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What’s New: In Brief (March 04, 2010)


March 4, 2010   by Canadian Underwriter


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The B.C. government plans to take $778 million from the Insurance Corp. of B.C. over the next three years for general revenue, the Vancouver Sun has reported.
“First revealed in the provincial budget Tuesday, the plan is for ICBC to transfer $487 million to the province in 2010, $144 million in 2011 and $147 million in 2012,” the Sun reported.
In its budget coverage, the Sun says the money can be moved because the public insurer has amassed “a larger war chest on the optional side of its business — where the company competes with private insurance companies to provide non-mandatory coverage — than is needed.”
“What we are saying is that ICBC is overcapitalized on the optional insurance side, and we’re saying that is funding that should be transferred to the shareholder,” Finance Minister Colin Hansen is quoted as saying in the Sun.
Hansen said the move would not in any way affect the mandatory side of ICBC’s business.

RBC Insurance, with support from Hockey Canada and the Hockey Hall of Fame, has launched its annual nationwide search for outstanding hockey volunteers through its RBC Local Hockey Leaders program.
Regional winners, one from each of the 13 Hockey Canada branches as well as one RBC employee winner, will receive $10,000 towards a registered charity or hockey cause in their community, a signed Team Canada jersey and trip for two to Toronto, where they will be recognized in the Hockey Hall of Fame.
Nominations will be accepted online at www.rbclocalhockeyleaders.com until Apr. 9, 2010.


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