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O. Reg. 350/24: BUSINESS ACTIVITIES OF BOARDS
filed September 11, 2024 under Education Act, R.S.O. 1990, c. E.2
Skip to contentontario regulation 350/24
made under the
Education Act
Made: August 22, 2024
Approved: August 29, 2024
Filed: September 11, 2024
Published on e-Laws: September 12, 2024
Published in The Ontario Gazette: September 28, 2024
Business Activities of Boards
Reciprocal insurance exchange
1. (1) Participation in a reciprocal insurance exchange, such as the Ontario School Boards’ Insurance Exchange, is prescribed as a business activity for the purposes of subsection 11 (5) of the Act.
(2) A board shall not participate in a reciprocal insurance exchange unless the following criteria are met:
1. The reciprocal insurance exchange is a not-for-profit organization.
2. Each member of the reciprocal insurance exchange is a board or board organization.
3. The head office of the reciprocal insurance exchange, and of each member of the reciprocal insurance exchange, is located in and operated out of Ontario.
4. The reciprocal insurance exchange provides its audited financial statements to the Minister of Education after each fiscal year, no later than 120 days after the last day of the exchange’s fiscal year.
(3) In this section,
“board organization” means an organization that,
(a) is subject to the control or direction of one or more boards, and
(b) has objectives that advance or support education or the operations of a board or boards.
Commencement
2. This Regulation comes into force on the day it is filed.
Made by:
Pris par :
La ministre de l’Éducation,
Jill Dunlop
Minister of Education
Date made: August 22, 2024
Pris le : 22 août 2024