NEWS RELEASE – The BCUC Grants Expedited Approval of ICBC’s Temporary COVID-19 Relief Measures
VANCOUVER, British Columbia, April 23, 2020 (GLOBE NEWSWIRE) — On April 22, 2020, per Order G-92-20, following an expedited virtual oral hearing, the British Columbia Utilities Commission (BCUC) has granted interim approval to the Insurance Corporation of British Columbia (ICBC) for temporary measures providing relief to Basic automobile insurance policyholders in light of the COVID-19 pandemic.
The application submitted by ICBC on April 16, 2020 requested BCUC approval by April 23, 2020 of temporary measures to provide relief to Basic insurance policyholders including:Waive cancellation charges on non-fleet owner’s certificates;Permit fleet customers to suspend their Basic insurance and obtain a refund without the need to cancel their Basic insurance; andPermit customers currently insured in certain Rate Classes to temporarily use their vehicles for delivering food and medical products during the pandemic without charging additional premiums or changing rate classes.The BCUC accelerated its review of the application submitted by ICBC and, under provisions of the Utilities Commission Act for expedited review in special circumstance, granted interim approval of ICBC’s requests for a 60-day period, effective April 23, 2020 to June 21, 2020. If required, ICBC may apply to the BCUC for an extension. A regulatory timetable has also been established for a public hearing for the interim approval to be made permanent for the proposed period.This approval is granted a day earlier than requested by ICBC.About the BCUC
The BCUC is a regulatory agency responsible for oversight of energy utilities and compulsory auto insurance in British Columbia. It is the BCUC’s role to balance the interests of customers with the interests of the businesses it regulates. The BCUC carries out fair and transparent reviews of matters within its jurisdiction and considers public input where public interest is impacted.CONTACT INFORMATION:
Krissy Van Loon