ICBC rates take a leap today
Peter German's second report on money laundering was released on May 9, 2019. While the report focused on money laundering in real estate, luxury cars and horse racing, German also identified alleged reports of money laundering in other vulnerable sectors, such as the province's post-secondary system. (Sharon Vanhouwe, mycowichanvalleynow.com staff)
ICBC Insurance rates went up 6 point 3 per cent today (Mon).
The rates are going up as the government attempts to stem the flow of red ink from the Corporation.
Other changes include a cap on pain and suffering payouts for minor injuries and the launch of an online civil resolution tribunal for disputes valued at 50,000 dollars or less.
It’s estimated the changes that took effect today (April 1st) will save ICBC about one billion dollars a year.
The Trial Lawyers Association of BC has announced it is moving forward with a legal challenge against the changes, arguing they violate the Constitution and the Charter of Rights and Freedoms.