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ICBC Gets 6.3 Percent Interim Rate Hike Approval While BCUC Reviews Their Application For Permanent Rate Hike

VICTORIA – The British Columbia Utilities Commission (BCUC) has approved ICBC’s application for a 6.3 per cent increase to basic insurance rates on an interim basis for all new and renewal policies with an effective date on or after April 1, 2019.

The approval of ICBC’s basic rate change on an interim basis is consistent with past applications and will lessen the depletion of ICBC’s already low basic insurance capital while the BCUC reviews the full application.

There are a number of ways for the public to participate – requesting intervener status, submitting a letter of comment or registering as an interested party.

The BCUC has also set the regulatory timetable for the review of ICBC’s basic rate application.

REGULATORY TIMETABLE            Date (2019)

Intervener Registration Monday, January 21

BCUC Information Request (IR) No. 1 to ICBC      Tuesday, February 5

Intervener IR No. 1 to ICBC          Thursday, February 14

ICBC responses to BCUC and Intervener IR No. 1               Friday, March 8

Further Process                To be determined

At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application for policy year 2019. The BCUC will determine how any difference between the approved interim rate and permanent rate will be refunded or collected at the time of its final decision.

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