ICBC’s Board of Directors has finalized the Terms of Reference for a comprehensive independent review of the fairness and affordability of basic insurance rates.
In addition, an Expression of Interest seeking an independent third party expert has been posted on the BCBid website.
The review will identify key factors impacting basic insurance rates and provide a range of options available to limit future basic rate increases to the rate of inflation.
The Board plans to have the third party selected and the review started by mid-March with a preliminary report done in June.
Rapidly increasing numbers of crashes, claims and claims costs are putting significant pressure on the cost of insurance in BC.
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