The British Columbia Utilities Commission has approved ICBC’s application for a 6 point 3 per cent increase to basic insurance rates.
The green light has been given on an interim basis for all new and renewal policies with an effective date on or after April 1st of this year.
The Commission says the rate increase will lessen the depletion of ICBC’s already low basic insurance capital while the BCUC reviews the full application.
At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application and then 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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