Toronto Transit Commission (TTC) requires actuarial services including, but not limited to, quarterly and annual actuarial opinion and report, liability report, financial condition testing report, attending annual general meeting, continuity schedule, accident claims liability schedule, etc.
The TTC Insurance Company Limited (TTCICL) was formed on March 9th, 1994, and given a licence to write automobile insurance on July 12, 1994. Its licence is limited to the insurance risks of the Toronto Transit Commission (TTC) (i.e. TTCICL cannot sell automobile insurance to the general public or any other entity). This licence enables the TTC to comply with the Compulsory Automobile Insurance Act which requires an owner or lessee of a motor vehicle to be insured under a contract of automobile insurance. TTCICL is regulated by the Financial Services Regulatory Authority (FSRAO) of Ontario and requires actuarial services to operate as a licensed insurance company in the province of Ontario in compliance with the Insurance Act (Ontario).
As a result of Order in Council OC 300/2021, and beginning in 2022, TTCICL became the insurer of all automobile risks of the City of Toronto. The insurance liabilities of the City of Toronto were adopted by the TTCICL on a prospective basis.
REQUEST FOR PROPOSAL - ACTUARIAL SERVICES RFP NO. P04BJ24575
