No. G-01/01
General
Licensing changes for fourth quarter 2000
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 of 2000. 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 web site at www.fsco.gov.on.ca
INSURANCE - Companies
(Listed in alphabetical order)
New Companies: |
Effective date of changes |
The company is licensed for Life. Jurisdiction of Incorporation: New Brunswick Acadia Life’s contact in Ontario is: |
October 10, 2000 |
The company is licensed for Property. Jurisdiction of Incorporation: Alberta Alberta Motor Association Insurance Company’s |
November 30, 2000 |
The company is licensed for Automobile, Fidelity, Jurisdiction of Incorporation: Ontario Sherway Insurance Company’s contact in Ontario is: |
November 30, 2000 |
Amalgamations / Mergers:
National Fidelity Life Insurance Company merged into its parent, |
October 2, 2000 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
The company transferred its policy liabilities to |
November 17, 2000 |
The company settled its policy liabilities in Ontario. |
December 8, 2000 |
Licence amendments:
Class Added: Loss of Employment |
October 31, 2000 |
Name Change: General & Cologne Life Re of America |
October 31, 2000 |
Class Added: Loss of Employment |
October 31, 2000 |
Class Added: Fidelity |
October 26, 2000 |
Restriction Removed: (Limited to the business of reinsurance.) |
October 10, 2000 |
Class Added: Loss of Employment |
December 8, 2000 |
Name Change: Industrial-Alliance Pacific Life Insurance |
October 6, 2000 |
Class Added: Boiler & Machinery |
November 3, 2000 |
Name Change: Reassure America Life Insurance Company |
October 6, 2000 |
| Toronto Dominion General Insurance Company Name Change: TD Direct Insurance Inc. |
October 5, 2000 |
Wellington Insurance Company Name Change: ING Wellington Insurance Company |
November 20, 2000 |
Name Change: ING Western Union Insurance Company |
November 2, 2000 |
INSURANCE - Agents and Adjusters
During the fourth quarter of 2000, FSCO reviewed and approved 1,081 new individual applications and 113 new corporate applications. FSCO also renewed 4,387 individual and 502 corporate applications for agent licences, which include licences for Level I and Level II agents, Other-than-Life (General) agents and Accident and Sickness (A & S) agents. It also reviewed and approved 21 new individual applications for adjuster licences and renewed 52 individual and 8 corporate applications for adjuster licences.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Seventeen 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, 14 credit unions were approved to merge through an "amalgamation" or a "transfer of assets" as follows:
Transfer of assets:
Purchaser credit union |
Vendorcreditunion |
| Hepcoe Credit Union Limited | Port McNicoll Community Credit Union Limited |
| Sydenham Community Credit Union Limited | Silverwood Employees (London) Credit Union Limited |
| Superior Credit Union Limited | Marathon Credit Union Limited |
| Hamilton Community Credit Union Limited | Cold Metal Products Co. (Employees) Credit Union Limited |
| Unigasco Credit Union Limited | United Fuel Employees (Hamilton) Credit Union Limited |
Amalgamations
| Amalgamating Unit | Amalgamating Unit |
Amalgamating Unit |
Amalgamated Unit |
| Caisse Populaire de Chelmsford Limitée | Caisse Populaire D’Espanola Limitée | Caisse Populaire Cartier-Dowling Limitée | Caisse Populaire Vermillon |
| Caisse Populaire Cochrane | Caisse Populaire St. Laurent Ramore | Caisse Populaire Cochrane | |
| Unity Savings and Credit Union Limited | Cornwall CommunityCredit Union Limited | Unity Savings and Credit Union Limited | |
| Rideau/St. Lawrence Savings and Credit Union Limited | Brockville Community Credit Union Limited | Rideau/St. Lawrence Community Credit Union Limited |
CO-OPERATIVES
There were three incorporations, one amendment, and two dissolutions of co-operatives.
TRUST/LOAN CORPORATIONS
HSBC Mortgage Corporation (Canada), a federal loan company, received approval for registration pursuant to the Loan and Trust Corporations Act, R.S.O. 1990 c.L.25, as amended.
The Royal Trust Company as the successor company to the amalgamation of The Royal Trust Company, a federal trust company, and Connor Clark Private Trust Company, a federal trust company, received approval for registration pursuant to the Loan and Trust Corporations Act, R.S.O. 1990 c.L.25, as amended.
The registration of ScotiaLoan Company, a federal loan company, was revoked at the company’s request pursuant Section 36 of the Loan and Trust Corporations Act, R.S.O. 1990 c.L.25, as amended.
The registration of Civil Service Loan Corporation, a provincial loan corporation, was deleted from the loan corporations register as the company was continued as a bank incorporated under the Bank Act (Canada).
The terms conditions and restrictions respecting the registration of CIBC Mellon Trust Company, a federal trust company, and Pacific & Western Trust Corporation, a Saskatchewan trust company, were amended permitting the companies to accept deposits in Ontario pursuant to the Loan and Trust Corporations Act, R.S.O. 1990 c.L.25, as amended.
MORTGAGE BROKERS
FSCO issued 118 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario
January 31, 2001
Financial Services Commission of Ontario