No. G-02/00
- General
Licensing Changes - Fourth Quarter 1999
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 1999. 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 |
|
October 20, 1999 |
|
December 3, 1999 |
Mergers:
|
October 22, 1999 |
Licence cancellations:
The licence of the following insurer has been cancelled after satisfactory arrangements
were made for any insurance liabilities.
|
December 13, 1999 |
Licence amendments:
|
October 22, 1999 |
|
December 3, 1999 |
|
October 18, 1999 |
|
December 17, 1999 |
|
November 8, 1999 |
|
October 8, 1999 |
|
December 24, 1999 |
|
October 22, 1999 |
|
October 18, 1999 |
|
October 18, 1999 |
|
October 18, 1999 |
|
December 13, 1999 |
|
November 18, 1999 |
|
October 18, 1999 |
|
November 18, 1999 |
INSURANCE - Agents and Adjusters
During the fourth quarter of 1999, FSCO reviewed and approved 995 new applications and renewed 1,300 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 15 new applications for adjuster licences and renewed 38 applications for adjuster licences.
CREDIT UNION/CAISSES POPULAIRES
During the period under review, FSCO received two applications for new incorporations. Sixteen 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 were approved to merge through "amalgamation" or a "transfer of assets" as follows:
Transfer of assets
| Purchaser credit union | Vendor credit union |
|
Ontario Government Employees (Exeter Road Complex, London) Credit Union Limited |
|
St. Demetrius Parish (Etobicoke) Credit Union Limited |
Amalgamations
| Amalgamating Unit | Amalgamating Unit | Amalgamated Unit |
| Ottawa Carleton Credit Union Limited |
Ottawa Citizen Employees Credit Union Limited |
Ottawa Carleton Credit Union Limited |
| Caisse Populaire Champlain d'Ottawa Limitée |
La Caisse Populaire St- Jean Baptiste d'Ottawa Limitée |
Caisse Populaire Héritage d'Ottawa-Ouest Inc. |
CO-OPERATIVES
There were four incorporations and no amalgamations of co-operatives.
TRUST/LOAN CORPORATIONS
ScotiaLoan Company, a federal loan company, and Pacific & Western Trust Corporation, a Saskatchewan incorporated trust company, each received approval for registration pursuant to the Loan and Trust Corporations Act, R.S.O. 1990, c.L.25, as amended.
Pursuant to section 36 of the Loan and Trust Corporations Act, R.S.O. 1990, c.L.25, as amended, the registration of each of the following three companies has been revoked:
Dominion Trust Company, The Income Trust Company, Monarch Trust Company
MORTGAGE BROKERS
FSCO issued 95 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario
February 15, 2000
Financial Services Commission of Ontario