BCUC Approves Interim Rate Freeze for ICBC 2023 Basic Insurance Rates
VANCOUVER, BC, Jan. 10, 2023 /CNW/ - Today, the British Columbia Utilities Commission (BCUC) approved a zero percent rate change for the Insurance Corporation of British Columbia's (ICBC) basic automobile insurance rates, on an interim basis, effective April 1, 2023.
The interim rate freeze, by Order G-2-23, will remain in effect until the BCUC completes its public review of ICBC's 2023 Revenue Requirements (rates) application. This will include a review of ICBC's claims cost and the forecast operating expenses for policy year 2023 (April 1, 2023 to March 31, 2025), and ICBC's proposed changes to performance measures and other reports.
The BCUC will review ICBC's 2023 rates application in accordance with the Government of British Columbia's Order in Council (OIC) 666. The OIC directs the BCUC not to decrease ICBC's basic insurance rates for the 2023 policy year and to exempt ICBC from being required to apply for a general rate change scheduled for December 2023.
The BCUC has established an open and transparent public proceeding to review ICBC's rate application, which includes an opportunity for public comment and participation through the following activities:
- Request intervener status by January 30, 2023, to actively participate in the proceeding.
- Submit a letter of comment to share your views, opinions, and the impact or potential impact that the application may have on you, with the BCUC.
- Register as an interested party to receive email updates on the proceeding.
For more information about ICBC's 2023 Revenue Requirements proceeding, please visit the proceeding page.
The BCUC regulates ICBC's basic insurance in accordance with the Utilities Commission Act, the Insurance Corporation Act, and Special Direction IC2 to the BCUC, BC Regulation 307/2004 (Special Direction IC2), as amended. Special Direction IC2 requires ICBC to submit a general rate change application to the BCUC every year, unless otherwise directed.
ICBC must make basic insurance available in a manner that the BCUC considers to be adequate, efficient, just, and reasonable. The BCUC must also follow government directives when regulating and fixing rates using the factors, criteria and guidelines as provided. The BCUC does not regulate optional automobile insurance.
The BCUC is an independent regulatory body, responsible for regulating BC's energy utilities, as well as basic automobile insurance rates, and intra-provincial pipeline rates. The BCUC is also responsible for administering BC's Fuel Price Transparency Act. It is the BCUC's role to balance the interests of customers with the interests of the businesses it regulates. The BCUC carries out fair and transparent reviews of matters within its jurisdiction and considers public input where public interest is impacted.
SOURCE British Columbia Utilities Commission
Krissy Van Loon, Manager, Communications, Phone: 604.660.4727, Email: [email protected]
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