Rumours of ICBC’s financial woes have been circulating for a while now, and the Corporation has now issued a controversial response.
ICBC admits it has been having debt issues and pins them on outdate premiums, costs, and loopholes.
The plan to fix these issues is summed up in two bills: one to limit payouts on pain and suffering claims, and one to rid courts of lengthy minor injury battles.
In place of the courts, a private tribunal would be set up to resolve minor injury claims and pain and suffering claims.
These changes look to save the insurance corporation billions per year.
It’s not all limiting though, the company does plan to reassess and increase benefits therapy and treatments for those seriously injured.
ICBC is on track to lose close to 1.3 billions dollars this year alone.