The provincial government has directed ICBC to delay its rate application until February 2020 as the government works on two planned reforms.
“After years of the previous government’s mismanagement of ICBC, British Columbians are paying too much for car insurance,” says Attorney General David Eby in a statement. “We have much work ahead to get these costs down for families.”
The delay will allow the government to complete a financial analysis ahead of two planned reforms that are aimed at “[reducing] costs, and by extension, car insurance rates.”
“First, we are working on reforms to respond to a recent court decision striking our limit on expert reports and associated costs,” says Eby. “Second, we are working on additional reforms in the tort system that will help to reduce costs and have a positive impact on any required rate changes.”
Eby adds that ICBC will not put forward a 2020 rate application until the aforementioned work is completed, in order to ensure that the rate changes are accurate to costs anticipated in the coming year.
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