BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -75-03 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 CANADA BC TOLL FREE: 1-800-663-1385 web site: http://www.bcuc.com FACSIMILE: (604) 660-1102 IN THE MATTER OF the Insurance Corporation Amendment Act, 2003, SBC 2003, Chapter 35 and the Insurance Corporation Act, RSBC 1996, Chapter 228 and the Utilities Commission Act, RSBC 1996, Chapter 473 and Special Direction IC1 to the British Columbia Utilities Commission and An Application by the Insurance Corporation of British Columbia for Approval of 2004 Revenue Requirements and rates for Universal Compulsory Automobile Insurance BEFORE: Len Kelsey, Commissioner ) and Panel Chair ) November 12, 2003 Murray Birch, Commissioner ) Peter Vivian, Commissioner ) O R D E R WHEREAS: A. On August 29, 2003, the Insurance Corporation of British Columbia (“ICBC”) filed for approval of its 2004 Revenue Requirements Application (“Application”) and to increase premiums for Universal Compulsory Automobile Insurance (“Basic Insurance”) by 1.3 percent applicable to all contracts taking effect on or after January 1, 2004, pursuant to Section 44 of the Insurance Corporation Act, and Sections 58 and 61(2) of the Utilities Commission Act; and B. The Application proposed to increase premiums for Basic Insurance as a result of increases in ICBC’s 2004 forecast cost of service for Basic Insurance; and C. The Commission, by Order No. G-54-03 dated September 2, 2003, established a Regulatory Agenda and Timetable for a written hearing and a public workshop regarding the Application. D. The Commission held a public workshop on September 11, 2003 in Vancouver, B.C.; and E. The Commission issued Letter No. L-48-03 dated October 2, 2003 and granted ICBC’s request that it not be required to respond to the information request of Mr. Russell Sykes; and F. The Commission issued Letter No. L-50-03 dated October 16, 2003 and denied a request for a decision in the October 3, 2003 submission of the Office & Professional Employees’ International Union, Local 378; and
2 G. Written Final Arguments and Reply Argument were completed on October 24, 2003; and H. The Commission Panel has considered the Application and the written evidence. NOW THEREFORE the Commission orders as follows: 1. The requested amendment to Basic Insurance premium rate schedules to increase rates by 1.3 percent for contracts effective on and after January 1, 2004 is not approved. 2. The amendment to Basic Insurance premium rate schedules to increase rates, for contracts effective on and after January 1, 2004, by 0.4 percent to flow-through the increase in premium tax, effective January 1, 2004 is granted. 3. ICBC is directed to comply with all determinations and instructions set out in the Decision that is issued concurrently with this Order. DATED at the City of Vancouver, in the Province of British Columbia, this 12 Attachment BRITISH COLUMBIA UTILITIES COMMISSION ORDER NUMBER G-75-03 th day of November 2003. BY ORDER Original signed by: Len Kelsey Commissioner and Panel Chair
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