No. G-02/05
– General

Licensing Changes for First Quarter 2005

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 first quarter, January 1 to March 31, of 2005. The applications relate to individuals and organizations in these financial services sectors under FSCO’s jurisdiction: insurance, credit unions/caisses populaires, cooperatives, 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:

Amalgamations/Mergers:

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 first quarter of 2005, FSCO reviewed and approved 1,125 new individual agent licences, and 4,509 agent renewals.  FSCO completed its review and issued licences in five days or less for 86 per cent of applications received.

In addition, FSCO approved and processed 63 new corporate agent licences, and 554 corporate renewals; 14 new individual adjuster licences and 14 individual adjuster renewals; and two corporate adjuster renewals. There were no new corporate adjuster licence applications.

CREDIT UNIONS/CAISSES POPULAIRES

During the period under review, FSCO did not receive any applications for new incorporations. Six 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.

There were no approvals of mergers through amalgamations or transfers of assets relating to credit unions/caisses populaires.

CO-OPERATIVES

During the first quarter, there were eight incorporations, six offering statements, one amendment  and one conversion to an Ontario Business Corporation relating to co-operatives.

TRUST/LOAN CORPORATIONS

On January 1, 2005, Sun Life Financial Trust Inc. was continued as a federally incorporated trust company resulting from the amalgamation of Sun Life Financial Trust Inc. and Clarica Trust Company and entered in the trust companies register.

On January 1, 2005, The Canada Trust Company was continued as a federally incorporated trust company resulting from the amalgamation of The Canada Trust Company and Canada Trustco Mortgage Company and entered in the trust companies register.

Following a request from the company to cancel its registration in Ontario, on February 25, 2005, the Superintendent issued a notification letter revoking the registration of UBS Trust (Canada).

On March 2, 2005, Industrial Alliance Trust Inc., formerly a Quebec incorporated company registered in Ontario under the name Industrial-Alliance Trust Company, was continued as a federally incorporated trust company and entered in the trust companies register.

Following a request from the company to cancel its registration in Ontario, on March 30, 2005, the Superintendent issued a notification letter revoking the registration of National Bank Trust Inc.

Following a request from the company to cancel its registration in Ontario, on March 31, 2005, the Superintendent issued a notification letter revoking the registration of  Co-operative Trust Company of Canada.

MORTGAGE BROKERS

During this period, FSCO issued 202 certificates of registration for mortgage brokers.


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

May 24, 2005