No. G-07/03
- General
Licensing changes for second quarter 2003
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 2003. 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 |
The company is licensed for Accident & Sickness, Jurisdiction of Incorporation: Federal Mr. J. Lindsay Gordon |
Apr. 14, 2003 |
The company is licensed for Property (restricted to Jurisdiction of Incorporation: Ontario Poultry Insurance Exchange Reciprocal of Canada's Mr. Roger J. Bennett, Attorney |
May 9, 2003 |
Amalgamations/Mergers:
The amalgamated company will continue under the name |
June 27, 2003 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
All Canadian insurance business has been transferred to |
Apr. 14, 2003 |
Licence amendments:
Restriction Added: (on the condition that the company |
May 30, 2003 |
Name Change: Aviva Insurance Company of Canada |
May 9, 2003 |
Classes Added: "Fidelity and Boiler & Machinery" |
June 27, 2003 |
Name Change: Trent Health Insurance Company |
May 16, 2003 |
Name Change: Cavell Insurance Company Limited |
June 6, 2003 |
INSURANCE - Agents and Adjusters
During the second quarter of 2003, FSCO reviewed and approved 1,271 new individual and 81 new corporate agent licensing applications. FSCO also renewed 2,575 individual and 260 corporate applications for agent licences. It also reviewed and approved 22 new individual and three corporate applications for adjuster licences and renewed 454 individual and 90 corporate applications for adjuster licences.
There were also 810 licensing transactions processed via the internet, consisting of 28 licence status changes; 255 new individual agent licences; 8 transfers: and 519 licence renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Nineteen 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, seven 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 | Effective Date |
|
Regional Health Services |
May 31, 2003 |
Amalgamations
| Amalgamating Unit | Amalgamating Unit | Amalgamated Unit | Effective Date |
| Caisse populaire Casselman | Caisse populaire St. Isidore |
Caisse populaire Nation Inc. | Apr. 1, 2003 |
| Caisse populaire Notre Dame Inc. |
Caisse populaire |
Caisse populaire Rideau d’Ottawa Inc. |
May 1, 2003 |
| PACE Savings & Credit Union Limited |
Greater Toronto Area (GTA) Savings & Credit Union |
PACE Savings & Credit Union Limited Limited |
Apr. 1, 2003 |
CO-OPERATIVES
During the second quarter, there were three incorporations, one continuation, and one name change relating to co-operatives.
TRUST/LOAN CORPORATIONS
Effective May 2, 2003, Equisure Trust Company changed its name to Resmor Trust Company.
MORTGAGE BROKERS
FSCO issued 117 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario
September 22, 2003
Financial Services Commission of Ontario