No. G-01/05
– General

Licensing Changes for Fourth Quarter 2004

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 fourth quarter, October 1 to December 31, 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)

Amalgamations/Mergers:

There were no amalgamations/mergers during the quarter.

Licence cancellations:

The licence of the following insurer was cancelled after satisfactory arrangements were made for any insurance liabilities

Licence amendments:

INSURANCE

Agents and Adjusters

During the fourth quarter of 2004, FSCO reviewed and approved 1,279 new individual agent licences, and 6,401 agent renewals. A good portion of these transactions were done via the Internet.

In addition, FSCO approved and processed 97 new corporate agent licences, and 588 corporate renewals; 10 new individual adjuster licences and 20 individual adjuster renewals; and one corporate adjuster licence, and two corporate adjuster renewals.

CREDIT UNIONS/CAISSES POPULAIRES

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

Transfer of assets:

Amalgamations:

Motor City Community Credit Union Limited and Windsor City Centre Credit Union Limited amalgamated effective November 1, 2004, and formed Motor City Community Credit Union Limited.

Atlas and Civic Employees (Niagara Region) Credit Union Limited and St. Catharines Civic Employees Credit Union Limited amalgamated effective December 31, 2004, and formed PenFinancial Credit Union Limited.

CO-OPERATIVES

During the fourth quarter, there were six incorporations, four offering statements and one dissolution.

TRUST/LOAN CORPORATIONS

As previously reported in Bulletin G- 05/04 - General, on June 25, 2004, the Superintendent granted an extension to Industrial-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. The date in the undertaking has been extended to June 30, 2005.

As previously reported in Bulletin G- 05/04 - General, 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. The date in the undertaking has been extended to June 30, 2005.

On December 31, 2004, Concentra Trust, a federally incorporated trust company, was entered in the trust companies register.

MORTGAGE BROKERS

FSCO issued 129 certificates of registration for mortgage brokers.


Grant Swanson
Executive Director
Licensing and Market Conduct Division
Financial Services Commission of Ontario

March 21, 2005