David Eby, Minister responsible for ICBC, is looking for extra time to comb over insurance rates in the province.
ICBC has just received an extension on the time they have to file its Revenue Requirements Application. The Government of British Columbia has extended the due date for the application by two weeks.
The application goes to the British Columbia Utilities Commission, and once it is submitted the BCUC will review the application to determine insurance rates in the province, but the extra time will help the provincial government to assess ICBC’s financial challenges with the goal to keep rates as low as possible.
The application is now due September 15th, with an interim rate effective November first until the application is fully reviewed.
The minister says they are also looking to announce more short-term measures that will help solve the concern surrounding the crown corporations, as well as get the organization back on firmer financial footing.