No. G- 09/06
- General
Licensing Changes for Third 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 third quarter, July 1 to September 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 |
La Survivance, Compagnie Mutuelle D’Assurance Vie
|
July 31, 2006 |
AIG United Guaranty Mortgage Insurance Company Canada
|
September 13, 2006 |
Licence Cancellations: |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
Effective Date |
|
|
The Citadel General Assurance Company (Citadel)
|
September 14, 2006 |
Specialty National Insurance Company
|
September 25, 2006 |
Licence Amendments: |
|
Western Life Assurance Company
|
July 31, 2006 |
Progressive Casualty Insurance Company
|
July 31, 2006 |
Premier Insurance Company
|
July 31, 2006 |
The Prudential Insurance Company of America
|
July 31, 2006 |
The Standard Life Assurance Company (“Standard Life”)
|
July 31, 2006 |
SLLC
|
July 31, 2006 |
INSURANCE - Agents and Adjusters
During the third quarter of 2006, FSCO reviewed and approved 1,210 new individual agent licences, and 4,674 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 78 new corporate agent licences, and 471 corporate renewals; 35 new individual adjuster licences and 179 individual adjuster renewals.
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.
There were no amalgamations or mergers finalized during this period.
TRUST/LOAN CORPORATIONS
On August 8, 2006, Equity Transfer & Trust Company registered to do business in Ontario.
CO-OPERATIVES
During the third quarter, there were seven incorporations, one offering statement and one amendment.
MORTGAGE BROKERS
During this period, FSCO issued 234 certificates of registration for mortgage brokers.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
November 15, 2006
ISSN 1481-1499
Financial Services Commission of Ontario