No.G-08/99
- General

Licensing Changes -Third Quarter 1999

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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 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

Caisse Centrale De Réassurance The company is licensed for Accident and Sickness, Aircraft, Automobile, Boiler and Machinery, Fidelity, Legal Expense, Liability, Marine, Property, Surety. (Limited to the business of reinsurance). Caisse Centrale De Réassurance's contact in Ontario is: Mr. James K. Christie Chief Agent c/o Ernst & Young LLP 222 Bay St., Box 251, Ernst & Young Tower Toronto Dominion Centre Toronto, Ontario M5K 1J7 Tel: (416) 943-3468 Fax: (416) 943-3796

August 18, 1999

Licence cancellations:

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

Crown Life Insurance Company of Canada The company settled its policy liabilities in Ontario.	August 19, 1999
The Penn Mutual Life Insurance Company The company settled its policy liabilities in Ontario.	August 12, 1999
Seaboard Life Insurance Company The company transferred its policy liabilities to The North West Life Assurance Company of Canada	August 31, 1999

Licence amendments:

CNA Life Insurance Company of Canada Class Added: Loss of Employment, Accident and Sickness	August 26, 1999
CIGNA Life Insurance Company of Canada Class Added: Loss of Employment	August 26, 1999
Kingsway General Insurance Company July 30, 1999 Class Added: Boiler and Machinery	July 30, 1999
Mitsui Marine and Fire Insurance Company, Limited Class Added: Aircraft	July 30, 1999
The Mutual Life Assurance Company of Canada Name Change: Clarica Life Insurance Company	July 30, 1999
Ontario School Boards' Insurance Exchange Class Added: Fidelity	August 5, 1999
SAFR Class Added: Marine	August 18, 1999
Wellington Insurance Company Class Added: Accident and Sickness	July 14, 1999

INSURANCE - Agents and Adjusters

During the third quarter of 1999, FSCO reviewed and approved 1,163 new applications and renewed 1,745 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 30 new applications for adjuster licences and renewed 933 applications for adjuster licenses.

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.

During the period in review, two credit unions were approved to merge through "amalgamation" as follows:

Amalgamations

Amalgamating unit	Amalgamating Unit	Amalgamated Unit
Avestel Civil Credit Union Limited	Family Savings and Credit Union (Niagara) Limited	Avestel Family Savings Credit Union Limited
Northern Credit Union Limited	Valley Savings (Renfrew County) Credit Union Inc.	Northern Credit Union Limited

CO-OPERATIVES

There were 9 incorporations and no amalgamations of co-operatives.

TRUST/LOAN CORPORATIONS

One federal loan company, CIBC Mortgages Inc., received approval for registration pursuant to the Loan and Trust Corporations Act, R.S.O. 1990, c.L.25, as amended.

MORTGAGE BROKERS

FSCO issued 102 certificates of registration for mortgage brokers.

 

Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario

November 3, 1999