No. G-08/04
- General
Licensing Changes for Third 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 third quarter, July 1 to September 30, 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 website at: www.fsco.gov.on.ca.
INSURANCE - Companies
(Listed in alphabetical order)
New Companies: |
Effective Date |
Fidelity Investments Life Insurance Company The company is licensed for Life. Mr. Stuart T. Graham, Chief Agent 483 Bay Street, Suite 200 |
July 14, 2004 |
GMS Insurance Inc. The company is licensed for Accident & Sickness and Property (on the condition that the company shall use the name Jurisdiction of Incorporation: Saskatchewan GMS Insurance Inc.'s contact in Ontario is: |
Aug 11, 2004 |
The Union Life, a Mutual Assurance Company The company is licensed for Accident & Sickness and Life. Jurisdiction of Incorporation: Quebec The Union Life, a Mutual Assurance Company's contact in Ontario is: |
July 29, 2004 |
Amalgamations/Mergers:
There were no amalgamations/mergers during the quarter.
Licence cancellations:
The licence of the following insurer has been cancelled after satisfactory arrangements were made for any insurance liabilities.
Trade Indemnity PLC The company has ceased operations in Canada and has no |
July 13, 2004 |
Licence amendments:
Canadian Premier Life Insurance Company Class Added: Loss of Employment |
July 14, 2004 |
The Lennox and Addington Mutual Fire Insurance Company Name Change: L & A Mutual Insurance Company |
Sept 21, 2004 |
RBC General Insurance Company Class Added: Accident & Sickness |
July 19, 2004 |
INSURANCE -
Agents and Adjusters
During the third quarter of 2004, FSCO reviewed and approved 1,204 new individual and 74 new corporate agent licensing applications. FSCO also renewed 4,750 individual and 487 corporate applications for agent licences. It also reviewed and approved 34 new individual and one corporate application for adjuster licences and renewed 632 individual and 36 corporate applications for adjuster licences.
There were also 2,002 licensing transactions processed via the Internet, consisting of 29 licence status changes; 209 new individual agent licences; 7 transfers; and 1,757 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, six credit unions were approved to merge 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 |
St. Willibrord Community |
St. Thomas Provincial Civil Servants |
July 31, 2004 |
Niagara Credit Union Limited |
Cangeco (Guelph) Credit Union Limited |
Sept 30, 2004 |
Amalgamations:
CBC (Toronto) Credit Union Limited and Virtual One Credit Union Limited amalgamated effective July 31, 2004, and formed Virtual One Credit Union Limited.
Innisfil Credit Union Limited and Shelburne Credit Union Limited amalgamated effective August 31, 2004, and formed Innisfil Shelburne Credit Union Limited.
Waterloo Regional Credit Union Limited and Brant Community Credit Union Limited amalgamated effective September 30, 2004, and formed Grand River Credit Union Limited.
CO-OPERATIVES
During the third quarter, there were two incorporations, one amendment, six offering statements and one continuation.
TRUST/LOAN CORPORATIONS
Correction: In the previous bulletin (G-05/04-General) it was reported that:
On June 25, 2004, the Superintendent granted an extension to Alliance Trust Company, permitting the company to carry on business in Ontario after July 1, 2004. The company signed an undertaking to use its best efforts to cause it to be continued as a federal company by January 1, 2005.
Please note: The correct name of the company is Industrial-Alliance Trust Company.
MORTGAGE BROKERS
FSCO issued 141 certificates of registration for mortgage brokers.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
November 22, 2004
Financial Services Commission of Ontario