Horgan Government to Prohibit Transfer of ICBC Surpluses
Stock image of Canadian money. (VistaRadio Stock Image)
The government of Premier John Horgan wants to prevent ICBC’s financial surpluses from being transferred into provincial coffers.
The NDP says new legislation it plans to introduce will make it illegal for governments in the future to transfer profits from ICBC to the province.
BC Attorney General David Eby says the previous government treated ICBC like an ATM.
Between 2009 and 2016, the previous government had ICBC direct almost 1.2 Billion dollars of its excess capital to the province.
Under the proposed legislation, in years when ICBC earns a profit the money will stay put to keep auto insurance rates affordable, or be used for programs and services that benefit drivers.