No. G-04/99
- General

Licensing Changes - First 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 first 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)

Amalgamations:

Discontinuing & withdrawing companies:

Licence cancellations:

he licences of the following insurers have been cancelled after satisfactory arrangements have been made for any insurance liabilities.

Licence amendments:

INSURANCE - Agents and Adjusters

During the first quarter of 1999, FSCO reviewed and approved 1,517 new applications and renewed 4,404 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 28 new applications for adjuster licences.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporation.  Three 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, 16 credit unions and caisses populaires were approved to merge through "amalgamation" or a "transfer of assets" as follows:

Transfer of assets

CO-OPERATIVES

There were four incorporations and no amalgamations of co-operatives.

TRUST/LOAN CORPORATIONS

One Ontario trust company, London Trust & Savings Corporation, was continued as a trust company incorporated under the Trust and Loan Companies Act (Canada) under the name Maple Trust Company.  The continued company was registered under the Loan and Trust Corporations Act effective March 25, 1999.

MD Private Trust Company (in French, Société de fiducie privée MD), a federal trust company, was registered to commence business in Ontario effective March 16, 1999.

MORTGAGE BROKERS

FSCO issued 95 certificates of registration for mortgage brokers.

Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario

June 22, 1999

English names with French translations:

AXA Insurance Inc.
AXA Assurances Inc.

AXA Boreal Insurance Inc.
AXA Boreal Assurance Inc.

Skandia Insurance Company Ltd.
Skandia Société Anonyme d'Assurances

Odyssey Reinsurance Company of Canada
Odyssey, société canadienne de réassurance

SCOR Canada Reinsurance Company
SCOR Canada Compagnie de Réassurance

Colonia Life Insurance Company
Colonia compagnie d'assurance-vie

Concordia Life Insurance Company
Concordia compagnie d'assurance-vie

The Nordic Insurance Company of Canada
La Nordique Compagnie d'assurance du Canada

Zurich Indemnity Company of Canada
Zurich du Canada, compagnie d'indemnité

Peopleplus Insurance Company
Omnimonde, Compagnie d'assurances