No. G-03/07
- General
Licensing Changes for Fourth 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, October 1 to December 31, 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 |
|
Mapfre Re, Compania De Reaseguros, S.A. (Mapfre Re Spain)
|
December 21, 2006 |
|
October 18, 2006 |
State Farm International Life Insurance Company Limited Compagnie D’Assurance-Vie State Farm International Ltée
|
November 29, 2006 |
Sun Life Insurance (Canada) Limited
|
October 25, 2006 |
Licence Cancellations: |
Effective Date |
The licences of the following insurers were cancelled after satisfactory arrangements were made for any insurance liabilities.
XL Re Europe
|
November 15, 2006 |
Licence Amendments: |
Effective Date |
American Re-Insurance Company
|
October 18, 2006 |
Aspen Insurance UK Limited
|
October 13, 2006 |
CGU International Insurance plc
|
October 3, 2006 |
Echelon General Insurance Company/ Echelon Compagnie D’Assurance
|
November 29, 2006 |
The Order of Italo-Canadians
|
December 11, 2006 |
Sons of Scotland Benevolent Association
|
December 11, 2006 |
State Farm Mutual Automobile Insurance Company
|
December 7, 2006 |
Utica Mutual Insurance Company
|
December 18, 2006 |
XL Reinsurance America Inc.
|
November 16, 2006 |
INSURANCE - Agents and Adjusters
During the fourth quarter of 2006, FSCO reviewed and approved 1,234 new individual agent licences, and 4,584 agent renewals. FSCO completed its review and issued licences in five days or less for 99 per cent of applications received.
In addition, FSCO approved and processed 64 new corporate agent licences, and 557 corporate renewals; 23 new individual adjuster licences and 13 individual adjuster renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Two 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.
Amalgamations: Unity Savings and Credit Union Limited and Maitland Credit Union Limitedamalgamated effective December 1, 2006 to form Unity Savings and Credit Union Limited
CO-OPERATIVES
During the fourth quarter, there were four incorporations, four amendments, one name change, one dissolution, one restatement of articles of incorporation, and one offering statement.
MORTGAGE BROKERS
During this period, FSCO issued 272 certificates of registration for mortgage brokers.
Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario
February 19, 2007
ISSN 1481-1499
Financial Services Commission of Ontario