Close X
Monday, November 11, 2024
ADVT 
National

Legislation To Ensure ICBC Surpluses Benefit Drivers

Darpan News Desk, 02 Mar, 2020 08:36 PM

    The Province is poised to introduce legislation that will prevent any B.C. government from directing ICBC to make payments to government from its excess optional insurance capital.


    This will ensure that any future surpluses remain with ICBC to be used for the benefit of drivers.


    “For many years, the old government treated ICBC like an ATM,” said David Eby, Attorney General. "It raided ICBC’s profits to the tune of $1.2 billion – seriously eroding ICBC’s financial stability and leading to higher premiums. With these proposed changes, in those years when ICBC does make a profit, those funds will now stay within ICBC so they can be used to make auto insurance rates more affordable, and for other ICBC programs and services that benefit drivers.”


    Government will propose changes to the Insurance Corporation Act to prevent any future provincial government from using ICBC’s excess optional insurance capital to lower its own borrowing requirements while eroding ICBC’s financial position, as was done in the past.


    Between 2009 and 2016, the previous government directed ICBC to make the following payments, totalling almost $1.2 billion, to the Province from ICBC’s excess optional capital:


    $576 million: 2009-10

    $101 million: 2010-11

    $237 million: 2013-14

    $139 million: 2014-15

    $138 million: 2015-16


    “This legislation to keep ICBC surpluses out of government coffers is another step our government is taking to restore ICBC to a sustainable financial position so that insurance rates can stay affordable,” Eby said. “Drivers can have confidence in knowing that their auto-insurance premiums are going toward benefiting drivers.”


    This proposed legislation will be introduced in the coming days. If passed, it will help ensure ICBC’s long-term financial stability.

     

    Upcoming legislation will also deliver the changes necessary to implement the new Enhanced Care coverage starting May 2021, so drivers can see their premiums decrease by 20% on average and have increased peace of mind knowing their medical and recovery benefits will take care of them for as long as they need, if they are injured in a crash.

    MORE National ARTICLES

    NDP Throne Speech In B.C. Highlights Accomplishments At Midway Point Of Mandate

    NDP Throne Speech In B.C. Highlights Accomplishments At Midway Point Of Mandate
    The speech, read by Lt.-Gov. Janet Austin, outlined the government's political accomplishments during its time in power before promising a better future.

    NDP Throne Speech In B.C. Highlights Accomplishments At Midway Point Of Mandate

    Caller Posing As Whistler RCMP Officer Scams Victim Out Of Thousands Of Dollars

    Caller Posing As Whistler RCMP Officer Scams Victim Out Of Thousands Of Dollars
    On February 4, 2020 at approximately 11:00 AM, Whistler RCMP were advised that a victim had been defrauded of thousands of dollars.

    Caller Posing As Whistler RCMP Officer Scams Victim Out Of Thousands Of Dollars

    Kelowna Transit Bus Driver Allegedly Caught Drunk After Complaint From Passenger

    Kelowna Transit Bus Driver Allegedly Caught Drunk After Complaint From Passenger
    The driver, a 52 year old man, was issued a 90 day Immediate Roadside Prohibition (IRP)

    Kelowna Transit Bus Driver Allegedly Caught Drunk After Complaint From Passenger

    Off-Duty Police Officer Helps Nab Suspected Thief: Kelowna RCMP

    The 42 year-old Kelowna man has been remanded into custody. His name is not being released at this time.

    Off-Duty Police Officer Helps Nab Suspected Thief: Kelowna RCMP

    Surrey Man Allan McCrea , 66, Found Dead

    McCrae had last been seen in the 16700-block of Fraser Highway. His body was found in the 17600-block of Fraser Highway on Feb. 1.    

    Surrey Man Allan McCrea , 66, Found Dead

    Police Raise Safety Concerns: Do You Know Who Your Child Is Talking To Online?

    Some of the popular gaming and messaging apps connect youth with complete strangers. Do you know who your child is talking to online? Keep up with the latest online trends among youth by signing up for Cybertip alerts

    Police Raise Safety Concerns: Do You Know Who Your Child Is Talking To Online?