Order in Council 300/2021

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas TTC Insurance Company Limited is licensed under the Insurance Act as an insurer to carry on automobile insurance in the province of Ontario;

And whereas pursuant to Order In Council O.C. 1690/94 and subject to the conditions stated therein, TTC Insurance Company Limited is exempt from the requirements to maintain minimum capital and unimpaired surplus requirements under subsection 48(2) of the Insurance Act;

And whereas O.C. 1690/94 specifies that TTC Insurance Company Limited must limit its insurance underwriting to the automobile insurance risks of the Toronto Transit Commission;

And whereas TTC Insurance Company Limited intends to underwrite the automobile insurance risks of the City of Toronto, excluding all of the other boards, commissions and special purpose entities of the City of Toronto;

And whereas the Chief Executive Officer filed a report dated January 27, 2021 under subsection 48(4) of the Insurance Act;

And whereas TTC Insurance Company Limited,

1. has, in aggregate, a paid up capital and unimpaired surplus in the amount of $100,000;
2. will limit its insurance underwriting to the automobile insurance risks of the City of Toronto, excluding all of the boards, commissions and special purpose entities of the City of Toronto except for the Toronto Transit Commission;
3. entered into an indemnity agreement with the Toronto Transit Commission dated February 25, 1994 whereby all current and future losses, costs and expenditures of the TTC Insurance Company Limited are to be reimbursed by the Toronto Transit Commission;
4. obtained from the City of Toronto a complete and full guarantee dated February 8, 2019 of the Toronto Transit Commission’s liabilities and obligations under the said indemnity agreement; and
5. entered into an indemnity agreement with the City of Toronto dated February 8, 2019 whereby all current and future losses, costs and expenditures of TTC Insurance Company Limited relating to the City of Toronto’s insurance policies underwritten by TTC Insurance Company Limited will be reimbursed by the City of Toronto.

Therefore, Order in Council O.C. 1690/94 is amended by deleting paragraph 2 and replacing it as follows:

2. Pursuant to subsection 48(5) of the Insurance Act, the exemption from the minimum paid up capital and unimpaired surplus requirements under subsection 48(2) of the Insurance Act is subject to the following conditions:
   1. TTC Insurance Company Limited maintain, in aggregate, a paid up capital and unimpaired surplus of not less than $100,000;
   2. TTC Insurance Company Limited limit exclusively its underwriting to the automobile insurance risks of the City of Toronto, excluding all of the boards, commissions and special purpose entities of the City of Toronto except for the Toronto Transit Commission;
   3. The indemnity agreement dated February 25, 1994 between the Toronto Transit Commission and the TTC Insurance Company Limited, continue and be in full force and effect;
   4. The guarantee to the TTC Insurance Company Limited from the City of Toronto dated February 8, 2019 continue to be in full force and effect; and
   5. The indemnity agreement between the TTC Insurance Company Limited and the City of Toronto dated February 8, 2019 continue to be in full force and effect.