Licensing Changes for Fourth Quarter 2006

 

Bulletin

No. G-03/07
 
- 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, October 1 to December 31, 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

 

Mapfre Re, Compania De Reaseguros, S.A. (Mapfre Re Spain)

 

    • The company is licenced for: Accident and Sickness, Aircraft, Automobile, Boiler and Machinery, Credit, Fidelity, Hail, Liability, Property and Surety
    • Jurisdiction of Incorporation: Spain.
    • Mapfre Re, Compania De Reaseguros, S.A. (Mapfre Re Spain)’s contact in Ontario is:

      Ms. V. Lorraine Williams
      Chief Agent
      3650 Victoria Park Ave., Suite 201
      Toronto, Ontario M2H 3P7
      Tel:    (416) 496-1148
      Fax:   (416) 496-1089

 

December 21, 2006

 


Safety National Casualty Corporation

 

    • The company is licensed for: Liability, Property
    • Jurisdiction of Incorporation: USA.
    • Safety National Casualty Corporation’s contact in Ontario is:

      Mr. J. Brian Reeve 
      Chief Agent
      40 King Street West, Suite 2100
      Toronto, Ontario M5H 3C2                                                    
      Tel:    (416) 869-5745/5746
      Fax:   (416) 360-8877

 

October 18, 2006

State Farm International Life Insurance Company Limited 

Compagnie D’Assurance-Vie State Farm International Ltée

 

    • The company is licensed for: Life
    • Jurisdiction of Incorporation: Bermuda
    • State Farm International Life Insurance Company Limited’s contact in Ontario is:

      Mr. Robert Cooke
      President & Chief Agent
      333 First Commerce Drive
      Aurora, Ontario L4G 8A4
      Tel:    (905)750-4204
      Fax:   (905)750-4719

November 29, 2006

Sun Life Insurance (Canada) Limited

 

    • The company is licensed for: Accident & Sickness, Life
    • Jurisdiction of Incorporation: Canada
    • Sun Life Insurance (Canada) Limited’s contact in Ontario is:

      Mr. Thomas Bogart
      Chief Agent
      150 King Street West, Suite1400
      Toronto, Ontario M5H 1J9
      Tel:    (416) 979-4024
      Fax:   (416) 979-3209

October 25, 2006


Licence Cancellations:

 

  Effective Date

 

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

 

XL Re Europe

 

    • The company has withdrawn from the Canadian market.  All liabilities have been assumed by XL Reinsurance America Inc.

 

November 15, 2006

 

Licence Amendments:

Effective Date

American Re-Insurance Company                             

    • The name was changed to: Munich Reinsurance America, Inc.

 

October 18, 2006

Aspen Insurance UK Limited

    • Licence restriction deleted: limited to the business of reinsurance.

 

October 13, 2006

CGU International Insurance plc                                         

    • The name was changed to: AVIVA International Limited.

 

October 3, 2006

Echelon General Insurance Company/ Echelon Compagnie D’Assurance
Generales

    • Class Added: Loss of Employment

 

November 29, 2006

The Order of Italo-Canadians           

    • Class amended: "Sickness" changed to "Accident and Sickness"

December 11, 2006    

Sons of Scotland Benevolent Association

    • Class amended: "Sickness" changed to "Accident and Sickness"

December 11, 2006 

State Farm Mutual Automobile Insurance Company

    • Class amended: "Accident" changed to "Accident and Sickness"

December 7, 2006 

Utica Mutual Insurance Company

    • Licence restriction added: Limited to the servicing of policies issued prior to November 20, 2006.

December 18, 2006

XL Reinsurance America Inc.

    • Class Added: Boiler and Machinery

 

November 16, 2006

 

INSURANCE - Agents and Adjusters
 

During the fourth quarter of 2006, FSCO reviewed and approved 1,234 new individual agent licences, and 4,584 agent renewals.  FSCO completed its review and issued licences in five days or less for 99 per cent of applications received.

 

In addition, FSCO approved and processed 64 new corporate agent licences, and 557 corporate renewals; 23 new individual adjuster licences and 13 individual adjuster renewals.

 

 

CREDIT UNIONS/CAISSES POPULAIRES
 

During the period under review, FSCO did not receive any applications for new incorporations. Two 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.

 

Amalgamations: Unity Savings and Credit Union Limited and Maitland Credit Union Limitedamalgamated effective December 1, 2006 to form Unity Savings and Credit Union Limited        

 

                                      

CO-OPERATIVES                                             
 

During the fourth quarter, there were four incorporations, four amendments, one name change, one dissolution, one restatement of articles of incorporation, and one offering statement.

 

 

MORTGAGE BROKERS

During this period, FSCO issued 272 certificates of registration for mortgage brokers.


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

February 19, 2007

ISSN 1481-1499