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Bulletin
No. G-05/98
- General
Insurance Company Licensing Changes - Second Quarter 1998
As part of ongoing efforts to communicate matters of interest to the insurance industry, the Financial Services Commission of Ontario (formerly the Ontario Insurance Commission) is releasing the following information on changes to licences of insurance companies for the quarter ending June 30, 1998.
The changes in the 2nd quarter of 1998 include announcements of licenses issued to new insurers, insurance company amalgamations, licence cancellations, discontinuing & withdrawing companies, and amendments.
New companies: |
Effective date
of changes |
- Sorema North America Reinsurance Company
The company is licensed for Accident and Sickness, Aircraft,
Automobile, Boiler and Machinery, Fidelity, Hail, Liability,
Marine, Property, and Surety, and limited to the business
of reinsurance.
Sorema North America Reinsurance Company’s contact
in Ontario is:
Mr. A. Ross
Chief Agent
C/O Sorema Management Inc.
70 York St., Suite 1520
Toronto, Ontario M5J 1S9
Tel: (416) 364-3048
Fax: (416) 364-1788
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April 23, 1998 |
Amalgamations: |
Effective date
of changes |
- The General Accident Assurance Company of Canada and Canadian General Insurance Company
The amalgamated company will use the name
The General Accident Assurance Company of Canada.
The licence of Canadian General Insurance Company has
been cancelled.
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May 28, 1998 |
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April 22, 1998 |
Cancellations: |
Effective date
of changes |
The licence of the following insurer has been cancelled after
satisfactory arrangements have been made for any insurance
liabilities. |
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- Sphere Drake Insurance Public Limited Company
The company transferred its policy liabilities to
Odyssey Reinsurance Company of Canada.
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June 8, 1998 |
Discontinuing & Withdrawing companies: |
Effective date
of changes |
The following companies are discontinuing their operations, and,
accordingly, cannot write new or renew insurance contracts.
With discontinuing status, however, companies remain obligated
to service existing contracts and to settle claims under these
contracts. |
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- Société de Réassurance des Assurances Mutuelles Agricoles
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April 23, 1998 |
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May 29, 1998 |
Other licence amendments: |
Effective date
of changes |
- AFLAC Insurance Company of Canada
Name Change: Ingle Life & Health Assurance Company
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April 24, 1998 |
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May 8, 1998 |
- Centennial Insurance Company
Class added: Aircraft
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May 13, 1998 |
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April 22, 1998 |
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May 8, 1998 |
- Norwich Union Life Insurance Company (Canada)
Class added: Accident and Sickness
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May 22, 1998 |
- Odyssey Reinsurance Company of Canada
Class added: Marine
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May 26, 1998 |
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April 16, 1998 |
- Royal Life Insurance Company of Canada Limited
Name Change: Royal & Sun Alliance Life Insurance
Company of Canada
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April 6, 1998 |
- SAFR Société Anonyme Française de Réassurances
Name Change: SAFR
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April 30, 1998 |
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May 29, 1998 |
Dina Palozzi
Superintendent and
Chief Executive Officer
July 29, 1998
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Financial Services Commission of Ontario