No. G-10/02
- General

Licensing Changes - for Third Quarter 2002

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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 third quarter, July 1 to September 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 website at www.fsco.gov.on.ca

INSURANCE - Companies

(Listed in alphabetical order)

New Companies:	Effective date of changes
ACE INA Life Insurance The company is licensed for Accident and Sickness, Life, Loss of Employment. Jurisdiction of Incorporation: Federal ACE INA Life Insurance's contact in Ontario is: Mr. Daniel P. Courtemanche, President & CEO 130 King St., West, P.O. Box 185 Toronto ON M5X 1A6 Tel: (416) 368-2911 Fax: (416) 594-6336	July 24, 2002
North American Specialty Insurance Company The company is licensed for Aircraft, Credit, Liability, Property, Surety, on the condition that if, in the transaction of its business in Ontario, the company uses a french name, that name shall be "Compagnie nord américaine d'assurances de spécialité." Jurisdiction of Incorporation: Branch (foreign) North American Specialty Insurance Company’s contact in Ontario is: Mr. Brian Gray, Chief Agent c/o Swiss Reinsurance Company Canada 150 King St., West, Suite 2200 Toronto ON M5H 1J9 Tel: (416) 408-5891 Fax: (416) 408-4222	July 24, 2002
Promutuel Life Inc. The company is licensed for Life. Jurisdiction of Incorporation: Extra Provincial - Quebec Promutuel Life Inc.'s contact in Ontario is: Mr. Robert W. McDowell Toronto Dominion Bank Tower Suite 4200, P.O. Box 20 Toronto ON M5K 1N6 Tel: (416) 366-8381 Fax: (416) 364-7813	August 14, 2002

Amalgamations/Mergers:

ING Wellington Insurance Company and The Commerce Group Insurance Company and ING Insurance Company of Canada. The amalgamated company will continue under the name ING Insurance Company of Canada. The licences of ING Wellington Insurance Company and The Commerce Group Insurance Company have been cancelled.

August 12, 2002

Licence cancellations:

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

The Continental Assurance Company The company transferred its insurance business to CNA Life Insurance Company of Canada in 1999.	August 23, 2002
Security General Insurance Inc. All business has been transferred to The Personal Insurance Company of Canada.	August 14, 2002

Licence amendments:

Canadian Professional Sales Association Class Added: Accident and Sickness	September 16, 2002
Chubb Insurance Company of Canada Class Added: Credit	July 24, 2002
J.C. Penny Life Insurance Company Name Change: Stonebridge Life Insurance Company	September 19, 2002
Knights of Columbus Class Added: Accident and Sickness	July 22, 2002
Metropolitan Toronto Police Widows' and Orphans Fund Name Change: Toronto Police Widows and Orphans Fund	July 8, 2002
Townsend Farmers' Mutual Fire Insurance Company Class Added: Boiler & Machinery, Fidelity	August 14, 2002
The Yasuda Fire & Marine Insurance Company Limited Name Change: Sompo Japan Insurance Inc.	August 14, 2002
Zurich Life Insurance Company of Canada Name Change: Manulife Canada Ltd.	August 23, 2002

INSURANCE - Agents and Adjusters

During the third quarter of 2002, FSCO reviewed and approved 1,934 new individual and 69 new corporate agent licensing applications. FSCO also renewed 4,806 individual and 450 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 54 new individual and two corporate applications for adjuster licences and renewed 646 individual and 48 corporate applications for adjuster licences.

There were also 1,571 licensing transactions processed via the internet, consisting of 45 licence status changes from Level I to Level II; 58 new individual agent licences; 7 licence transfers; and 1,461 Level II licence renewals.

Since the inception of the examination equivalency agreement between FSCO and RIBO earlier this year, 154 former general agents have applied to RIBO for equivalency.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Twenty 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, five 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
Fort York Community Credit Union Limited	CIMCO Employees (Toronto) Credit Union Limited
Virtual One Credit Union Limited	Holy Family Parish (Toronto) Credit Union Limited
Polish (St.Catharines) Credit Union Limited	St. Stanislaus - St. Casimir's Polish Parishes Credit Union Limited

Amalgamations:

Amalgamating Unit	Amalgamating Unit	Amalgamated Unit
Northern Credit Union Limited	Nickel Centre Credit Union Limited	Northern Credit Union Limited

CO-OPERATIVES

There were seven incorporations, one amendment, and one conversion to an Ontario Business Corporation, relating to cooperatives.

TRUST/LOAN CORPORATIONS

Effective August 1, 2002, the Ontario incorporated trust corporation, M.R.S. Trust Company, was continued as a trust company incorporated under the Trust and Loan Companies Act (Canada) named M.R.S. Trust Company and, in french, Compagnie de Fiducie, M.R.S. The continued company was registered under the Loan and Trust Corporations Act, R.S.O. 1190 c.L.25, as amended, effective August 1, 2002.

The registration of Pacific & Western's eTrust of Canada Inc. was revoked as the company was continued as a trust company incorporated under the Trust and Loan Companies Act (Canada) under the name Pacific & Western Trust Corporation. The federal trust company was subsequently continued under the Bank Act (Canada) as a bank named Pacific & Western Bank of Canada. These changes were all effective August 1, 2002.

MORTGAGE BROKERS

FSCO issued 100 certificates of registration for mortgage brokers.

 

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

December 3, 2002