The ICBC Board of Directors will soon have a jump-start on their comprehensive independent review in mid-March.
In a statement, Chairman Barry Penner says they’ve finalized their Terms of Reference and have sent out a job-posting on BC-Bid for a third party expert to collaborate with.
While no official details on the terms have been made public, the review is said to identify key factors impacting basic insurance rates and to provide a bigger range of available options to limit any future basic rate increases.
Based on maintaining ownerships with ICBC, Penner also states the goal is to have an early report completed by June in order to reform their August basic rate filing with the British Columbia Utilities Commission (BCUC).
Until a third party expert joins the review, ICBC says they, along with the BC government, are committed to mitigating pressure, including focusing on stopping fraud and exaggerated claims.
In addition, BC Ferries Commissioner Gord Macatee has been hired as an advisor to the Board during the process.
This statement follows Transportation Minister Todd Stone’s announcement in December, issuing an immediate call for this review board.