ORDER NUMBER
G-195-16
IN THE MATTER OF
the Utilities Commission Act, RSBC 1996, Chapter 473
and
the Insurance Corporation Act, RSBC 1996, Chapter 228, as amended
and
Insurance Corporation of British Columbia
An Application for Approval of the Revenue Requirements for Universal Compulsory Automobile Insurance
Effective November 1, 2016
BEFORE:
D. A. Cote, Commissioner/Panel Chair
B. A. Magnan, Commissioner
R. I. Mason, Commissioner
on December 20, 2016
ORDER
WHEREAS:
A. On August 25, 2016, the Insurance Corporation of British Columbia (ICBC) filed an application to the British Columbia Utilities Commission (Commission) for its 2016 Revenue Requirements for Universal Compulsory Automobile Insurance (Basic insurance), seeking a Basic insurance rate increase of 4.9 percent for the policy year commencing November 1, 2016 (PY 2016) (Application);
B. By Orders G-142-16 and G-163-16, among other matters, the Commission established a regulatory timetable for the review of the Application and approved a Basic rate increase of 4.9 percent on an interim basis for PY 2016, pending approval of a permanent rate;
C. On December 19, 2016, the Lieutenant Governor in Council issued Order in Council No. 960, amending Special Direction IC2 to the British Columbia Utilities Commission (Special Direction IC2), which adds that for the PY 2016, the Commission must issue its final general rate change order by January 16, 2017 and the PY 2016 rate change must not exceed 4.9 percent (OIC 960/16); and
D. The Commission considers that suspending the Regulatory Timetable established by Order G-163-16 is warranted due to the requirements set out in OIC 960/16.
NOW THEREFORE the British Columbia Utilities Commission orders that the regulatory timetable established under Order G-163-16 is suspended. The Commission will issue an amended regulatory timetable in due course.
DATED at the City of Vancouver, in the Province of British Columbia, this 20th day of December 2016.
BY ORDER
Original signed by:
D. A. Cote
Commissioner/Panel Chair