An Ontario government omnibus bill, amending several pieces of legislation, including the Co-operative Corporations Act, the Credit Unions and Caisses Populaires Act, the Insurance Act, the Loan and Trust Corporations Act, the Mortgage Brokers Act, as well as the Registered Insurance Brokers Act , has passed through the legislature.

There were 13 amendments to the Co-operative Corporations Act “to streamline the regulatory requirements for co-operatives. These amendments are intended to address the commitment in the 2000 budget to streamline co-operative regulatory requirements”.

Changes to the Credit Unions and Caisses Populaires Act, now “permit the Deposit Insurance Corporation of Ontario to invoice credit unions and caisses populaires for premiums within 120 days of the start of their fiscal year. This would allow premiums to be based on the previous year’s audited
financial statements.”

The Insurance Act has been revised so that, “the list of permissible investments for Ontario-incorporated companies will be updated to give provincially incorporated companies more flexibility in planning their
investment strategies. Further amendments to insurance legislation are being considered to harmonize Ontario investment standards with those in other Canadian jurisdictions.” The new provisions will rely on guidelines which are currently under development and are scheduled for issue in September
2001.

Changes to the Insurance Act and the Registered Insurance Brokers Act have been proposed to “remove restrictions on foreign ownership of corporate agents, adjusters and brokerages.”

The changes to the Loan and Trust Corporations Act are designed to “eliminate the overlap and duplication in the regulation of the loan and trust sector. With these changes the Province would no longer incorporate loan or trust companies. After a transition period, only federally incorporated companies would be able to operate in Ontario.”