By Ashley Legassic

ICBC rate increase approved; could come into effect as early as April

Jan 2, 2019 | 2:17 PM

VANCOUVER — ICBC’s proposed rate increase of 6.3 per cent has been approved by the British Columbia Utilities Commission (BCUC).

The increase would apply to basic insurance rates on an interim basis for all new and renewed policies, with an effective date on or after April 1, according to a news release.

The approval is consistent with past applications and will lessen the depletion of ICBC’s “already low” basic insurance capital, the release states, while the BCUC reviews the full application.

Members of the public can participate by requesting intervener status, submitting a letter of comment or registering as an interested party.

At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application for 2019. The BCUC will 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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