No. G-05/04
- General

Licensing Changes for Second Quarter 2004

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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 second quarter, April 1 to June 30, of 2004. 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
Aspen Insurance UK Limited The company is licensed for Accident and Sickness, Aircraft, Automobile, Boiler and Machinery, Fidelity, Hail, Liability, Marine, Property and Surety (limited to the business of reinsurance). Jurisdiction of Incorporation: London, England Aspen Insurance UK Limited's contact in Ontario is: Mr. J. Brian Reeve, Chief Agent 40 King Street West, Suite 2100 Toronto ON M5H 3C2 Tel: (416) 869-5745 Fax: (416) 350-6955	Apr 27, 2004
Pafco Insurance Company The company is licensed for Automobile and Property. Jurisdiction of Incorporation: Federal Pafco Insurance Company's contact in Ontario is: Mr. J. R. (Bob) Tisdale, President 10 Allstate Parkway Markham ON L3R 5P8 Tel: (905) 475-4576 Fax: (905) 513-4017	May 25, 2004
SecuriCan General Insurance Company The company is licensed for Property and Liability. Jurisdiction of Incorporation: Federal Securican General Insurance Company's contact in Ontario is: Mr. Crawford W. Spratt, Chief Agent C/O Blaney McMurtry 20 Queen Street West, Suite 1400 Toronto ON M5H 2V3 Tel: (416) 593-3965 Fax: (416) 593-5437	Jun 11, 2004

Amalgamations/Mergers:

There were no amalgamations/mergers during the quarter.

Licence cancellations:

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

Philadelphia Reinsurance Corporation The company has no outstanding insurance liabilities in Ontario.	Jun 9, 2004
Skandia Insurance Company Ltd. The company has ceased operations in Ontario and has transferred its liabilities to Liberty Mutual Insurance Company.	Jun 22, 2004

Licence amendments:

Echelon General Insurance Company Classes Added: Legal Expense and Liability. Classes Deleted: Credit and Fidelity.	May 6, 2004
Gerling Global Reinsurance Company Name Change: Global Reinsurance Company	Jun 11, 2004
Hannover Ruckversicherungs-Aktiengesellschaft Name Change: Hannover Ruckversicherung AG	Jun 15, 2004
Le Mans Re Name Change: XL Re Europe, Canada Branch	Jun 17, 2004
Munich Reinsurance Company Classes Deleted: Property, Aircraft, Automobile, Boiler & Machinery, Credit, Fidelity, Hail, Liability, Marine and Surety.	Jun 28, 2004
SGI CANADA Insurance Services Ltd. Classes Added: Fidelity and Surety.	Apr 7, 2004

INSURANCE -

Agents and Adjusters

During the second quarter of 2004, FSCO reviewed and approved 1,314 new individual and 73 new corporate agent licensing applications. FSCO also renewed 4,865 individual and 475 corporate applications for agent licences. It also reviewed and approved 22 new individual and three corporate applications for adjuster licences and renewed 468 individual and 75 corporate applications for adjuster licences.

There were also 2,193 licensing transactions processed via the Internet, consisting of nine licence status changes; 237 new individual agent licences; 17 transfers; and 1,930 licence renewals.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Fourteen 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, eight credit unions were approved to merge through amalgamations of credit unions, and two credit unions were approved to merge through a transfer of assets as follows:

Transfer of assets:

Purchaser credit union	Vendor credit union	Effective Date
PACE Savings & Credit Union Limited	Federal Employees (Hamilton) Credit Union Limited	Apr 30, 2004
Hamilton Municipal Employees Credit Union Limited	Burlington Municipal Employees Credit Union Limited	May 31, 2004

Amalgamations:

Caisse Populaire Lafontaine Limitee and Caisse Populaire Lasalle Limitee amalgamated effective April 1, 2004, and formed Caisse Populaire Lasalle Limitee.

Caisse Populaire Vision Inc. and Caisse Populaire Heritage d'Ottawa Ouest Limitee amalgamated effective May 1, 2004, and formed Caisse Populaire Vision Inc.

Niagara Credit Union Limited and Guelph & Wellington Credit Union Limited amalgamated effective May 1, 2004, and formed Niagara Credit Union Limited.

Prosperity One Credit Union Limited and TEAME Credit Union Limited amalgamated effective June 30, 2004, and formed Prosperity One Credit Union Limited.

CO-OPERATIVES

During the second quarter, there were seven incorporations, two amendments, two name changes, two dissolutions and two offering statements.

TRUST/LOAN CORPORATIONS

On March 29, 2004, Fiduciary Trust Company of Canada, a federally incorporated trust company, was entered in the trust companies register.

On April 30, 2004, Oak Trust Company, a federally incorporated trust company, was entered in the trust companies register.

On June 1, 2004, Community Trust Company, formerly an Ontario incorporated company, was continued as a federally incorporated trust company and entered in the trust companies register.

On June 8, 2004, B2B Trust was continued as a federally incorporated trust company resulting from amalgamation and entered in the trust companies register.

On June 25, 2004, the Superintendent granted an extension to Laurentian Trust of Canada Inc., permitting the company to carry on business in Ontario after July 1, 2004. The company signed an undertaking to use its best efforts to cause it to be continued as a federal company by January 1, 2005, or to cease carrying on business in Ontario by January 1, 2005.

On June 25, 2004, the Superintendent granted an extension to National Bank Trust Inc., permitting the company to carry on business in Ontario after July 1, 2004. The company signed an undertaking to use its best efforts to cause it to transfer all business in Ontario to Natcan Trust Company, a federal company by October 31, 2004, or to cease carrying on business in Ontario by October 31, 2004.

On June 25, 2004, the Superintendent granted an extension to Alliance Trust Company, permitting the company to carry on business in Ontario after July 1, 2004. The company signed an undertaking to use its best efforts to cause it to be continued as a federal company by January 1, 2005.

On June 25, 2004, the Superintendent granted an extension to Desjardins Trust Inc., permitting the company to carry on business in Ontario after July 1, 2004. The company signed an undertaking to use its best efforts to cause it to be continued as a federal company by June 30, 2005.

On June 30, 2004, Investors Group Trust Co. Ltd., a federally incorporated trust company, was entered into the trust companies register.

MORTGAGE BROKERS

FSCO issued 150 certificates of registration for mortgage brokers.

 

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

July 30, 2004