Victoria – The British Columbia Utilities Commission (BCUC) has approved ICBC’s application for a 6.3 per cent increase to basic insurance rates on an interim basis for all new and renewal policies with an effective date on or after April 1, 2019.
The approval of ICBC’s basic rate change on an interim basis is consistent with past applications and will lessen the depletion of ICBC’s already low basic insurance capital while the BCUC reviews the full application.
The BCUC has also set the regulatory timetable for the review of ICBC’s basic rate application: https://www.bcuc.com/Documents/NewsRelease/2019/2019-01-02-NewsRelease-ICBC-RRA.pdf
|REGULATORY TIMETABLE||Date (2019)|
|Intervener Registration||Monday, January 21|
|BCUC Information Request (IR) No. 1 to ICBC||Tuesday, February 5|
|Intervener IR No. 1 to ICBC||Thursday, February 14|
|ICBC responses to BCUC and Intervener IR No. 1||Friday, March 8|
|Further Process||To be determined |
At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application for policy year 2019. The BCUC will determine how any difference between the approved interim rate and permanent rate will be refunded or collected at the time of its final decision.