Licensing Changes for Third Quarter 2006

 

Bulletin

No. G- 09/06
 
- 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 third quarter, July 1 to September 30, of 2006.  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: www.fsco.gov.on.ca.

 

 

INSURANCE - Companies                               

(Listed in alphabetical order)

New Companies:

 

Effective Date

La Survivance, Compagnie Mutuelle D’Assurance Vie

    • The company is licenced for: Accident and Sickness, Life
    • Jurisdiction of Incorporation: Quebec
    • La Survivance, Compagnie Mutuelle D’Assurance Vie’s contact in Ontario is:

      Mr. Russell G. Gibson, Chief Agent
      600-325 Dalhousie St.
      Ottawa, Ontario K1N 7J2
      Tel: (613) 241-2701, ext. 229
      Fax: (613) 241-2599
July 31, 2006

AIG United Guaranty Mortgage Insurance Company Canada

    • The company is licenced for: Mortgage
    • Jurisdiction of Incorporation: Federal
    • AIG United Guaranty Mortgage Insurance Company Canada’scontact in Ontario is:

      Mr. Andrew Charles
      President & C.E.O.
      123 Front St. West, Suite 909
      Toronto, Ontario M5J 2M2
      Tel: (416) 640-8924
      Fax: (416) 640-8948
September 13, 2006

Licence Cancellations:

 

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

 

Effective Date

 

The Citadel General Assurance Company (Citadel)

    • The company has discontinued its operations in Canada and all liabilities were transferred to the AXA Canada Group.

 

 

September 14, 2006

Specialty National Insurance Company

    • The company has discontinued its operations in Canada and all liabilities were transferred to Omega General Insurance Company.

September 25, 2006


Licence Amendments:

 

Effective Date

Western Life Assurance Company

    • Class Added: Loss of Employment.
July 31, 2006

Progressive Casualty Insurance Company

    • Licence restriction added: limited to the servicing of existing policies.
July 31, 2006

Premier Insurance Company                                     

    • Licence restriction added.  The company shall not undertake insurance contracts in Ontario after July 31, 2006.
July 31, 2006

The Prudential Insurance Company of America

    • Class Deleted: Aircraft
July 31, 2006

The Standard Life Assurance Company (“Standard Life”)     

    • The name was changed to: The Standard Life Assurance Company 2006
      Compagnie d’assurance Standard Life 2006
             
July 31, 2006

SLLC   

    • The name was changed to: The Standard Life Assurance Limited
      Standard Life limitée
                         
July 31, 2006

INSURANCE - Agents and Adjusters
 

During the third quarter of 2006, FSCO reviewed and approved 1,210 new individual agent licences, and 4,674 agent renewals.  FSCO completed its review and issued licences in five days or less for 94 per cent of applications received.

 

In addition, FSCO approved and processed 78 new corporate agent licences, and 471 corporate renewals; 35 new individual adjuster licences and 179 individual adjuster renewals.

 

 

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Nine 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 amalgamations or mergers finalized during this period.

 

 

TRUST/LOAN CORPORATIONS
 

On August 8, 2006, Equity Transfer & Trust Company registered to do business in Ontario.

 

 

CO-OPERATIVES                                             
 

During the third quarter, there were seven incorporations, one offering statement and one amendment.

 

 

MORTGAGE BROKERS
 

During this period, FSCO issued 234 certificates of registration for mortgage brokers.

 

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

November 15, 2006

ISSN 1481-1499