Licensing Changes for Second Quarter 2006

 

Bulletin

No. G- 07/06
 
- 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 second quarter, April 1 to June 30, 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

Electric Insurance Company

  • The company is licensed for: Automobile, Liability and Property.
  • Jurisdiction of Incorporation: Massachusetts, USA
  • Electric Insurance Company's contact in Ontario is:

J. Brian Reeve, Chief Agent
40 King Street West, Suite 2100
Toronto, Ontario M5H 2C2
Tel: (416) 869-5746
Fax: (416) 360-8877


April 18, 2006

SLLC Limited

  • The company is licenced for: Life.
  • Jurisdiction of Incorporation: Scotland
  • SLLC Limited Company's contact in Ontario is:

Ingrid Van Harmelen, Chief Agent
100 Sheppard Avenue East, 11th Floor
North York, Ontario M2N 6N5
Tel: (416) 224-3447
Fax: (416) 224-3434

 

April 18, 2006

Canadian Airports Reciprocal Insurance Exchange (CARIE)

  • The company is licenced for: Boiler and Machinery and Property.
  • Jurisdiction of Incorporation: Alberta
  • CARIE company's contact in Ontario is:

John Gerald Weerdenburg, Chief Agent
1000 Airport Parkway Private, Suite 2500
Ottawa, Ontario K1V 9B4
Tel: (613) 248-2000, ext. 1107
Fax: (613) 248-2021

June 28, 2006

Amalgamations:

Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada have amalgamated and continue as The Nordic Insurance Company of Canada
April 12, 2006

Licence Cancellations:

 

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

Allianz Insurance Company of Canada

  • The operations of Allianz Insurance Company of Canada merged with The Nordic Insurance Company of Canada and continue as The Nordic Insurance Company of Canada.  The licence for Allianz Insurance Company of Canada was cancelled. 
April 12, 2006

The Lincoln National Life Insurance Company

  • The company has discontinued its operations in Canada and there were no outstanding liabilities.
May 25, 2006

NCMIC Insurance Company

  • The company has discontinued its operations in Canada and there were no outstanding liabilities..
April 11, 2006

The Travelers Indemnity Company

  • The company has discontinued its operations in Canada and there were no outstanding liabilities.
June 8, 2006

Licence Amendments:

Anglo Canada General Insurance Company

  • Class added: Aircraft, Legal Expense, Loss of Employment. (Limited to the reinsurance of risks undertaken by AXA Insurance (Canada))
May 24, 2006

Arch Insurance Company

  • Class Added: Automobile
April 19, 2006

AXA Insurance (Canada)

  • Class Added: Aircraft, Legal Expense, Loss of Employment. (Limited to the reinsurance on an assumption basis of risks undertaken by The Citadel General Assurance Company)

May 24, 2006

AXA Pacific Insurance Company

  • Class Added: Legal Expense, Loss of Employment. (Limited to the reinsurance on an assumption basis of risks undertaken by The Citadel General Assurance Company)
May 24, 2006

Fortis Benefits Insurance Company

  • Licence restriction added: limited to the servicing of existing policies.
April 27, 2006

L'Unique General Insurance Inc.

  • Class Added: Credit

May 15, 2006

Pilot Insurance Company

  • Classes Deleted: Accident and Sickness and Marine.
April 7, 2006

Scottish & York Insurance Co. Limited

  • Classes Deleted: Aircraft, Hail, Marine & Mortgage.
April 7, 2006

The Travelers Insurance Company

  • The name was changed to: MetLife Insurance Company of Connecticut.
            June 12, 2006

            INSURANCE - Agents and Adjusters
             

            During the second quarter of 2006, FSCO reviewed and approved 1,235 new individual agent licences, and 4,916 agent renewals.  FSCO completed its review and issued licences in five days or less for 94 per cent of applications received.

             

            In addition, FSCO approved and processed 83 new corporate agent licences, and 482 corporate renewals; 21 new individual adjuster licences and 811 individual adjuster renewals.

             

             

             

            CREDIT UNIONS/CAISSES POPULAIRES
             

            During the period under review, FSCO did not receive any applications for new incorporations. Ten 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 three credit unions were 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

            Molson Brewery Employees Credit Union Limited
            April 30, 2006
            Virtual One Credit Union Limited Tobacco Workers (Guelph) Credit Union Limited
            April 30, 2006

             

            Amalgamations:

            Community First Credit Union Limited and Timmins Regional Credit Union Limited amalgamated effective June 1, 2006 to form Community First Credit Union Limited.

             

             

            CO-OPERATIVES
             

            During the second quarter, there were eight incorporations, six offering statements, one amendment and one dissolution.

             

             

            MORTGAGE BROKERS

             

            During this period, FSCO issued 229 certificates of registration for mortgage brokers.

             

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

            October 16, 2006

            ISSN 1481-1499