Licensing Changes for Fourth Quarter 2005

 

Bulletin

No. G- 02/06
 
– 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 fourth quarter, October 1 to December 31, 2005. The applications relate to individuals and organizations in 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 in alphabetical order)

New Companies

 

Effective Date

  • Assurant Life of Canada

    The company is licensed for: Accident and Sickness, Life (subject to the limitation that accident and sickness insurance is restricted to the servicing of business assumed from John Alden Insurance Company)

    Jurisdiction of Incorporation:
    Canada

    Assurant Life of Canada’ s
    contact in Ontario is:

    Matthew McGuire, Secretary
    5160 Yonge Street Suite # 500
    Toronto, Ontario M2N 7C7
    Tel: (416) 733-3360
    Fax: (416) 733-3826
December 8, 2005
  • Atradius Credit Insurance N.V.

    The company is licensed for: Credit

    Jurisdiction of Incorporation: Canada

    Atradius Credit Insurance N.V.’ s contact in Ontario is:

    Ian Miller, Chief Agent
    7 Mill Street, East Annex, Suite # 600
    Almonte, Ontario K0A 10A
    Tel: (613) 256-9134
    Fax: (613) 256-9133
November 28, 2005
  • Fidelity Investments Insurance Company of Canada

    The company is licensed for: Life

    Jurisdiction of Incorporation: Canada

    Fidelity Investments Insurance Company of Canada’ s contact in Ontario is:

    Stuart T. Graham, Chief Executive Officer
    883 Bay Street Suite # 200
    Toronto, Ontario M5G 2N7
    Tel: (416) 307-5300
    Fax: (416) 217-2382
December 16, 2005
  • L’Entraide Assurance Mutual Company

    The company is licensed for: Accident and Sickness, Life

    Jurisdiction of Incorporation: Quebec

    L’Entraide Assurance Mutual Company’s contact in Ontario is:

    Russell G. Gibson, Chief Agent
    325 Dalhousie, Suite # 600
    Ottawa, Ontario K1N 7G2
    Tel: (613) 241- 2701
    Fax: (613) 241- 2599
October 24, 2005
  • L’Unique, compagnie d’assurances générales

    The company is licensed for: Surety

    Jurisdiction of Incorporation: Quebec

    L’Unique, compagnie d’assurances générales’ contact in Ontario is:

    Gérald Groulx, Chief Agent
    745A Montreal Road, Suite # 101
    Ottawa, Ontario K1K 0T1
    Tel: (613) 748-1918
    Fax: (613) 748-3512
October 21, 2005
  • Metlife Canada

    The company is licensed for: Accident and Sickness, Life

    Jurisdiction of Incorporation: Canada


    Metlife’s contact in Ontario is:

    Karen Christensen Sauvé, Chief Executive Officer
    360 Albert Street, Suite # 1750
    Ottawa, Ontario K1R 7X7
    Tel: (613) 237-6205
    Fax: (613) 237-7585
November 17, 2005

Licence cancellations:

 

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

 

  • Canadian Millers’ Mutual Insurance Company

    The company has been in liquidation since December 11, 2001.
October 17, 2005
  • The National Life Assurance Company of Canada

    All assets and liabilities were transferred to Industrial Alliance Insurance and Financial Services Inc..
November 28, 2005
  • Sherway Insurance Company Limited

    The company has discontinued its operations.
October 25, 2005

Licence amendments:

 

  • Aspen Insurance UK Limited

    The reinsurance restriction was removed on the Marine class.
December 5, 2005
  • First North American Insurance Company

    Class added: Automobile (limited to indemnification in respect of collision damage waivers)
December 9, 2005
  • L’Unique compagnie d’Assurances générales

    The name was changed to: L’Unique General Insurance Inc. in English and L’Unique assurances générales inc. in French.
December 5, 2005
  • Optimum Frontier Insurance Company

    The name was changed to: Optimum Frontier Insurance Inc. in English and Optimum Societe d’Assurance Inc. in French.

    Classes deleted: Accident & Sickness and Marine
December 9, 2005
  • Pilot Insurance Company

    Class added: Legal Expense
December 1, 2005
  • Scottish & York Insurance Co. Limited

    Class added: Legal Expense
December 1, 2005
  • The West Wawanosh Mutual Insurance Company

    Class added: Fidelity (limited to the plan of insurance, and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services)

 

November 28, 2005

INSURANCE – Agents and Adjusters
 

During the fourth quarter of 2005, FSCO reviewed and approved 1,335 new individual agent licences, and 2,930 agent renewals. FSCO completed its review and issued licences in five days or less for 96 per cent of applications received.

 

In addition, FSCO approved and processed 72 new corporate agent licences, and 249 corporate renewals; 21 new individual adjuster licences and 25 individual adjuster renewals. There were 3 new corporate adjuster licence applications.

 

 

CREDIT UNIONS/CAISSES POPULAIRES
 

During the period under review, FSCO did not receive any applications for new incorporations. Five 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, two credit unions were approved to merge through amalgamations of credit unions, and one credit union was approved to merge through transfer of assets as follows:

Transfer of assets:

Purchaser credit union

Vendor credit union

Effective Date

Grand River Credit Union Limited

Worthington Employees

(Brantford) Credit Union Limited

November 1, 2005

Amalgamations:

 

Northern Credit Union Limited and West Fort William Credit Union Limited amalgamated effective October 1, 2005, and formed Northern Credit Union Limited.

Unity Savings and Credit Union Limited and Rideau/St. Lawrence Community Credit Union Limited amalgamated effective October 1, 2005, and formed Unity Savings and Credit Union Limited.

 

 

CO-OPERATIVES
 

During the fourth quarter, there were four incorporations, one offering statement, and two amendments.

 

 

TRUST/LOAN CORPORATIONS
 

On December 15, 2005, RBC Dexia Investor Services Trust and in French, Fiducie RBC Dexia Services aux Investisseurs, registered to do business in Ontario.

 

 

MORTGAGE BROKERS
 

During this period, FSCO issued 244 certificates of registration for mortgage brokers.


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

March 7, 2006

ISSN 1481-1499