Close X
Sunday, November 10, 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

    RCMP To Stop Providing Security For Prince Harry And Meghan: Minister

    Public Safety Canada says the RCMP has been providing security for the Duke and Duchess of Sussex since November, but plans to stop in coming weeks.

    RCMP To Stop Providing Security For Prince Harry And Meghan: Minister

    New Westminster Police Request For Witnesses In The Investigation Of High Risk Missing Person – NIRLA SHARMA

    The New Westminster Police Department is looking for any witnesses regarding the disappearance of 44-year-old New Westminster resident Nirla Sharma. Mrs.

    New Westminster Police Request For Witnesses In The Investigation Of High Risk Missing Person – NIRLA SHARMA

    City Of Surrey's Proposed Municipal Police Force Approved By The Provincial Government

    he Minister of Public Safety and Solicitor General, Mike Farnworth has reviewed the report submitted by the Provincial Municipal Policing Transition Study Committee, and the City of Surrey has been given approval to proceed with the formation of Surrey Police Department.  

    City Of Surrey's Proposed Municipal Police Force Approved By The Provincial Government

    EXCLUSIVE: ‘NDP Government Seems To Take Surrey For Granted,’ Andrew Wilkinson Tells DARPAN

    The leader of the BC Liberal Party Andrew Wilkinson speaks to Darpan

    EXCLUSIVE: ‘NDP Government Seems To Take Surrey For Granted,’ Andrew Wilkinson Tells DARPAN

    AbbyPD Offer Free Electronic Destruction Event

    Recycle your electronics & protect yourself from fraud. March is Fraud Prevention Month, and AbbyPD and the Electronic Recycling Association (ERA) are partnering to help protect your private information after data destruction.

    AbbyPD Offer Free Electronic Destruction Event

    MLA Ravi Kahlon Calls On Ian Paton To Support Patients’ Rights In Delta

    When asked by reporters, BC Liberal MLA Ian Paton refused to say whether or not he thinks the facility’s current policy is acceptable, leading New Democrat MLA Ravi Kahlon to call on Paton to support patients’ rights in Delta.    

    MLA Ravi Kahlon Calls On Ian Paton To Support Patients’ Rights In Delta