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BCUC approves ICBC’s request interim basic insurance rate increase of 6.3%

BCUC approves ICBC’s request interim basic insurance rate increase of 6.3%

THE British Columbia Utilities Commission (BCUC) panel has approved ICBC’s request for an interim basic insurance rate increase of 6.3% effective April 1, 2019. The panel will determine how any difference between approved interim rates and permanent rates will be refunded to or collected from policyholders at the time that the panel makes its final decision on the application.

The Insurance Corporation Act sets out the role of the BCUC’s regulation of ICBC’s basic insurance. In particular, ICBC must make basic insurance available in a manner that the BCUC considers is adequate, efficient, just and reasonable. The BCUC must also follow government directives when regulating and fixing rates using the factors, criteria and guidelines as provided.

In September 2018, the BCUC approved ICBC’s 2018 Basic Insurance Rate Design Application per Order G-188-18, in accordance with the criteria established in Order in Council 459. Most of the rate design changes will take effect starting September 1, 2019.

The BCUC has established a public proceeding that includes an opportunity for public comment and participation.
There are a number of ways to participate in the review process:

  • Request intervener status by Monday, January 21, 2019: Persons who are directly or sufficiently affected by the BCUC’s decision or have relevant information or expertise, and who wish to actively participate in the proceeding, can request intervener status by submitting a completed Request to Intervene Form online.
  • Submit a letter of comment: Members of the public can submit a letter of comment online. Letters of comment enable any member of the public to contribute views, opinions, and impact or potential impact, with respect to a matter before the BCUC, to the public record.
  • Register as an interested partyInterested parties can register online to receive updates on the proceeding.

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