No. G- 02/06
– General

Licensing Changes for Fourth Quarter 2005

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, 2005. The applications relate to individuals and organizations in 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
Assurant Life of Canada The company is licensed for: Accident and Sickness, Life (subject to the limitation that accident and sickness insurance is restricted to the servicing of business assumed from John Alden Insurance Company) Jurisdiction of Incorporation: Canada Assurant Life of Canada’ s contact in Ontario is: Matthew McGuire, Secretary 5160 Yonge Street Suite # 500 Toronto, Ontario M2N 7C7 Tel: (416) 733-3360 Fax: (416) 733-3826	December 8, 2005
Atradius Credit Insurance N.V. The company is licensed for: Credit Jurisdiction of Incorporation: Canada Atradius Credit Insurance N.V.’ s contact in Ontario is: Ian Miller, Chief Agent 7 Mill Street, East Annex, Suite # 600 Almonte, Ontario K0A 10A Tel: (613) 256-9134 Fax: (613) 256-9133	November 28, 2005
Fidelity Investments Insurance Company of Canada The company is licensed for: Life Jurisdiction of Incorporation: Canada Fidelity Investments Insurance Company of Canada’ s contact in Ontario is: Stuart T. Graham, Chief Executive Officer 883 Bay Street Suite # 200 Toronto, Ontario M5G 2N7 Tel: (416) 307-5300 Fax: (416) 217-2382	December 16, 2005
L’Entraide Assurance Mutual Company The company is licensed for: Accident and Sickness, Life Jurisdiction of Incorporation: Quebec L’Entraide Assurance Mutual Company’s contact in Ontario is: Russell G. Gibson, Chief Agent 325 Dalhousie, Suite # 600 Ottawa, Ontario K1N 7G2 Tel: (613) 241- 2701 Fax: (613) 241- 2599	October 24, 2005
L’Unique, compagnie d’assurances générales The company is licensed for: Surety Jurisdiction of Incorporation: Quebec L’Unique, compagnie d’assurances générales’ contact in Ontario is: Gérald Groulx, Chief Agent 745A Montreal Road, Suite # 101 Ottawa, Ontario K1K 0T1 Tel: (613) 748-1918 Fax: (613) 748-3512	October 21, 2005
Metlife Canada The company is licensed for: Accident and Sickness, Life Jurisdiction of Incorporation: Canada Metlife’s contact in Ontario is: Karen Christensen Sauvé, Chief Executive Officer 360 Albert Street, Suite # 1750 Ottawa, Ontario K1R 7X7 Tel: (613) 237-6205 Fax: (613) 237-7585	November 17, 2005
Licence cancellations: The licences of the following insurers were cancelled after satisfactory arrangements were made pursuant to the law for any insurance liabilities.
Canadian Millers’ Mutual Insurance Company The company has been in liquidation since December 11, 2001.	October 17, 2005
The National Life Assurance Company of Canada All assets and liabilities were transferred to Industrial Alliance Insurance and Financial Services Inc..	November 28, 2005
Sherway Insurance Company Limited The company has discontinued its operations.	October 25, 2005
Licence amendments:
Aspen Insurance UK Limited The reinsurance restriction was removed on the Marine class.	December 5, 2005
First North American Insurance Company Class added: Automobile (limited to indemnification in respect of collision damage waivers)	December 9, 2005
L’Unique compagnie d’Assurances générales The name was changed to: L’Unique General Insurance Inc. in English and L’Unique assurances générales inc. in French.	December 5, 2005
Optimum Frontier Insurance Company The name was changed to: Optimum Frontier Insurance Inc. in English and Optimum Societe d’Assurance Inc. in French. Classes deleted: Accident & Sickness and Marine	December 9, 2005
Pilot Insurance Company Class added: Legal Expense	December 1, 2005
Scottish & York Insurance Co. Limited Class added: Legal Expense	December 1, 2005
The West Wawanosh Mutual Insurance Company Class added: Fidelity (limited to the plan of insurance, and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services)	November 28, 2005

INSURANCE – Agents and Adjusters

During the fourth quarter of 2005, FSCO reviewed and approved 1,335 new individual agent licences, and 2,930 agent renewals. FSCO completed its review and issued licences in five days or less for 96 per cent of applications received.

In addition, FSCO approved and processed 72 new corporate agent licences, and 249 corporate renewals; 21 new individual adjuster licences and 25 individual adjuster renewals. There were 3 new corporate adjuster licence applications.

CREDIT UNIONS/CAISSES POPULAIRES

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

Transfer of assets:

Purchaser credit union

Vendor credit union

Effective Date

Grand River Credit Union Limited

Worthington Employees

(Brantford) Credit Union Limited

November 1, 2005

Amalgamations:

Northern Credit Union Limited and West Fort William Credit Union Limited amalgamated effective October 1, 2005, and formed Northern Credit Union Limited.

Unity Savings and Credit Union Limited and Rideau/St. Lawrence Community Credit Union Limited amalgamated effective October 1, 2005, and formed Unity Savings and Credit Union Limited.

CO-OPERATIVES

During the fourth quarter, there were four incorporations, one offering statement, and two amendments.

TRUST/LOAN CORPORATIONS

On December 15, 2005, RBC Dexia Investor Services Trust and in French, Fiducie RBC Dexia Services aux Investisseurs, registered to do business in Ontario.

MORTGAGE BROKERS

During this period, FSCO issued 244 certificates of registration for mortgage brokers.

Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario

March 7, 2006

ISSN 1481-1499

		Advanced Search
		Home \| Sitemap \| Forms \| Online Services \| Français \| Contact

Insurance Pensions Hearings & Decisions Licensing & Registration Who We Regulate About FSCO Publications

Bulletin

Licensing Changes for Fourth Quarter 2005

INSURANCE – Companies

New Companies

Effective Date

Licence cancellations:

Licence amendments:

INSURANCE – Agents and Adjusters

CREDIT UNIONS/CAISSES POPULAIRES

Transfer of assets:

Purchaser credit union

Vendor credit union

Effective Date

Amalgamations:

CO-OPERATIVES

TRUST/LOAN CORPORATIONS

MORTGAGE BROKERS