No. G-11/00
- General

Licensing Changes - Third 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 third 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
Associates Financial Life Insurance Company The company is licensed for Life. Jurisdiction of Incorporation: Tennessee Associates Financial Life Insurance Company's contact in Ontario is: Mr. Anthony Miles President 201 Queens Avenue, 1st Floor London, Ontario N6A 1J1 Tel: (519) 672-1070 Fax: (519) 660-7268	July 4, 2000

Amalgamations:

Westbury Canadian Life Insurance Company and RBC Life Insurance Company The amalgamated company will use the name RBC Life Insurance Company. The licence of Westbury Canadian Life Insurance Company has been cancelled.	July 3, 2000
Hartford Life Insurance Company of Canada and AIG Life Insurance Company of Canada The amalgamated company will use the name AIG Life Insurance Company of Canada. The licence of Hartford Life Insurance Company of Canada has been cancelled.	August 1, 2000

Licence cancellations:

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

Financial Life Assurance Company of Canada The company has transferred all policy liabilities to Aetna Life Insurance Company of Canada.	July 14, 2000
La Mutuelle du Mans Assurances I.A.R.D. The company has transferred all policy liabilities to its affiliate Le Mans Re.	July 14, 2000

Licence amendments:

Centennial Insurance Company Class Added: Fidelity, Hail	July 14, 2000
CIBC General Insurance Company Limited Name Change: The Personal Direct Insurance Company of Canada.	September 8, 2000
CT Direct Insurance Inc. Name Change: TD General Insurance Company.	September 29, 2000
East Williams Mutual Fire Insurance Company Name Change: East Williams Mutual Insurance Company	August 31, 2000
The Guarantee Company of North America Class Added: Credit Insurance	August 18, 2000
Lanark Mutual Insurance Company Class Added: Fidelity	September 26, 2000
Legacy General Insurance Company Class Added: Loss of Employment Insurance	August 1, 2000
National Frontier Insurance Company Name Change: Optimum Frontier Insurance Company	September 19, 2000
Providence Washington Insurance Company A licence condition that the company may not undertake or renew insurance contracts in Ontario after August 3, 1999, has been removed. Classes Deleted: Accident & Sickness, Aircraft	July 6, 2000
Rhine Reinsurance Company Ltd. Rhine Reassurance S.A. Name Change: Rhine Re Ltd. from Rhine Reinsurance Company Ltd., and Rhine Re S.A. from Rhine Reassurance S.A.	August 31, 2000
TIG Reinsurance Company Name Change: Odyssey America Reinsurance Corporation	August 31, 2000
Usborne & Hibbert Mutual Fire Insurance Company Class Added: Automobile, (limited to non-owned automobiles)	August 1, 2000
Voyageur Insurance Company Compagnie d'assurance voyage RBC Name Change: RBC Travel Insurance Company, Compagnie d'assurance voyage RBC	July 14, 2000

INSURANCE - Agents and Adjusters

During the third quarter of 2000, FSCO reviewed and approved 1,088 new individual applications and 108 new corporate applications. FSCO also renewed 4,268 individual and 366 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 and three new corporate applications for adjuster licences and renewed 356 individual and 58 corporate applications for adjuster licences.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Forty-one 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, three credit unions were approved to merge through a "transfer of assets" as follows:

Transfer of assets:

Purchaser credit union	Vendor credit union
Pace Savings & Credit Union Limited	Motorco Employees (Mississauga) Credit Union Limited
Motor City Community Credit Union Limited	Hospital Employees (Windsor) Credit Union Limited
CCGI Retail Store Employees Credit Union Limited	Independent Order of Foresters Credit Union Limited

CO-OPERATIVES

There were five incorporations, no amalgamations, and one dissolution of co-operatives.

TRUST/LOAN CORPORATIONS

First Data Loan Company, Canada, a federal loan 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 124 certificates of registration for mortgage brokers.

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

November 17, 2000

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