No. G-02/02
- General
Licensing Changes - for Fourth Quarter 2001
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, October 1 to December 31, of 2001. 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 |
|
Dec 10, 2001 |
|
Nov. 7, 2001 |
Amalgamations / Mergers:
|
Nov 19, 2001 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
|
Dec. 31, 2001 |
|
Dec. 17, 2001 |
|
Dec. 24, 2001 |
|
Dec. 24, 2001 |
|
Dec. 24, 2001 |
|
Dec. 14, 2001 |
Licence amendments:
|
Dec. 17, 2001 |
|
Nov. 21, 2001 |
|
Nov. 9, 2001 |
|
Dec. 7, 2001 |
|
Dec. 14, 2001 |
|
Dec. 17, 2001 |
|
Dec. 7, 2001 |
|
Dec. 7, 2001 |
|
Oct. 3, 2001 |
|
Nov. 21, 2001 |
|
Nov. 2, 2001 |
|
Dec. 7, 2001 |
|
Dec. 7, 2001 |
INSURANCE - Agents and Adjusters
During the fourth quarter of 2001, FSCO reviewed and approved 1,616 new individual applications and 70 new corporate applications. FSCO also renewed 1,954 individual and 155 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 66 new individual and one corporate application for adjuster licences and renewed 21 individual and two corporate applications for adjuster licences.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Eight 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, seven credit unions were approved to merge through an
"
amalgamation" or a "transfer of assets" as follows:
Transfer of assets:
| Purchaser credit union | Vendor credit union |
|
CARE Credit Union Limited |
Amalgamations
| Amalgamating Unit | Amalgamating Unit | Amalgamated Unit | ||
| Caisse Populaire Trillium | + |
Caisse Populaire Clarence Creek |
=> | Caisse Populaire Trillium Inc. |
| Caisse Populaire Carlsbad Springs |
+ |
Caisse Populaire de Sarsfield |
||
| Kawartha Credit Union Limited |
Parry Sound Muskoka Credit Union Limited |
Kawartha Credit Union Limited |
CO-OPERATIVES
There were three incorporations, two name changes, one amendment, and one conversion to an Ontario Business Corporation, relating to cooperatives.
TRUST/LOAN CORPORATIONS
Effective October 31, 2001, the name of General Trust of Canada, a Quebec incorporated trust company, was changed to National Bank Trust Inc.
Effective November 15, 2001, TD Mortgage Corporation, 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.
MORTGAGE BROKERS
FSCO issued 98 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Compliance Division
Financial Services Commission of Ontario
March 13, 2002
Financial Services Commission of Ontario