Licensing Changes for First Quarter 2005

 

Bulletin

No. G-02/05
 
– General

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 first quarter, January 1 to March 31, of 2005. The applications relate to individuals and organizations in these financial services sectors under FSCO’s jurisdiction: insurance, credit unions/caisses populaires, cooperatives, 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 Internet website at: www.fsco.gov.on.ca.

 

 

INSURANCE – Companies

(Listed in alphabetical order)

New Companies:

Effective Date

  • Arch Insurance Company

    The company is licensed for Accident and Sickness, Aircraft, Boiler and Machinery, Fidelity, Hail, Legal Expense, Liability, Marine, Property, Surety.

    Jurisdiction of Incorporation: Federal

    Arch Insurance Company’s contact in Ontario is:

    Mr. Sheldon Rankin, Chief Agent
    120 Adelaide Street West, Suite 2500
    Toronto, Ontario M5H 1T1
    Tel: (416) 363-8705
    Fax: (416) 367-1954
January 24, 2005
  • Canadian Farm Insurance Corp.

    The company is licensed for Accident & Sickness, Boiler & Machinery, Fidelity, Liability, Property, Surety.

    Jurisdiction of Incorporation: Manitoba, Canada

    Canadian Farm Insurance Corp.’s contact in Ontario is:

    Mr. Lawrence K. Porter, Chief Agent
    65 Queen Street West, Suite 1700
    Toronto, Ontario M5H 2M5
    Tel: (416) 366-1700
    Fax: (416) 367-2502
January 31, 2005
  • Compagnie Française d’Assurance pour le Commerce Extérieur

    The company is licensed for Credit.

    Jurisdiction of Incorporation: Paris, France

    Compagnie Française d’Assurance pour le Commerce Extérieur’s contact in Ontario is:

    Mr. Brian Reeve, Chief Agent
    40 King Street West, Suite 2100
    Toronto, Ontario M5H 3C2
    Tel: (416) 869-5745
    Fax: (416) 360-8877
January 19, 2005
  • FCT Insurance Company Ltd.

    The company is licensed for Title, Liability (limited to lawyers’ professional liability), Property (limited to vehicle title insurance and personal property title insurance).

    Jurisdiction of Incorporation: Federal

    FCT Insurance Company Ltd.’s contact in Ontario is:

    Mr. Thomas Hartley Grifferty, CEO
    2235 Sheridan Garden Drive
    Oakville, Ontario L6J 7Y5
    Tel: (905) 287-3340
    Fax: (905) 287-2400
February 22, 2005

Amalgamations/Mergers:

  • MFC Insurance Company Limited and The Maritime Life Assurance Company amalgamated with The Manufacturers Life Insurance Company. The licences of MFC Insurance Company Limited and The Maritime Life Assurance Company have been cancelled.

    The amalgamated company will continue under the name The Manufacturers Life Insurance Company.
March 23, 2005
  • Travelers Casualty and Surety Company of Canada amalgamated with St. Paul Guarantee Insurance Company.  The licence of Travelers Casualty and Surety Company of Canada was cancelled.

    The amalgamated company will continue under the name St. Paul Guarantee Insurance Company.
February 25, 2005

Licence cancellations:

The licence of the following insurer was cancelled after satisfactory arrangements were made for any insurance liabilities.

 

  • Swiss Re Italia S.p.A

    The company has ceased operations in Canada and has no outstanding insurance liabilities.
March 7, 2005

Licence amendments:

  • The Equitable Life Assurance Society of the United States

    Name change: Axa Equitable Life Insurance Company
February 22, 2005
  • GE Capital Mortgage Insurance Company (Canada)

    Name change: Genworth Financial Mortgage Insurance Company of Canada
February 7, 2005
  • HSBC Canadian Direct Insurance Incorporated

    Name change: Canadian Direct Insurance Incorporated
February 9, 2005
  • Industrial-Alliance Pacific General Insurance Corporation

    Classes Added: Boiler and Machinery, Property, Surety
March 15, 2005
  • North American Specialty Insurance Company

    Classes added: Boiler and Machinery, Fidelity, Hail, Marine
January 14, 2005
  • RGA Life Reinsurance Company of Canada

    Class added: Loss of Employment Insurance (limited to the business of reinsurance)
March 14, 2005
  • Tokio Marine and Fire Insurance Company, Limited

    Name change: Tokio Marine & Nichido Fire Insurance Co., Ltd.
February 9, 2005

INSURANCE – Agents and Adjusters

 

 

During the first quarter of 2005, FSCO reviewed and approved 1,125 new individual agent licences, and 4,509 agent renewals.  FSCO completed its review and issued licences in five days or less for 86 per cent of applications received.

 

In addition, FSCO approved and processed 63 new corporate agent licences, and 554 corporate renewals; 14 new individual adjuster licences and 14 individual adjuster renewals; and two corporate adjuster renewals. There were no new corporate adjuster licence applications.

 

 

CREDIT UNIONS/CAISSES POPULAIRES

 

 

During the period under review, FSCO did not receive any applications for new incorporations. Six credit unions/caisses populaires applied for and received approval for lending licence changes.  Lending categories include unsecured, personal, bridge, aggregate, mortgage, agricultural, and commercial lending increases of varying amounts.

 

There were no approvals of mergers through amalgamations or transfers of assets relating to credit unions/caisses populaires.

 

 

CO-OPERATIVES

 

 

During the first quarter, there were eight incorporations, six offering statements, one amendment  and one conversion to an Ontario Business Corporation relating to co-operatives.

 

 

TRUST/LOAN CORPORATIONS

 

 

On January 1, 2005, Sun Life Financial Trust Inc. was continued as a federally incorporated trust company resulting from the amalgamation of Sun Life Financial Trust Inc. and Clarica Trust Company and entered in the trust companies register.

 

On January 1, 2005, The Canada Trust Company was continued as a federally incorporated trust company resulting from the amalgamation of The Canada Trust Company and Canada Trustco Mortgage Company and entered in the trust companies register.

 

Following a request from the company to cancel its registration in Ontario, on February 25, 2005, the Superintendent issued a notification letter revoking the registration of UBS Trust (Canada).

 

On March 2, 2005, Industrial Alliance Trust Inc., formerly a Quebec incorporated company registered in Ontario under the name Industrial-Alliance Trust Company, was continued as a federally incorporated trust company and entered in the trust companies register.

 

Following a request from the company to cancel its registration in Ontario, on March 30, 2005, the Superintendent issued a notification letter revoking the registration of National Bank Trust Inc.

Following a request from the company to cancel its registration in Ontario, on March 31, 2005, the Superintendent issued a notification letter revoking the registration of  Co-operative Trust Company of Canada.

 

 

MORTGAGE BROKERS

 

During this period, FSCO issued 202 certificates of registration for mortgage brokers.


Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario

May 24, 2005