No. G-05/00
- General

Licensing Changes - First 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 first 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)

Amalgamations:	Effective date of changes
Aetna Life Insurance Company of Canada and The Maritime Life Assurance Company The amalgamated company will use the name The Maritime Life Assurance Company. The licence of Aetna Life Insurance Company of Canada has been cancelled.	February 21, 2000
Gan Canada Insurance Company and Traders General Insurance Company The amalgamated company will use the name Traders General Insurance Company. The licence of Gan Canada Insurance Company has been cancelled.	February 28, 2000
Gan General Insurance Company and CGU Insurance Company of Canada The amalgamated company will use the name CGU Insurance Company of Canada. The licence of Gan General Insurance Company has been cancelled.	February 28, 2000
Seaboard Surety Company of Canada and Northern Indemnity Inc. The amalgamated company will use the name Northern Indemnity Inc. The licence of Seaboard Surety Company of Canada has been cancelled.	February 21, 2000

Licence cancellations:

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

CUMIS Insurance Society Inc. The company settled its policy liabilities in Ontario.	February 28, 2000
Winterthur Reinsurance Corporation of America The company transferred its policy liabilities to SAFR.	January 21, 2000

Licence amendments:

AXA Insurance Inc. Class Added: Life Added licence condition: That the company shall not undertake or renew insurance contracts in Ontario after February 28, 2000 in the following classes: Aircraft, Automobile, Boiler and Machinery, Credit, Fidelity, Hail, Liability, Marine, Mortgage, Property, Surety.	February 28, 2000
Canada Life Casualty Insurance Company Class Added: Boiler and Machinery	January 28, 2000
Canadian Group Underwriters Insurance Company Name Change: ING Novex Insurance Company of Canada	March 22,2000
John Hancock Mutual Life Insurance Company Name Change: John Hancock Life Insurance Company	March 22,2000
London Guarantee Insurance Company Class Added: Credit. Removed a licence condition that the company shall not act as a surety for any corporation that is an affiliate where the aggregate bond limit is in excess of $100,000.	March 20, 2000
National Frontier Insurance Company Class Added: Marine	March 20, 2000
The Non-Marine Underwriters, Members of Lloyd's, London England Name Change: Lloyd's Underwriters Class Added: Surety	February 28, 2000
Northern Indemnity Inc. Classes Added: Liability, Property	February 21, 2000
North Kent Mutual Fire Insurance Company Class Added: Fidelity. Limited to the plan of insurance, and any subsequent amendments, filed by the Ontario Mutual Insurance Association with the Superintendent of Financial Services.	February 18, 2000
The North Waterloo Farmers Mutual Insurance Company Class Added: Fidelity	January 12, 2000
SAFR Name Change: SAFR Partner Re.	February 28, 2000
The Tokio Marine and Fire Insurance Company Limited Class Added: Aircraft	February 8, 2000
The Yasuda Fire and Marine Insurance Company Limited Class Added: Boiler and Machinery	February 8, 2000

INSURANCE - Agents and Adjusters

During the first quarter of 2000, FSCO reviewed and approved 996 new applications and renewed 1,842 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 13 new applications for adjuster licences and renewed 52 applications for adjuster licences.

CREDIT UNION/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. 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 were approved to merge through "amalgamation" or a "transfer of assets" as follows:

Transfer of assets:

*Purchaser credit union*	*Vendor credit union*
Provincial Alliance Credit Union Limited	Thunder Bay Educational Employees Credit Union Limited
Northern Credit Union Limited	Algoma Central Employees (Sault Ste. Marie) Credit Union Limited
Waterloo County Education Credit Union Limited	University Faculty and Staff Credit Union Limited
Cataract Savings and Credit Union Limited	Canadian Niagara Power Company Credit Union Limited

CO-OPERATIVES

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

TRUST/LOAN CORPORATIONS

Home Trust Company, a federal trust company, as successor company to Home Savings & Loan Corporation, an Ontario loan corporation and President's Choice Financial Trust Company, a federal trust company, each 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 76 certificates of registration for mortgage brokers.

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

May 5, 2000

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