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. O. Reg. 350/24, s. 1 (1). (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 August 31. O. Reg. 350/24, s. 1 (2); O. Reg. 40/25, s. 1. (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. O. Reg. 350/24, s. 1 (3). 2. Omitted (provides for coming into force of provisions of this Regulation).