No. G-04/03
- General
Licensing Changes - for Fourth Quarter 2002
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, of 2002. 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 web site at: www.fsco.gov.on.ca
INSURANCE - Companies
(Listed in alphabetical order)
| New Companies: | Effective date of changes |
|
Nov. 19, 2002 |
|
Dec. 30, 2002 |
Licence Cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Nov. 15, 2002 |
|
Nov. 15, 2002 |
|
Nov. 15, 2002 |
|
Dec. 03, 2002 |
|
Dec. 13, 2002 |
|
Dec. 13, 2002 |
|
Dec. 13, 2002 |
|
Dec. 17, 2002 |
Licence Amendments:
|
Nov. 08, 2002 |
|
Dec. 13, 2002 |
|
Dec. 16, 2002 |
Class Added: Boiler and Machinery |
Dec. 18, 2002 |
|
Dec. 19, 2002 |
INSURANCE - Agents and Adjusters
During the fourth quarter of 2002, FSCO reviewed and approved 1,716 new individual and 76 new corporate agent licensing applications. FSCO also renewed 4,335 individual and 555 corporate applications for agent licences, which include licences for Level I and Level II agents, other-than-Life (General) agents and Accident and Sickness (A&S) agents. It also reviewed and approved 31 new individual and four corporate applications for adjuster licences and renewed 22 individual and one corporate applications for adjuster licences.
There were also 1,477 licensing transactions processed via the internet, consisting of 49 licence status changes from Level I to Level II; 150 new individual agent licences; and 1,278 Level II licence renewals.
Since the inception of the examination equivalency agreement between FSCO and RIBO earlier this year, 335 former general agents have applied to RIBO for equivalency.
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, eight credit unions were approved to merge through an "amalgamation" or a "transfer of assets" as follows:
Transfer of Assets:
| Purchaser Credit Union | Vendor Credit Union |
|
TH&B Employees Credit Union Limited |
|
Garden City |
|
Clarkson Oil Workers Credit Union Limited |
|
Saskatchewan Pool Employees |
|
North Huron Credit Union Limited |
|
Czechoslovak (Toronto) Credit Union Limited |
Amalgamations
| Amalgamating Unit | Amalgamating Unit | Amalgamating Unit |
| Caisse Populaire St. Charles | Caisse Populaire | Caisse Populaire |
| d’Ottawa Ltée | Ste. Genevieve Limitée | Vision Inc. |
CO-OPERATIVES
There were eight incorporations, three amendments, one name change, two dissolutions, and one conversion to an Ontario Business Corporation, relating to co-operatives.
TRUST/LOAN CORPORATIONS
Effective November 1, 2002, Montreal Trust Company and Montreal Trust Company of Canada amalgamated. This federal trust company was continued as Montreal Trust Company of Canada.
Effective November 1, 2002, National Trust Company and Victoria and Grey Mortgage Corporation amalgamated. The amalgamated company was continued as a federal trust company named National Trust Company.
MORTGAGE BROKERS
FSCO issued 131 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario
June 6, 2003
Financial Services Commission of Ontario