No. G-09/03
- General
Licensing changes for third 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 third quarter, July 1 to September 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 Surety. Jurisdiction of Incorporation: Quebec Orleans General Insurance Company’s contact in Ontario is: |
July 14, 2003 |
The company is licensed for Automobile, Boiler and Machinery, Jurisdiction of Incorporation: New York, U.S.A. Converium Reinsurance (North America) Inc.'s contact in Ontario is: Mr. Donald G. Smith, Chief Agent |
July 31, 2003 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
The company has no outstanding policyholder liabilities in |
Sept 30, 2003 |
Licence amendments:
Class Removed: "Mortgage" Restriction Added: "Limited to vehicle title insurance |
Aug 29, 2003 |
Name Change: Industrial Alliance Insurance and |
Aug 15, 2003 |
Class Added: "Loss of Employment" |
July 11, 2003 |
Restriction Added: "the company |
July 11, 2003 |
Restriction Added: "the company |
Sept 26, 2003 |
Class Added: "Loss of Employment" |
Aug 8, 2003 |
Restriction Added: "Limited to the business of |
July 31, 2003 |
Restriction Added: "the company |
July 11, 2003 |
INSURANCE - Agents and Adjusters
During the third quarter of 2003, FSCO reviewed and approved 1,269 new individual and 66 new corporate agent licensing applications. FSCO also renewed 2,289 individual and 189 corporate applications for agent licences. It also reviewed and approved 35 new individual and two corporate applications for adjuster licences and renewed 645 individual and 23 corporate applications for adjuster licences.
There were also 686 licensing transactions processed via the internet, consisting of 24 licence status changes; 283 new individual agent licences; 6 transfers; and 373 licence renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Fourteen 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, there were no approvals of mergers through amalgamations or transfer of assets relating to credit unions.
CO-OPERATIVES
During the third quarter, there were six incorporations, and one name change relating to co-operatives.
TRUST/LOAN CORPORATIONS
On July 31, 2003, a new federally incorporated trust company was registered by FSCO,
IBT Trust Company (Canada).
MORTGAGE BROKERS
FSCO issued 151 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario
October 23, 2003
Financial Services Commission of Ontario