6.3% ICBC rate hike approved

Business In Vancouver

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The British Columbia Utilities Commission (BCUC) has approved ICBC’s request for a 6.3% interim rate increase, to go into effect April 1.

The next step is a public review process. Members of the public can participate in the process by requesting intervener status, submitting a letter of comment to the public record and registering as an interested party.

ICBC insurance British Columbia
ICBC (BIV File photo)

Those requesting intervener status must do so by January 21.

The BCUC said it has yet to determine how any differences between interim rates and permanent rates will be refunded to – or collected from – policyholders once a final decision is made on the application.

ICBC made the request in December. At that time, Attorney General David Eby said the provincial insurer’s financial woes were the direct result of policies of the previous Liberal government under Premier Christy Clark, referring to the Crown corporation’s $1.3 billion shortfall last year.

“The situation was so dire that, had our government not moved to stop the bleeding, the announcement today would have been almost a 40% increase,” he said in December.

– With files from Nelson Bennett