No. G- 07/06
- General
Licensing Changes for Second 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 second quarter, April 1 to June 30, of 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 Internet website: www.fsco.gov.on.ca.
INSURANCE - Companies
(Listed in alphabetical order)
New Companies: |
Effective Date |
Electric Insurance Company
|
April 18, 2006 |
SLLC Limited
|
April 18, 2006 |
Canadian Airports Reciprocal Insurance Exchange (CARIE)
|
June 28, 2006 |
Amalgamations: |
|
| Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada have amalgamated and continue as The Nordic Insurance Company of Canada. | April 12, 2006 |
Licence Cancellations: |
|
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities. |
|
Allianz Insurance Company of Canada
|
April 12, 2006 |
The Lincoln National Life Insurance Company
|
May 25, 2006 |
NCMIC Insurance Company
|
April 11, 2006 |
The Travelers Indemnity Company
|
June 8, 2006 |
Licence Amendments: |
|
Anglo Canada General Insurance Company
|
May 24, 2006 |
Arch Insurance Company
|
April 19, 2006 |
AXA Insurance (Canada)
|
May 24, 2006 |
AXA Pacific Insurance Company
|
May 24, 2006 |
Fortis Benefits Insurance Company
|
April 27, 2006 |
L'Unique General Insurance Inc.
|
May 15, 2006 |
Pilot Insurance Company
|
April 7, 2006 |
Scottish & York Insurance Co. Limited
|
April 7, 2006 |
The Travelers Insurance Company
|
June 12, 2006 |
INSURANCE - Agents and Adjusters
During the second quarter of 2006, FSCO reviewed and approved 1,235 new individual agent licences, and 4,916 agent renewals. FSCO completed its review and issued licences in five days or less for 94 per cent of applications received.
In addition, FSCO approved and processed 83 new corporate agent licences, and 482 corporate renewals; 21 new individual adjuster licences and 811 individual adjuster renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Ten 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 three credit unions were 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 |
Molson Brewery Employees Credit Union Limited | April 30, 2006 |
| Virtual One Credit Union Limited | Tobacco Workers (Guelph) Credit Union Limited | April 30, 2006 |
Amalgamations: |
Community First Credit Union Limited and Timmins Regional Credit Union Limited amalgamated effective June 1, 2006 to form Community First Credit Union Limited.
CO-OPERATIVES
During the second quarter, there were eight incorporations, six offering statements, one amendment and one dissolution.
MORTGAGE BROKERS
During this period, FSCO issued 229 certificates of registration for mortgage brokers.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
October 16, 2006
ISSN 1481-1499
Financial Services Commission of Ontario