No. G-06/02
- General
Licensing changes for first quarter 2002
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, January 1 to March 31, of 2002. 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 |
The company is licensed for Accident and Sickness, Boiler and Canadian Northern Shield Insurance Company's contact in Mr. T. Michael Porter |
Jan 3, 2002 |
The company is licensed for Automobile, Liability, Marine, Certas Direct Insurance Company Ltd.'s contact in Ontario is: Ms. Barbara Addie |
Jan 21, 2002 |
Amalgamations/Mergers:
The amalgamated company will continue under the name The |
Jan 18, 2002 |
The amalgamated company will continue under the name |
Jan 28, 2002 |
The amalgamated company will continue under the name |
Jan 28, 2002 |
The amalgamated company will continue operating under |
Feb 6, 2002 |
The amalgamated company will continue under the name |
Feb 12, 2002 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
The company transferred its policies and related business |
Jan 21, 2002 |
The company has transferred its business to Continental |
Feb 22, 2002 |
The company has transferred its business to Continental |
Feb 22, 2002 |
The company has transferred its business to Continental |
Feb 22, 2002 |
The company has no remaining policyholder liabilities. |
Feb 8, 2002 |
Licence amendments:
Name Change: Certas Direct Insurance Company |
Jan 21, 2002 |
Name Change: Employers Insurance Company of Wausau |
Mar 1, 2002 |
Class Added: Accident and Sickness |
Jan 21, 2002 |
The Halifax Insurance Company Name Change: ING Insurance Company of Canada |
Jan 3, 2002 |
Class Added: Accident and Sickness |
Mar 8, 2002 |
Name Change: Phoenix Life Insurance Company |
Feb 28, 2002 |
INSURANCE - Agents and Adjusters
During the first quarter of 2002, FSCO reviewed and approved 1,227 new individual applications and 69 new corporate applications. FSCO also renewed 2,315 individual and 170 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 23 new individual and one corporate application for adjuster licences and renewed 15 individual and one corporate applications for adjuster licences.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Eleven 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 an "amalgamation" or a "transfer of assets" as follows:
Transfer of assets:
| Purchaser credit union | Vendor credit union |
|
Eaton Springs Canada Employees (Chatham) Credit Union Limited |
|
Provincial Public Service Employees (Algoma) Credit Union Limited |
|
Slater Steels (Special Bar Division) Credit Union Limited |
|
Hussmann Employees (Brantford) Credit Union Limited |
|
United Counties Educational (Cornwall) Credit Union Limited |
|
HECO Employees (Ottawa) Credit Union Limited |
|
Sonoco Employees (Brantford) Credit Union Limited |
|
Hamilton Hydro Electric Employees Credit Union Limited |
Amalgamations
There were no amalgamations during the first quarter of 2002.
CO-OPERATIVES
There were five incorporations, four dissolutions, two amendments, and one conversion to an Ontario Business Corporation, relating to cooperatives.
TRUST/LOAN CORPORATIONS
Effective February 11, 2002, Legacy Private Trust, a federal trust 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
June 26, 2002
Financial Services Commission of Ontario