were processed and had licences issued within five business days.
Individual Variable Insurance Contracts (IVICs)
July 1, 2011 to September 30, 2011
Received |
Issued |
Pending |
10
(1 pending from the 2nd quarter)
|
11 |
0 |
IVIC information folders issued by life insurance companies are reviewed for compliance with the requirements under the Insurance Act and Ontario Regulation 132/97, subsequently amended to Ontario Regulation 359/06.
Pursuant to Ontario Regulation 359/06, 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 359/06.
Co-operative Corporations
July 1, 2011 to September 30, 2011
|
0 |
10 |
10 |
10 |
0 |
0 |
2 |
Offering Statements |
5 |
4 |
0 |
4 |
0 |
5 |
15 |
Articles of Amendment |
2 |
2 |
1 |
4 |
0 |
0 |
19 |
Articles of Continuance |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Dissolution |
0 |
6 |
2 |
5 |
0 |
1 |
11 |
Articles of Incorporation |
11 |
9 |
2 |
14 |
2 |
4 |
8 |
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 |
Extra Provincial |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Restatement |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Articles of Amalgamation |
0 |
1 |
1 |
1 |
0 |
0 |
12 |
♦ Calculated based on FSCO working time only.
Credit Unions/Caisses Populaires
July 1, 2011 to September 30, 2011
Certificate of Status |
4 |
5 |
5 |
9 |
0 |
0 |
2 |
Offering Statements |
0 |
2 |
0 |
2 |
0 |
0 |
36 |
Articles of Amendment |
0 |
3 |
0 |
3 |
0 |
0 |
32 |
Amalgamations |
1 |
0 |
0 |
1 |
0 |
0 |
32 |
Orders |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Certified Copies of Documents |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
♦ Calculated based on FSCO working time only.
Persons or Businesses Engaged in Mortgage Brokering
July 1, 2011 to September 30, 2011
Mortgage Brokerage |
4 |
31 |
2 |
22 |
3 |
10 |
22 |
Mortgage Brokerage Surrender |
4 |
32 |
32 |
34 |
0 |
2 |
7 |
Mortgage Administrator |
2 |
3 |
0 |
4 |
0 |
1 |
23 |
Mortgage Administrator
Surrender |
1 |
0 |
0 |
1 |
0 |
0 |
6 |
Mortgage Broker* |
5 |
8 |
7 |
12 |
0 |
1 |
2 |
Mortgage Agent*
|
43 |
703 |
666 |
709 |
0 |
37 |
2 |
*FSCO reviews licence applications 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. 99 per cent of these applications were processed and had licences issued within five business days.
**Represents actual time elapsed from receipt of application to completion.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
November 23, 2011
|