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Canada gets a new chartered bank.

Canadian Home Income Plan CorporationCorp. (CHIP), (the operating subsidiary of HOMEQ CorporationCorp.,) has been granted the authority to open Canada’s newest chartered bank: HomEquity Bank (Banque HomEquity).

HomEquity Bank will have immediate access to retail deposits sourced through deposit brokers.

HomEquity Bank’s predecessor, Canadian Home Income Plan CorporationCHIP Corp., has been the main underwriter of reverse mortgages in Canada for more than 20 years. HomEquity Bank will continue to provide reverse mortgages to Canadian homeowners aged 60 or older under the CHIP Home Income Plan brand.

“The continuance as a bank is part of a strategic initiative that allows access to additional cost-effective and reliable sources of funding, which will directly enhance our ability to offer competitively positioned products and services to meet client needs and grow our business overall,” says Steven Ranson, president and CEO of CHIP.

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Flaherty appoints securities committee

Finance Minister Jim Flaherty has selected 10 committee members whose purpose will be to establish a Canadian securities regulator. The team will consult with territories, provinces, legal advisors and experts to formulate their recommendations.

“This is a necessary step in the evolution of Canada’s economy. It will create a more efficient, streamlined securities regulatory system that reinforces financial stability, strengthens enforcement, protects investors and is more accountable,” said Flaherty in a statement.

The members of the Advisory Committee are Louis L. Arki, William E. Belliveau, Peter M. Brown, James D. Hinds, Paul R. Jelley, Dale G. Linn, Gary I. MacDougall, Winston Morris, Frederik J. Pretorius and Dawn A. Russell.

Even though Canada currently has a separate securities regulator for each province and territory, there are no members on the committee from Quebec, Manitoba and Alberta.

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Manulife acquires Pottruff & Smith

Manulife is expanding its travel insurance business.

The company has announced that it has purchased Pottruff & Smith Travel Insurance Brokers Inc., a leading broker and third- party administrator of travel insurance across Canada. The move adds approximately 90 employees in two Pottruff & Smith locations in Woodbridge, Ontario Ont. and Ste-Thérèse, QuébecQue.

Pottruff & Smith is one of the largest travel insurance brokers and third-party administrators in Canada, specializing in leisure travel insurance.

“With this acquisition, we are well positioned to serve even more Canadians to meet their broad range of travel insurance needs,” said Paul Rooney, president and CEO of O, Manulife Canada. “This strengthens our existing travel insurance operations and provides momentum to move our fastest-growing Affinity Markets’ business segment to higher levels.”

The transaction is expected to close November Nov. 2, 2009.

(10/15/09)