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Licensing Changes for Second Quarter 2005

 

Bulletin

No. G-04/05
 
– 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 second quarter, April 1 to June 30, of 2005. The applications relate to individuals and organizations in these 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 Internet website at: www.fsco.gov.on.ca.

 

 

INSURANCE – Companies

 

(Listed in alphabetical order)
 

 

New Companies:

Effective Date

  • La Capitale Insurance and Financial Services Inc.

    The company is licensed for Accident and Sickness, Life.

    Jurisdiction of Incorporation: Quebec

    La Capitale Insurance and Financial Services Inc.’s contact in Ontario is:

    Ms. Gail Goodman, Chief Agent
    121 King Street West, Suite 510
    Toronto, Ontario M5H 3T9
    Tel: (416) 601-2710
    Fax: (416) 601-1818

May 19, 2005

 

 

 

Licence cancellations:

The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.

 

  • Canassurance General Insurance Company Inc.

    All liabilities of the company have been transferred to Canassurance Life Insurance Company Inc.

May 10, 2005

  • GE Reinsurance Corporation

    All liabilities of the company have been transferred to Employers Reinsurance Corporation.

May 27, 2005

  • Nordisk Reinsurance Company A/S

    All liabilities of the company have been transferred to Employers Reinsurance Corporation.

May 27, 2005

Licence amendments:

  • Canadian Northern Shield Insurance Company

    Class added: Automobile

May 4, 2005
  • Canassurance Life Insurance Company Inc.

    Classes added: Property, Liability
May 10, 2005
  • Federated Life Insurance Company of Canada

    Name change: Western Life Assurance Company

April 13, 2005
  • General & Cologne Life Re of America

    Name change: General Re Life Corporation

May 20, 2005
  • GE Frankona Rückversicherungs-Aktiengesellschaft

    Classes deleted: Aircraft, Automobile, Boiler and Machinery, Credit, Fidelity, Hail, Liability, Property, Surety

May 27, 2005
  • Howard Mutual Fire Insurance Company

    Name change: Howard Mutual Insurance Company

May 18, 2005
  • ING Novex Insurance Company of Canada

    Reinsurance restriction removed on Boiler and Machinery class

May, 20, 2005
  • Liberty Insurance Company of Canada

    Name change: TD Home and Auto Insurance Company

April 11, 2005

INSURANCE – Agents and Adjusters
 

 

During the second quarter of 2005, FSCO reviewed and approved 1,159 new individual agent licences, and 2,814 agent renewals.  FSCO completed its review and issued licences in five days or less for 78 per cent of applications received.

 

 

In addition, FSCO approved and processed 82 new corporate agent licences, and 310 corporate renewals; seven new individual adjuster licences and 564 individual adjuster renewals; and 87 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. Thirteen 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.

 

 

During the period in review, six credit unions were approved to merge through amalgamations of credit unions, and four credit unions were approved to merge through transfer of assets as follows:

 

Transfer of Assets:

Purchaser credit union
Vendor credit union
Effective Date
Hamilton Municipal Employees Credit Union Limited BADGE Credit Union Limited
April 1, 2005
Canadian Transportation Employees Credit Union Limited Howell Lithographic Employees (Hamilton) Credit Union Limited
April 30, 2005

United Employees Credit Union Limited

Black & McDonald Employees (Toronto) Credit Union Limited
April 30, 2005
PACE Savings & Credit Union Limited Medical-Dental Financial,Savings & Credit Union Limited
May 31, 2005

 

Amalgamations:

 

Civil Service Co-operative Credit Society Limited and Metro Credit Union Limited amalgamated effective April 1, 2005, and formed Alterna Savings and Credit Union Limited.

 

 

Niagara Credit Union Limited and Hepcoe Credit Union Limited amalgamated effective April 1, 2005, and formed Meridian Credit Union Limited.

 

 

United Employees Credit Union Limited and C.C.G.I. Retail Store Employees (Ontario) Credit Union Limited amalgamated effective May 31, 2005, and formed United Employees Credit Union Limited.

 

 

 

CO-OPERATIVES   
 

 

During the second quarter, there were seven incorporations, three dissolutions, four offering statements, two amendments  and one conversion to an Ontario Business Corporation relating to co-operatives.

 

 

 

TRUST/LOAN CORPORATIONS
 

 

On June 30, 2005, Laurentian Trust of Canada Inc., formerly a Quebec incorporated company registered in Ontario, was continued as a federally incorporated trust company and entered in the trust companies register.

 

 

 

MORTGAGE BROKERS

 

 

During this period, FSCO issued 209 certificates of registration for mortgage brokers.

 

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

August 19, 2005

ISSN 1481-1499