Close X
Thursday, November 28, 2024
ADVT 
National

Legislation Introduced To Transform ICBC, Deliver Lower Rates

Darpan News Desk, 05 Mar, 2020 08:34 PM

    Legislation has been introduced to transform ICBC, deliver lower auto-insurance rates and dramatically improve care benefits, making ICBC more accountable to British Columbians.

     

    “British Columbians deserve peace of mind that if they are injured in a crash, they’ll be looked after, instead of being fought for years in court,” said David Eby, Attorney General. “They deserve low and stable car insurance rates. This bill will achieve both goals, saving people an average of 20% on their insurance and taking care of people if they are injured. It is long overdue.”


    If amendments to the Insurance Vehicle Act are passed, this new way of doing auto insurance in B.C. will lower premiums on average by 20%, saving drivers about $400, starting in May 2021.


    ICBC’s proposed Enhanced Care coverage will also significantly increase the amount of care and recovery benefits available to anyone injured in a crash, providing enough care for a lifetime for those who need it, to a maximum of at least $7.5 million, up from $300,000 today.


    Wage loss payments will be 60% higher than today, to a maximum of up to $1,200 per week or 90% of net wage loss for those earning up to $93,400 annually. The most seriously injured will get even more care and recovery benefits, including a new permanent impairment benefit that will provide financial compensation of up to $250,000.


    Other proposed changes to the Insurance Vehicle Act formalize ICBC’s ability to offer injured people pre-litigation payments. By putting this process in legislation, an injured person who qualifies can have confidence that their ability to sue is preserved when they accept an up-front pre-litigation payment.


    Before this change was announced in January 2020, if a person decided to take ICBC’s settlement, they had to agree to not seek additional money through the courts. Pre-litigation payments can be offered to people injured in car crashes that occur prior to May 1, 2021, when ICBC’s Enhanced Care coverage would take effect.


    Amendments to the Insurance Corporation Act will eliminate the authority of any government to direct ICBC to make payments to government from its excess optional capital. Between 2009 and 2016, the previous government transferred $1.2 billion from ICBC’s excess optional capital to lower its own borrowing requirements.


    “ICBC should be accountable to British Columbians, and this bill, if passed, should give increased confidence that ICBC will be accountable to them by delivering lower rates and high-quality benefits in the event of a crash,” Eby said. “The changes in this bill won’t just benefit people injured in crashes next spring, they will benefit people injured now. The changes will also help us keep costs low for drivers until May 1, 2021, when drivers will enjoy some of the lowest rates in Canada.”


    Should the amendments be passed and receive royal assent, any government would be prohibited from accessing ICBC’s excess optional insurance capital as of the end of this fiscal, and the Enhanced Care coverage would apply to accidents on or after May 1, 2021.

    MORE National ARTICLES

    Beyak Suspended Again From Senate Despite Apology For Posting Offensive Letters

    OTTAWA - The Senate has voted to suspend Sen. Lynn Beyak a second time over derogatory letters about Indigenous Peoples posted on her website.    

    Beyak Suspended Again From Senate Despite Apology For Posting Offensive Letters

    Vancouver Port CEO Warns Of Coronavirus Woes As China Trade Continues To Ebb

    VANCOUVER - The head of Canada’s largest port says the novel coronavirus is eating into trade following a year that saw cargo volumes dip.    

    Vancouver Port CEO Warns Of Coronavirus Woes As China Trade Continues To Ebb

    All Eyes On Wet'suwet'en Chiefs' Meeting With Federal, Provincial Ministers

    SMITHERS, B.C. - The hereditary chiefs of the Wet'suwet'en First Nation prepared to sit down with senior government ministers on Thursday after two of its longstanding conditions were met for the duration of the scheduled talks.    

    All Eyes On Wet'suwet'en Chiefs' Meeting With Federal, Provincial Ministers

    Surrey RCMP Looking To Identify Fleetwood Robbery Suspect

    Surrey RCMP is requesting assistance from the public to help identify a suspect in a robbery which occurred at a bank in the Fleetwood area.

    Surrey RCMP Looking To Identify Fleetwood Robbery Suspect

    Body Of Girl Found By Road In Quebec

    Body Of Girl Found By Road In Quebec
    Quebec provincial police are investigating after the body of a teenaged girl was found by the side of a road in Quebec's Laurentians region.

    Body Of Girl Found By Road In Quebec

    False Nuclear Alarm In Ontario Was Due To Human Error, Investigation Finds

    A false alarm about an incident at the Pickering Nuclear Generating Station last month was the result of human error, but a delay in sending an all clear was due to several systemic issues, a report found Thursday.

    False Nuclear Alarm In Ontario Was Due To Human Error, Investigation Finds