Licensing Changes for First Quarter 2006

 

Bulletin

No. G- 05/06
 
– 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 first quarter, January 1 to March 31, 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 website at: www.fsco.gov.on.ca.

 

INSURANCE – Companies


(Listed in alphabetical order)

           

New Companies:

Effective Date


  • Trisura Guarantee Insurance Company

    The company is licensed for: Boiler and Machinery, Fidelity,       Legal Expense, Liability, Property and Surety.

    Jurisdiction of Incorporation: Canada

    Trisura Guarantee Insurance Company’s contact in Ontario  is:

    Robert E. Taylor, Chief Executive Officer
    70 York Street Suite # 1100
    Toronto, Ontario M5J 1S9
    Tel:   (416) 214-2555
    Fax:  (416) 214-9597

March 9, 2006

Amalgamations:


 

  • Glengarry Farmers’ Mutual Fire Insurance Company and Prescott Mutual Insurance Company have amalgamated to form Glengarry Mutual Insurance Company

   January 1, 2006

Licence cancellations:

 

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

 

  • Bankers Life and Casualty Company

    The company has discontinued its operations.

March 2, 2006

 

  • Metro Public Education Insurance Exchange

    The reciprocal has discontinued its operations.

      March 13, 2006

Licence amendments:


 

  • MAX Canada Insurance Company

    Class added: Automobile (limited to non-owned automobiles)

March 29, 2006

  • Metropolitan Life Insurance Company

    Licence restriction added: limited to the servicing of policies issued prior to March 9, 2006

 

March 9, 2006

  • Metlife Canada

    Licence restriction added: limited to the servicing of policies issued prior to March 9, 2006

 

March 9, 2006

 

  • Munich Reinsurance Company of Canada                                  

    Class Deleted: Workmen’s Compensation

 

March 27, 2006

  • Nationwide Mutual Insurance Company

    Class Deleted: Workmen’s Compensation

 

March 27, 2006

  • Peel Maryborough Mutual Insurance Company

    Class added: Fidelity (limited to the plan of insurance, and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services)

March 13, 2006

 


  • Premier Insurance Company

    Class amended: Accident changed into Accident and Sickness (limited to accident insurance)

    March 21, 2006

  • Swiss Reinsurance Company

    Class Deleted: Workmen’s Compensation

    March 27, 2006


 

  • S & Y Insurance Company

     Class added: Legal Expense

 

    January 6, 2006

 

 INSURANCE – Agents and Adjusters

 

 

During the first quarter of 2006, FSCO reviewed and approved 1,336 new individual agent licences and 3,407 agent renewals.  FSCO completed its review and issued licences in five days or less for 91 per cent of applications received.

 

In addition, FSCO approved and processed 74 new corporate agent licences, 277 corporate renewals, 36 new individual adjuster licences, and 22 individual adjuster renewals.  There were 3 new corporate adjuster licence applications.

 

 

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.

 

During the period in review, two credit unions were approved to merge through amalgamations of credit unions, and one credit union was approved to merge through transfer of assets as follows:       

Transfer of assets:

Purchaser credit union

Vendor credit union

Effective Date

Virtual One Credit Union Limited

Photel (Toronto) Credit Union Limited

March 31, 2006


Amalgamations:

 

Caisse Populaire de St-Albert Inc., Caisse Populaire Nation Inc., and Caisse Populaire Embrun Inc. amalgamated effective January 1, 2006 to form Caisse Populaire Nouvel-Horizon Inc..

Heartland Community Credit Union Limited and Woodslee Credit Union Limited amalgamated effective January 1, 2006 to form United Communities Credit Union Limited.

 

 

CO-OPERATIVES
 

During the first quarter, there were nine incorporations, three offering statements, and three amendments.

 

 

MORTGAGE BROKERS
 

During this period, FSCO issued 217 certificates of registration for mortgage brokers.

 

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

May 29, 2006

ISSN 1481-1499