No. G-08/02
- General
Licensing changes for second 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 second quarter, April 1 to June 30, 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 Automobile, Liability, Marine, Jurisdiction of Incorporation: Branch (foreign) Mr. Stephen Frye |
June 28, 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, policy liabilities and |
June 3, 2002 |
The company has ceased operations in Canada and has |
June 7, 2002 |
The company transferred its non life business to a new entity |
April 9, 2002 |
Licence amendments:
Class Added: Property "limited to the business of property |
June 3, 2002 |
Class Added: Legal Expense |
April 26, 2002 |
Restriction Added: "Limited to the servicing of policies |
April 9, 2002 |
Class Added: Accident and Sickness |
June 19, 2002 |
Restriction Added: "Limited to the business of reinsurance, |
April 9, 2002 |
Name Change: Seaton Insurance Company |
June 5, 2002 |
Name Change: Combined Specialty Insurance Company |
June 5, 2002 |
INSURANCE - Agents and Adjusters
During the second quarter of 2002, FSCO reviewed and approved 2,008 new individual applications and 83 new corporate applications. FSCO also renewed 4,502 individual and 446 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 35 new individual applications for adjuster licences and renewed 420 individual and 69 corporate applications for adjuster licences. During the first year of internet licensing (May 14/01 - May 13/02), a total of 1,633 transactions were processed, consisting of 180 licence status changes from Level I to Level II, and 1,453 Level II licence renewals.
CREDIT UNIONS/CAISSES POPULAIRES
During the period under review, FSCO did not receive any applications for new incorporations. Twenty-eight 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, four 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 |
|
Sun Parlor Community Credit Union Limited |
|
Maple Leaf Savings Credit Union Limited |
|
Ottawa District CPR Employees Credit Union Limited |
|
Municipal Employees Credit Union Limited |
Amalgamations:
There were no amalgamations during the quarter.
CO-OPERATIVES
There were five incorporations, and two amendments relating to cooperatives.
TRUST/LOAN CORPORATIONS
There were no registrations during the second quarter of 2002.
MORTGAGE BROKERS
FSCO issued 117 certificates of registration for mortgage brokers.
Grant Swanson
Director,
Licensing and Compliance Division
Financial Services Commission of Ontario
September 13, 2002
Financial Services Commission of Ontario