No. G- 05/06
– General
Licensing Changes for First Quarter 2006
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, 2006. 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 |
|
March 9, 2006 |
Amalgamations:
|
January 1, 2006 |
Licence cancellations:
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
|
March 2, 2006
|
|
March 13, 2006 |
Licence amendments:
|
March 29, 2006 |
|
March 9, 2006 |
|
March 9, 2006
|
|
March 27, 2006 |
|
March 27, 2006 |
|
March 13, 2006
|
|
March 21, 2006 |
|
March 27, 2006 |
|
January 6, 2006 |
INSURANCE – Agents and Adjusters
During the first quarter of 2006, FSCO reviewed and approved 1,336 new individual agent licences and 3,407 agent renewals. FSCO completed its review and issued licences in five days or less for 91 per cent of applications received.
In addition, FSCO approved and processed 74 new corporate agent licences, 277 corporate renewals, 36 new individual adjuster licences, and 22 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. Nine 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 |
Virtual One Credit Union Limited |
Photel (Toronto) Credit Union Limited |
March 31, 2006 |
Amalgamations:
Caisse Populaire de St-Albert Inc., Caisse Populaire Nation Inc., and Caisse Populaire Embrun Inc. amalgamated effective January 1, 2006 to form Caisse Populaire Nouvel-Horizon Inc..
Heartland Community Credit Union Limited and Woodslee Credit Union Limited amalgamated effective January 1, 2006 to form United Communities Credit Union Limited.
CO-OPERATIVES
During the first quarter, there were nine incorporations, three offering statements, and three amendments.
MORTGAGE BROKERS
During this period, FSCO issued 217 certificates of registration for mortgage brokers.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
May 29, 2006
ISSN 1481-1499
Financial Services Commission of Ontario