Some B.C. automobile policyholders will be getting economic relief from the Insurance Corporation of British Columbia (ICBC) in the coming days.
The British Columbia Utilities Commission announced today (April 24) in a release that it has granted ICBC permission to temporarily waive fees and refund insurance for certain basic auto policyholders in light of the COVID-19 pandemic.
The BCUC is an independent provincial regulatory agency that oversees automobile insurance and energy utilities, among other things.
The "interim approval" is for a two-month period, from April 23, 2020, to June 21, 2020; a public hearing for approval of the interim measure will be scheduled for a future date.
The measures will allow ICBC to: waive cancellation charges for non-fleet owners' certificates; send refunds to fleet customers who suspend their basic insurance (without having to cancel it); and permit customers in designated rate classes to use their vehicles to deliver medical products and food during the pandemic, without changing their rates or charging premiums. (Those rate classes are as follows: 001, 002, 003, 004, 005, 007, 021, 022, 023, 024, 027, 051 and 055.)
The BCUC noted that it had expedited its review of ICBC's application because of "special" circumstances.