Keyword
British Columbia Utilities Commission
B.C. attorney general extends ICBC’s rate filing deadline by two weeks
August 31, 2017 by Canadian UnderwriterBritish Columbia’s attorney general announced on Thursday that he has extended by two weeks the rate filing deadline for the Insurance Corporation of British Columbia (ICBC). Attorney General and the minister responsible for ICBC, David Eby, said in a statement…
Alternate dispute resolution, tripling accident benefits among potential solutions for B.C. auto insurance: EY
July 26, 2017 by Canadian UnderwriterThe process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
Insurance Corporation of B.C. financial condition ‘seriously compromised,’ Basic Autoplan needs redesign: EY
July 25, 2017 by Canadian UnderwriterThe premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
ICBC board finalizes terms of reference for independent review of insurance rates
January 26, 2017 by Canadian UnderwriterThe Insurance Corporation of British Columbia’s (ICBC) Board of Directors (BoD) has finalized the terms of reference for an independent review of the fairness and affordability of basic insurance rates in the province, with the idea being to limit future…
B.C. directs ICBC to conduct review of insurance rates, approve Basic rate increase of no more than 4.9%
December 20, 2016 by Canadian UnderwriterThe province of British Columbia has directed the Insurance Corporation of British Columbia’s (ICBC) board to commission a comprehensive, independent third-party review to look at a range of options and make recommendations that will “keep insurance rates affordable and align…
B.C. government will no longer insure luxury cars to help eliminate pressures on basic insurance rates
November 24, 2016 by Canadian UnderwriterThe government of British Columbia announced on Wednesday that it will no longer insure the high-end luxury car rate class – cars worth $150,000 and over – “so that the broader ratepayer is not subsidizing these cars.” The owners of…
ICBC asks for 4.9% increase to basic insurance rates, lower than last year’s 5.5% increase
August 26, 2016 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) announced on Thursday that it will submit its 2016 basic rate application to the British Columbia Utilities Commission, asking for a 4.9% increase to basic insurance rates – lower than last year’s 5.5%…