â–ş Listen Live
â–ş Listen Live

Provincial Government tables legislation ensuring future surpluses stay with ICBC

Legislation preventing the B.C. government from directing ICBC to make payments to the government from its excess optional insurance capital is set to be introduced by the province in the next few days.

According to Attorney General David Eby, This will ensure that any future surpluses remain with ICBC to be used for driver benefit.

“For many years, the old government treated ICBC like an ATM,” explained Eby.

“It raided ICBC’s profits to the tune of $1.2 billion – seriously eroding ICBC’s financial stability and leading to higher premiums. With these proposed changes, in those years when ICBC does make a profit, those funds will now stay within ICBC so they can be used to make auto insurance rates more affordable, and for other ICBC programs and services that benefit drivers.”

Changes will be proposed to the Insurance Corporation Act, preventing future B.C. Governments from using ICBC’s excess optional insurance capital to lower its own borrowing requirements while eroding ICBC’s financial position.

Eby says ICBC was directed under the previous government to make payments, totalling almost $1.2 billion, to the province between 2009 and 2016.

“This legislation to keep ICBC surpluses out of government coffers is another step our government is taking to restore ICBC to a sustainable financial position so that insurance rates can stay affordable,” Eby said.

“Drivers can have confidence in knowing that their auto-insurance premiums are going toward benefiting drivers.”

More information about changes to improve transparency and accountability at ICBC.

Government’s intended changes at ICBC.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Catherine Garrett
Catherine Garrett
Catherine is an anchor and reporter in the MyPGNow newsroom. Born in Ontario, raised on Haida Gwaii, she now is living in Prince George. She obtained a diploma in Broadcast and Online Journalism at BCIT. You can find her on Twitter @Cath_Garrett

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

Kodiaks opening season at home Saturday

The Prince George Kodiaks will be taking the field at Masich Place Stadium for their home opener Saturday as the Westshore Rebels come to town.  The Kodiaks are looking to take the next step this season, after a 3-7 finish to the 2024 campaign. 

“It’s kind of been a logistical nightmare” Local CUPW 812 President on Canada Post vote

Canada Post's final offers for employees represented by CUPW has garnered a negative reaction from the union and its members.

Cabinet shuffle “an opportunity for Eby to change the channel”: Bond

Longtime MLA and Political Analyst Shirley Bond was a bit surprised by Premier David Eby's cabinet shuffle today. (Thursday) The shuffle comes just eight months after Eby's cabinet was revealed following the NDP's win in the 2024 provincial election.

Eby shuffles cabinet, including key jobs, public safety and housing roles

Premier David Eby shuffled his cabinet Thursday in what he called a “strategic” move to respond to a world that has changed since his B.C. NDP were elected last fall.

Spruce Kings to play 25 home games on weekends; BCHL has new playoff format

The BCHL has released its the 2025-2026 Regular Season schedule, along with a new divisional alignment playoff format. Each team will play 54 games, starting on Friday, September 19 and running to March 29.
- Advertisement -