In British Columbia, ICBC is the only provider of basic automobile insurance.

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.

BC Government Direction

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.

Role of BC Government

We regulate items within our jurisdiction, subject to directives from the BC government.

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, unless directed otherwise. Other than in 2021, 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.

BCUC Responsibilities

Subject to directives from the BC government, the BCUC is responsible for regulating:

  • Rate changes for ICBC basic insurance premiums;
  • Changes to how ICBC's basic insurance premiums are determined (rate design); and
  • The provision of basic insurance to ICBC's customer base as a whole.

The BCUC is not responsible for regulating:

  • ICBC's optional insurance business, as optional insurance is offered by ICBC and other insurance providers in a competitive market,
  • Optional insurance includes collision, comprehensive, extended third party liability, rental vehicle coverage, extension underinsured motorist protection, loss of use, luxury vehicles, specified perils, new vehicle protection, optional insurance packages, specialized coverage, etc.,
  • Compensation or settlements for accidents, and
  • Individual customer insurance policies.

ICBC Compliance Filings

The BCUC requires ICBC to submit annual and quarterly reports, rate design filings, information technology (IT) reports on capital projects and expenditure plans, and performance measure reports to the BCUC.

Annual Reports

The BCUC requires ICBC to submit Annual Reports about their financial results related to Basic insurance and organizational governance information. ICBC files Annual Reports to the BCUC once a year approximately five months after ICBC's March 31 fiscal year end.

Rate Design Filings

In 2018, the BCUC directed ICBC to file an annual report that outlines the results and impact of their new rate design starting in 2021.

IT Capital Projects Reports

ICBC's IT capital projects maintain or improve ICBC's systems to provide basic insurance rates and service. ICBC provides information on IT projects that exceed a threshold of $2 million. The BCUC determined the threshold after an open and transparent review process and approved it by Order G-139-18. These reports are confidential and unavailable for viewing as they contain budget information that, if disclosed, could result in economic harm to ICBC or third parties.

  • 2021 ICBC International Financial Reporting Standard 17 (IFRS 17) Solution IT Capital Report (Confidential)
  • ICBC Responses to BCUC Staff Questions on the 2021 ICBC IFRS 17 Solution IT Capital Report (Confidential)
  • 2020 ICBC Insurance Sales and Services Modernization (ISSM) IT Capital Report (Confidential)
  • ICBC Responses to BCUC Staff Questions on the ICBC 2020 ISSM IT Capital Report (Confidential)
  • 2021 ICBC Project Update Report on ISSM (Confidential)

IT Capital Expenditure Plans

ICBC files annual IT Expenditure Plans to the BCUC to provide transparency about actual and planned IT capital expenditures that exceed a threshold of $2 million, and the resulting depreciation and amortization that are reviewed in Basic insurance rate change applications.

ICBC often files IT Capital Expenditure Plans with their revenue requirement application. In those instances, the reports will be posted on the BCUC's Proceeding page.

Performance Measures Reporting

The BCUC directs ICBC to provide performance measures reporting to assess whether ICBC's Basic insurance service to customers is adequate, efficient, just, and reasonable. In these reports, ICBC address its corporate strategy, performance measures, and metrics over the coming years. Unless otherwise specified, ICBC files their performance measures as part of their annual revenue requirement proceedings. The BCUC reviews these during the proceeding.

ICBC & BCUC Communications

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

ICBC proceedings and decisions

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

View Proceedings

We conduct public, open, and transparent review processes of the applications we receive from ICBC. To see ICBC proceedings that are in progress or completed, please visit our Proceedings page.

View Proceedings

Complaint Process

We review complaints and inquiries about ICBC's basic automobile insurance rates. If your complaint fits within the BCUC's jurisdiction and you would like to file a complaint, click the link below.

File an ICBC Complaint