The BCUC is responsible for regulating ICBC’s basic insurance rates under the Insurance Corporation Act and the Utilities Commission Act. We are responsible for ensuring that ICBC provides basic insurance to customers in a manner that we consider to be adequate, efficient, just, and reasonable.
ICBC is a provincial Crown corporation established and owned by the BC government. The BC government may direct ICBC and/or the BCUC to perform certain tasks related to basic automobile insurance. These directives can be issued to the BCUC through special directions or Orders in Council (OIC), on specific actions we must take when regulating ICBC.
These include changes to how ICBC’s basic insurance premiums are determined (rate design), rate changes for ICBC basic insurance premiums, and the provision of basic insurance to ICBC’s customer base as a whole.
In 2004, the BC government established Special Direction IC2, which has been amended from time to time. It requires ICBC to submit a general rate change application to the BCUC every year. It also requires the BCUC to approve a rate change that is within 1.5% points from the previous year's change and consider the financial health of ICBC. The BCUC has raised concerns about ICBC’s financial health, as outlined in letter L-32-20.
Subject to directives from the BC government, the BCUC is responsible for regulating:
The BCUC may use L-letters to contact the entities it regulates on matters that do not relate to a specific proceeding or application. The following list includes the latest communications between the BCUC and ICBC.
|Date||Document Number||Title / Description|
|2020-06-17||L-32-20||Financial condition of Basic insurance business|
|2020-03-23||L-14-20||Impact of COVID-19 on ICBC Basic policyholders|
|2018-07-16||L-18-18||Request to Further Streamline ICBC’s Statutory Fiscal Year-End Reporting Requirements|
|2017-07-28||L-17-17||Proposal to Discontinue Requirement for Annual Basic Insurance Minimum Capital Test (MCT) Certificate|
|2016-07-21||L-18-16||Filing of the Insurance Business Capability Project Information Technology (IT) Capital Report|
The BCUC conducts public, open, and transparent review processes of the applications it receives from ICBC. To see in progress and completed ICBC proceedings, please see our Proceedings page. For a list of the BCUC’s decisions on ICBC applications, please visit our Orders and Decisions page.Proceedings Orders and Decisions