No. G-02/04
- General
Licensing changes for fourth 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 fourth quarter, October 1 to December 31, 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 and Sickness, Automobile, and Property. Jurisdiction of Incorporation: Federal S & Y Insurance Company's contact in Ontario is: |
Oct 23, 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 |
Oct 10, 2003 |
Licence amendments:
Name Change: American Health and Life Insurance Company |
Oct 30, 2003 |
Name Change: Virginia Surety Company, Inc. |
Oct 15, 2003 |
Name Change: GCAN Insurance Company |
Oct 24, 2003 |
Name Change: Revios Reinsurance Canada |
Dec 10, 2003 |
Name Change: Hartford Fire Insurance Company |
Dec 19, 2003 |
Restriction Added: "limited to the business of reinsurance |
Nov 14, 2003 |
Restriction Added: "on the condition that the company |
Nov 7, 2003 |
Restriction Added: "on the condition that the company |
Dec 12, 2003 |
Name Change: XL Insurance Company Limited |
Oct 14, 2003 |
INSURANCE -
Agents and Adjusters
During the fourth quarter of 2003, FSCO reviewed and approved 1,184 new individual and 71 new corporate agent licensing applications. FSCO also renewed 2,258 individual and 193 corporate applications for agent licences. It also reviewed and approved 26 new individual and one corporate application for adjuster licences and renewed 21 individual and one corporate application for adjuster licences.
There were also 681 licensing transactions processed via the internet, consisting of 9 licence status changes; 225 new individual agent licences; 11 transfers; and 436 licence renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Twelve 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 of credit unions, and two credit unions were approved to merge through a "transfer of assets" as follows:
Transfer of assets:
| Purchaser credit union | Vendor credit union | Effective Date |
| Southwest Regional Credit Union Limited |
Holy Family Catholic Parishes Credit Union Limited | Dec 31, 2003 |
| United Employees Credit Union Limited |
CCGI Retail Store Employees (Ontario) Credit Union limited | Nov 30, 2003 |
CO-OPERATIVES
During the fourth quarter, there were three incorporations, one amalgamation and one conversion to an Ontario Business Corporation relating to co-operatives.
TRUST/LOAN CORPORATIONS
There were no new registrations in the fourth quarter.
MORTGAGE BROKERS
FSCO issued 140 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario
January 30, 2004
Financial Services Commission of Ontario