Special Meeting of Directors - June 21, 2012

Meeting Info

Date:Wednesday, June 20, 2012

Start Time:2:07 p.m.

Location:Committee Room 3, 2nd Floor Toronto City Hall, 100 Queen Street West

Meeting No:39

Previous Meeting Minutes

Download Agenda

(27/04/2021)

46.27 KB

Members

Chair Peter Milczyn
Vice-Chair John Parker
Karen Stintz
Brian Leck
Michael Roche
Vincent Rodo

Members

Chair Peter Milczyn
Vice-Chair John Parker
Karen Stintz
Brian Leck
Michael Roche
Vincent Rodo

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)

Nil

Minutes of the Previous Meeting

TTC Insurance Directors Minutes 36

TTC Insurance Directors Minutes 37

TTC Insurance Directors Minutes 38

Business Arising Out of Minutes

Nil

Public Presentations

Requests to speak must be registered by 12:00 Noon of the business day preceding meeting day.

Notices of Motions

Nil

Motions Without Notice

Nil

Items of Which Notice has Previously Been Given

Nil

Items Deferred From Last Meeting to Permit Debate/Public Presentation

Nil

1. Reports with Confidential Attachments

Nil

2. Presentations

Nil

3. Other Business

4. New Business

5. Correspondence

A correspondence summary will be distributed at the meeting.

A meeting of the Board of Directors was held in Committee Room 3, 2nd Floor, City Hall, 100 Queen Street West, Toronto, on Thursday, June 21, 2012 at 2:07 p.m. for the purpose of discussing business related to the Company.

Present

P. Milczyn (Chair – TTCICL), J. Parker (Vice-Chair - TTCICL), K. Stintz (Director - TTCICL), J. Colle, M. Augimeri (TTC Commissioners), V. Rodo (President), M.A. Roche (Treasurer), B.M. Leck (General Counsel), A. Byford, M. Ferreira, and J. Cheng (Actuary from J.S. Cheng & Partners) were present.

Vincent Rodo was in the Chair.

In this section

Declaration of Interest - Municipal Conflict of Interest Act

Nil

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Minutes of the Previous Meeting

The Directors reviewed and approved the minutes of the above mentioned meetings and authorized the Chair and Secretary to sign the same.

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Business Arising Out of the Minutes

Nil

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Committee of the Whole Resolution

Nil

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Public Presentations

Nil

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Notice of Motions

Nil

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Motions Without Notice

Nil

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Items of Which Notice Has Previously Been Given

Nil

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Items Deferred From Last Meeting to Permit Debate/Public Presentations

Nil

1. Reports with Confidential Attachments (Committee Of The Whole)

Nil

2. Presentations

Nil

3. Other Business

(a) Actuarial Financial Review

The Board received the 2011 annual actuarial report and approved the Expected Future Financial Condition (EFFC) for 2011 that forecasts the expected future financial condition of TTC Insurance Company Limited. The Board also received from the actuary a presentation of the 2011 EFFC report.

(b) Draft Financial Statements for the Year Ended December 31, 2011

The Board of Directors approved the following recommendation as amended:

i. The financial statements of TTC Insurance Company Limited for the year ended December 31, 2011, and
ii. Forwarding a copy of the approved financial statements to the Shareholders for information.

(c) Proposed Solvency Reforms

The Board received the report with respect to the Financial Services Commission of Ontario’s proposed changes to the solvency regime for information.

4. New Business

Nil

5. Correspondence

Nil

The meeting adjourned at 2:15 p.m.

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