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Bulletin

No. G-04/04
- General

Licensing Changes for First Quarter 2004

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, of 2004. 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 at: www.fsco.gov.on.ca

INSURANCE - Companies

(Listed in alphabetical order)

New Companies:

Effective Date
  • National Liability & Fire Insurance Company (NLFIC)

    The company is licensed for Aircraft and Liability.

    Jurisdiction of Incorporation: Connecticut, U.S.A.

    National Liability & Fire Insurance Company (NLFIC)'s
    contact in Ontario is:

    Ms. V. Lorraine Williams
    3650 Victoria Park Ave, Suite 201
    Toronto ON M2H 3P7
    Tel: (416) 496-1148
    Fax: (416) 496-1089

Mar 22, 2004

Amalgamations/Mergers:

  • Economical Mutual Insurance Company and
    Langdon Insurance Company

    The amalgamated company will continue under the name
    Economical Mutual Insurance Company. The licence of
    Langdon Insurance Company has been cancelled.
Jan 1, 2004
  • Elma Mutual Insurance Company and
    Formosa Mutual Insurance Company

    The amalgamated company will continue under the name
    Trillium Mutual Insurance Company. The licences of
    Elma Mutual Insurance Company and Formosa Mutual
    Insurance Company     have been cancelled.

    Trillium Mutual Insurance Company's contact in Ontario is:

    Mr. Joseph E. Dietrich,
    General Manager and CEO
    10 John Street
    Formosa, ON N0G 1W0
    Tel: (519) 367-5600
    Fax: (519) 367-5681

Jan 1, 2004
  • ING Insurance Company of Canada and
    ING Western Union Insurance Company

    The amalgamated company will continue under the name
    ING Insurance Company of Canada. The licence of
    ING Western Union Insurance Company has been cancelled.

Jul 1, 2003
  • Northern Indemnity Inc. and
    St. Paul Guarantee Insurance Company

    The amalgamated company will continue under the name
    St. Paul Guarantee Insurance Company. The licence of
    Northern Indemnity Inc. has been cancelled.

Jan 1, 2004

Licence cancellations:

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

  • National Reinsurance Corporation

    The company has no outstanding insurance liabilities in Ontario.

Jan 12, 2004
  • Ukranian National Aid Association of America (UNAAA)

    The company has no outstanding insurance liabilities in Ontario.

Feb 5, 2004

Licence amendments:

  • GE Reinsurance Corporation

    Restriction Added: limited to the business of reinsurance and on the condition that the company shall not assume contracts of reinsurance in Ontario after January 29, 2004.
Jan 29, 2004
  • ING Insurance Company of Canada

    Class Added: Credit
Feb 13, 2004
  • Innovative Insurance Corporation

    Classes Added: Boiler & Machinery and Property
    (limited to prize indemnity)

Jan 13, 2004
  • Lombard General Insurance Company of Canada

    Class Added: Marine
Mar 17, 2004
  • Municipal Electric Association Reciprocal Insurance Exchange

    Classes Added: Boiler & Machinery, Fidelity and Property

Mar 2, 2004
  • Odyssey America Reinsurance Corporation

    Class Added: Surety
Feb 12, 2004
  • Sherway Insurance Company Limited

    Restriction Added: For the Class of Automobile
    Insurance only, 'on the condition that the company
    shall not undertake or renew contracts of insurance in
    Ontario after December 12, 2003.'

    NOT "on the condition that the company
    shall not undertake or renew contracts of insurance in
    Ontario after December 12, 2003," as reported in
    Bulletin G-02/04 - General, of January 30, 2004.

 Dec 12, 2003

INSURANCE -

Agents and Adjusters

During the first quarter of 2004, FSCO reviewed and approved 1,060 new individual and 94 new corporate agent licensing applications. FSCO also renewed 2,952 individual and 221 corporate applications for agent licences. It also reviewed and approved 32 new individual and one corporate application for adjuster licences and renewed 29 individual and two corporate applications for adjuster licences.

There were also 1,046 licensing transactions processed via the Internet, consisting of 13 licence status changes; 220 new individual agent licences; 21 transfers; and 792 licence renewals.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Eighteen 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, nine credit unions were approved to merge through amalgamations of credit unions, and one credit union was approved to merge through an amalgamation or a transfer of assets as follows:

Transfer of assets:

Purchaser credit union Vendor credit union Effective Date
  • Ontario Educational Credit Union Limited
  • London & District School Staffs Credit Union Limited
 Mar 31, 2004

Amalgamations:

Caisse populaire Limoges; Caisse populaire Trillium; and Caisse populaire Hammond amalgamated effective Feb 2, 2004, and formed Caisse populaire Trillium Inc.

Caisse populaire Alexandria; Caisse populaire Ste-Anne de Prescott; and Caisse populaire St. Brenardin amalgamated effective Feb 2, 2004, and formed Caisse populaire de la Vallee Inc.

Ottawa Carleton Credit Union Limited and Howard Smith (Cornwall) Credit Union Limited amalgamated effective Feb 2, 2004, and formed Ottawa Carleton Credit Union Limited.

CO-OPERATIVES

During the first quarter, there were eight incorporations, and one amalgamation.

TRUST/LOAN CORPORATIONS

On January 1, 2004, the Effort Trust Company, formerly an Ontario incorporated company, was continued as a federally incorporated trust company and entered in the trust companies register.

MORTGAGE BROKERS

FSCO issued 129 certificates of registration for mortgage brokers.

 

Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario

June 22, 2004


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