No. G-01/99
- General
Licensing Changes - Third and Fourth quarters 1998
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 and fourth quarters of 1998. 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 |
|
December 10, 1998 |
|
October 7, 1998 |
|
October 28, 1998 |
Discontinuing & withdrawing companies:
|
October 14, 1998 |
Licence cancellations:
The licence of the following insurer has been cancelled after satisfactory arrangements have been made for any insurance liabilities.
|
October 5, 1998 |
Licence amendments:
|
September 3, 1998 |
|
August 19, 1998 |
|
December 10, 1998 |
|
September 2, 1998 |
|
September 28, 1998 |
|
August 24, 1998 |
|
September 22, 1998 |
|
August 12, 1998 |
|
September 22, 1998 |
INSURANCE - Agents and Adjusters
During the third and fourth quarters of 1998, FSCO reviewed and approved 3,425 new applications and renewed 8,015 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. FSCO also reviewed and approved 63 new applications and renewed 1,061 applications for adjuster licences.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO received one application for the establishment of new credit unions/caisses populaires. Twenty-five 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, eight credit unions and caisses populaires were approved to merge through "amalgamation" or a "transfer of assets" as follows:
Amalgamations
- Ottawa Municipal Employees Credit Union Ltd. with Ottawa-Carleton Education Credit Union Ltd.
Transfer of assets
| Purchaser credit union | Vendor credit union |
|
Wira (Hamilton) Credit Union Ltd. |
|
M.R.A. Employeees (Toronto) Credit Union Ltd. |
|
Huronia Anglican Credit Union Limited |
|
Hotel Dieu Employees (Kingston) Credit Union Ltd. |
|
Provincial Civil Servants (Chatham) Credit Union Ltd. |
|
MCL Motor Carriers Credit Union Limited |
|
Blessed Scarament Parish (London) Credit Union Ltd. |
CO-OPERATIVES
There were 12 incorporations and two amalgamations of co-operatives.
TRUST/LOAN CORPORATIONS
One trust company, London Trust & Savings Corporation, applied for and received approval for permission to apply to the federal regulator, Office of the Superintendent of Financial Institutions, for letters patent continuing the provincial corporation as a company under the Trust and Loan Companies Act (Canada).
One federal trust company, LBC Trust, received registration appoval to commence business in Ontario.
MORTGAGE BROKERS
FSCO reviewed and issued 183 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario
March 18, 1999
Financial Services Commission of Ontario