July 19, 2001 by Canadian Underwriter
The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board positions. The only remaining member is ICBC president and CEO Thom Thompson.
The changes come as part of the Liberal’s election promise to open up the auto insurance market to competition. As yet it is unknown just what form this deregulation will take, but in a press release announcing the new board, Geer alludes to changes in the works that could see ICBC competing with private insurers.
“The government, our shareholder, has said there is going to be a more competitive automobile insurance market in this province. Our job is to advise the government on how to make the market more competitive for the benefit of our customers and to set direction for the corporation so it can compete in this new environment,” he states.
New board members reflect a changing direction as well, toward the business community. They include an investment counselor, a human resources manager, a lawyer, a chartered accountant, a real estate executive and two retired CEOs. The appointments will run for a three-year term.