In the case of Toronto District School Board v. Ontario School Boards’ Insurance Exchange dated April 4, 2023, the applicants Toronto District School Board (TDSB) and the Simcoe County District School Board (SCDSB) sought leave to appeal from the Arbitrator's decision made on May 4, 2022. This decision had dismissed the arbitration initiated by the Boards. The dispute involved the respondent Ontario School Boards' Insurance Exchange (OSBIE), a non-profit insurance reciprocal with 119 members representing various school boards. OSBIE's operations were governed by the Insurance Act and the Insurance Regulation. TDSB and SCDSB had been school boards subscribing to OSBIE. They had terminated their memberships and had claimed a portion of the substantial Guarantee Fund, totaling over $130 million. OSBIE had contended that the Guarantee Fund distribution was not applicable upon membership termination and had cited specific sections of the Reciprocal Insurance Exchange Agreement, a standard form contract binding OSBIE members. The Arbitrator's award on May 22, 2022, had rejected the Boards' claims. The Court had granted the Boards' request for leave to appeal the Arbitrator's decision, acknowledging the importance of the issue and its potential impact on the parties' rights. Costs for the appeal had been reserved for consideration by the appellate judge.