The Financial Services Commission of Ontario (FSCO) is releasing information on the disposition of applications for licences and licence changes received during the third quarter, July 1, 2005 to September 30, 2005. The applications relate to individuals and organizations in financial services sectors under FSCO’s jurisdiction, including insurance, credit unions/caisses populaires, co-operatives, trust and loan companies, and mortgage brokers.
In addition, FSCO is responsible for regulating pension plans registered in the province. For more information on pensions or any of the other financial services sectors regulated by FSCO, visit its website at www.fsco.gov.on.ca.
INSURANCE – Companies
(Listed in alphabetical order)
- Jewelers Mutual Insurance Company
The company is licensed for: Boiler and Machinery, Fidelity, Liability, Property
Jurisdiction of Incorporation: Wisconsin, USA
Jewelers Mutual Insurance Company’s contact in Ontario is:
Mr. J. Brian Reeve, Chief Agent
C/O Cassels, Brock & Blackwell LLP
40 King Street West, Suite 2100
Toronto, Ontario M5H 3C2
Tel: (416) 869-5745
Fax: (416) 350-6955
September 22, 2005
The licence of the following insurer was cancelled after satisfactory arrangements were made for insurance liabilities.
- Cologne Reinsurance Company
All liabilities of the company have been transferred to General Reinsurance Corporation
August 15, 2005
- Allianz Global Risks US Insurance Company
Classes added: Accident and Sickness, Aircraft, Marine
July 20, 2005
- Ascentus Insurance Ltd.
Class added: Marine
September 9, 2005
- Bankers National Life Insurance Company
Name change: Washington National Insurance Company
August 5, 2005
- Canassurance Life Insurance Company
Name change: Canassurance Insurance Company
September 23, 2005
- The Loyalist Insurance Company
Name change: Fenchurch General Insurance Company
July 27, 2005
- Municipal Electric Association Reciprocal Insurance Exchange
Class added: Credit
August 22, 2005
INSURANCE – Agents and Adjusters
During the third quarter of 2005, FSCO reviewed and approved 1,282 new individual agent licences and 2,897 agent renewals. For 86 per cent of applications received, FSCO completed its review and issued licences in 5 days or less.
In addition, FSCO approved and processed 99 new corporate agent licences, 226 corporate renewals, 22 new individual adjuster licences, 431 individual adjuster renewals, and 20 corporate adjuster renewals. There was one new corporate adjuster licence application.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive applications for new incorporations. Ten 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.
Two credit unions were approved to merge through amalgamation, and one credit union was approved to merge through transfer of assets as follows:
Lambton Financial Credit Union Limited and Dow Chemical Employees (Sarnia) Credit Union Limited amalgamated effective September 30, 2005, forming Lambton Financial Credit Union Limited.
Transfer of assets:
Purchaser credit union
Virtual One Credit Union Limited
Vendor credit union
Labatts Employees (Toronto) Credit Union Limited
August 31, 2005
During the third quarter, there were six incorporations, seven offering statements, and one amendment.
On July 1, 2005, Desjardins Trust Inc., formerly a Quebec incorporated company registered in Ontario, was granted continuance as a federally incorporated trust company and entered in the trust companies register.
On August 3, 2005, the Superintendent issued a letter to Industrial Alliance Trust Inc., formerly under the name Industrial Alliance-Trust Company, releasing the company from its June 29, 2004 Undertaking effective March 2, 2005.
On August 3, 2005, the Superintendent issued a letter to Laurentian Trust of Canada Inc. releasing the company from its June 29, 2004 Undertaking effective June 30, 2005.
On August 3, 2005, the Superintendent issued a letter to Desjardins Trust Inc. releasing the company from its June 29, 2004 Undertaking effective July 1, 2005.
During this period, FSCO issued 217 certificates of registration for mortgage brokers.
Licensing and Market Conduct Division
Financial Services Commission of Ontario
November 24, 2005