No. G-06/99
- General
Licensing changes for second quarter 1999
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 second quarter of 1999. 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 |
The company is licensed for Automobile, Liability, Chieftain Insurance Company’s contact in Mr. George L. Cooke |
April 14, 1999 |
The company is licensed for Accident And Sickness, Life. Employers Reassurance Corporation’s contact in Mr. Alan Ryder |
May 14, 1999 |
The company is licensed for Automobile, Fidelity, Markham General Insurance Company’s contact in Mr. Brian G. Johnston |
June 18, 1999 |
The company is licensed for Accident And Sickness, Liability, Mr. Riccardo Trecroce |
June 15, 1999 |
The company is licensed for Accident And Sickness, Life. Mr. Riccardo Trecroce |
May 13, 1999 |
Amalgamations
The amalgamated company will use the name Allianz Insurance Company of Canada. The licence of The Canadian Surety Company has been cancelled. |
June 28, 1999 |
| Discontinuing & withdrawing companies: | |
This company has discontinued its operations and, |
June 4, 1999 |
The company has been authorized to withdraw from |
June 14, 1999 |
This company has discontinued its operations and, |
June 24, 1999 |
Licence amendments:
Restriction removed preventing the company from undertaking or renewing contracts in the Aircraft class of business |
June 28, 1999 |
Class Added: Accident and Sickness |
June 15, 1999 |
Class Added: Marine |
June 7, 1999 |
Name Change: ERC Frankona Ruckversicherungs- Aktien-Gesellschaft |
June 2, 1999 |
Name Change: CGU Insurance Company of Canada |
May 12, 1999 |
Class Added: Property, limited to loss of baggage in transit. |
April 20, 1999 |
Name Change: GE Reinsurance Corporation |
June 18, 1999 |
Name Change: Minnesota Life Insurance Company |
June 2, 1999 |
Removal of a licence condition that restricted the company’s |
April 16, 1999 |
| Pafco Insurance Company Name Change: Pembridge Insurance Company |
June 16, 1999 |
Name Change: Pohjola Group Insurance Corporation |
June 17, 1999 |
Class Added: Fidelity. Limited to the plan of insurance, |
June 16, 1999 |
Name Change: Principal Life Insurance Company |
May 7, 1999 |
Class Added: Aircraft |
April 9, 1999 |
Name Change: Swiss Re Italia S.p.A. |
June 24, 1999 |
PREPAID HOSPITAL AND MEDICAL SERVICES ASSOCIATIONS
|
April 13, 1999 |
INSURANCE - Agents and Adjusters
During the second quarter of 1999, FSCO reviewed and approved 1,459 new applications and renewed 2,258 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. FSCO also reviewed and approved 14 new applications for adjuster licences.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporation. Sixteen 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.
Also during the period in review, 15 credit unions and caisses populaires were approved to merge through "amalgamation" or a "transfer of assets" as follows:
Transfer of assets
| Purchaser credit union | Vendor credit union |
|
Sudbury Civic Employees Credit Union Limited |
|
East York Municipal Employees Credit Union Limited |
|
Huronia Credit Union Limited |
|
Dow Chemical Employees (Sarnia) Credit Union Limited |
|
Ukrainian (Sudbury) Credit Union Limited |
|
Civic Employees (Cambridge) Credit Union Limited |
|
Oneida Employees (Niagara Falls) Credit Union Limited |
|
BFG Employees (Kitchener) Credit Union Limited |
|
Jumbo Employees (Toronto) Credit Union Limited |
|
Canatel Credit Union Limited |
|
Oshawa Group Employees’ Credit Union Limited |
|
London District CPR Employees Credit Union Limited |
Amalgamations
| Provincial Civil Servants Credit Union Limited | Thunder Bay Civil Servants Credit Union Limited |
| The Toronto Municipal Employees' Credit Union Limited | Etobicoke Municipal Employees Credit Union Limited |
| Superior Credit Union Limited | Thunder Bay Community Credit Union Limited |
CO-OPERATIVES
There were 10 incorporations and no amalgamations of co-operatives.
TRUST/LOAN CORPORATIONS
One federal trust company, Central Guaranty Trust Company, requested and received approval for the revocation of its registration pursuant to section 36 of the Loan and Trust Corporations Act, R.S.O. 1990, c.L.25, as amended.
MORTGAGE BROKERS
FSCO issued 131 certificates of registration for mortgage brokers.
NOTICE OF NEW CLASS OF INSURANCE
Pursuant to s.43(1) of the Insurance Act, the following has been added to the list of classes of insurance, effective July 30, 1999.
Loss of employment insurance: Insurance against the involuntary loss of employment by a person where the loss of employment benefit is limited to all or part of the debt of the person.
Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario
September 17, 1999
Financial Services Commission of Ontario