No. G-08/00
- General
Licensing Changes - Second 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 second 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)
New Companies: |
Effective date of changes |
|
June 21, 2000 |
|
June 21, 2000 |
|
April 21, 2000 |
Amalgamations:
|
May 1, 2000 |
Licence cancellations:
The licences of the following insurers have been cancelled after satisfactory arrangements were made for any insurance liabilities.
|
June 12, 2000 |
Licence amendments:
|
April 28, 2000 |
|
April 21, 2000 |
|
April 14, 2000 |
|
May 25, 2000 |
INSURANCE - Agents and Adjusters
During the second quarter of 2000, FSCO reviewed and approved 1,049 new applications and renewed 4,423 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 10 new applications for adjuster licences and renewed 533 applications for adjuster licences.
CREDIT UNION/CAISSES POPULAIRES
During the period under review, FSCO approved two 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:
Amalgamations:
| Amalgamating Unit | Amalgamating Unit | Amalgamated Unit |
| Quinte Savings and Credit Union Limited |
Trenton Federal Credit Union Limited |
Quinte Community Savings & Credit Union Limited |
Transfer of assets:
| Purchaser credit union | Vendor credit union |
|
Baptist Ministers' (Ontario) Credit Union Limited |
|
Simcoe County Educators’ Credit Union Limited |
|
Greater Niagara Civic Employees Credit Union Limited |
CO-OPERATIVES
There were seven incorporations, no amalgamations of co-operatives, and one conversion to an Ontario Business Corporation.
TRUST/LOAN CORPORATIONS
During the period under review, FSCO did not receive any applications relating to trust/loan corporations.
MORTGAGE BROKERS
FSCO issued 88 certificates of registration for mortgage brokers.
Grant Swanson
Director
Licensing and Enforcement Division
Financial Services Commission of Ontario
August 25, 2000
Financial Services Commission of Ontario