If two or more corporations want to amalgamate and continue as one corporation, there are steps that each business needs to take to notify the Financial Services Regulatory Authority of Ontario (FSRA).
The following instructions apply to corporations that sell life and accident & sickness insurance, accident & sickness insurance and general insurance.
Update the Ministry of Government and Consumer Services
Before you update your licence information with FSRA, you will need to first file the changes to your corporation with the Ministry of Government and Consumer Services.
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File Articles of Amalgamation |
File Articles of Amalgamation with the Ministry of Government and Consumer Services.
Go to ServiceOntario for details. |
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Update your directors and officers |
If you have changed your directors and officers, you will need to update your list of directors and officers with the Ministry of Government and Consumer Services.
Go to ServiceOntario for details. |
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Update your trade name |
If you are changing your trade name, you will need to register it as a new trade name and get a new Master Business Licence.
Go to ServiceOntario for details. |
Change the licence with FSRA
There are actions that the corporations involved in the amalgamation need to take to manage their insurance licence, depending on the following scenarios:
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Scenario |
Actions |
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A licensed corporation is acquired by a non-licensed corporation |
The licensed corporation will need to surrender its insurance licence.
Go to Surrender an insurance licence to get started.
The non-licensed corporation will need to apply for a new insurance licence. There is a $400 fee.
To get started, go to: |
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A non-licensed corporation is acquired by a licensed corporation |
The licensed corporation will need to update its list of directors and officers.
Go to Change insurance licence information for corporations or partnerships to get started.
There is no action needed by the non-licensed corporation. |
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A licensed corporation is acquired by another licensed corporation |
The corporation that is being acquired will need to surrender its insurance licence.
Go to Surrender an insurance licence to get started.
The corporation that is acquiring the other business will need to update its list of directors and officers.
Go to Change insurance licence information for corporations or partnerships to get started. |