ORDER NUMBER
G-244-18
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
Consequential Amendment to Schedule D of the
2018 Basic Insurance Rate Design Tariff Amendments
BEFORE:
D. M. Morton, Panel Chair/Commissioner
A. K. Fung, QC, Commissioner
B. A. Magnan, Commissioner
on December 17, 2018
ORDER
WHEREAS:
A. On November 13, 2018, the Insurance Corporation of British Columbia (ICBC) filed with the British Columbia Utilities Commission (BCUC) a consequential amendment to the Basic Insurance Tariff (Tariff) to correct a mislabeling of the Multiple Chargeable Claim Payment Factor Table 2 on page 11 of Schedule D (Application);
B. On August 9, 2018, by Order in Council (OIC) No. 458/18 and 459/18, the Lieutenant Governor in Council directed ICBC to apply to the BCUC, by August 15, 2018, for approval of rate design amendments as set out in OIC 458/18 (the 2018 Rate Design Directive), and directed the BCUC to regulate and fix the rates using the factors, criteria and guidelines set out in OIC 458/18 within 45 days of ICBC’s application;
C. On August 15, 2018, in accordance with OIC 458/18, ICBC filed its 2018 Basic insurance Rate Design Application;
D. As per directive #2 of Order G-188-18 dated September 28, 2018, the BCUC did not approve Table 2 on page 11 of Schedule D of the Tariff as filed in the ICBC 2018 Basic Insurance Rate Design Application because the table was not consistent with accepted actuarial practice. ICBC was requested to address the Panel’s observations as outlined in the reasons attached as Appendix A to Order G-188-18, if it wished to file a consequential Tariff amendment;
E. Pursuant to the 2018 Rate Design Directive in OIC 458/18, ICBC was directed to incorporate any necessary consequential amendments to the Tariff pages that were attached to OIC 458/18;
F. The BCUC has reviewed the Application and considers the Tariff amendment to Table 2 on page 11 of Schedule D of the Tariff should be approved.
NOW THEREFORE the BCUC approves the Tariff amendment to Table 2 on page 11 of Schedule D of the Tariff as set out in the Application.
DATED at the City of Vancouver, in the Province of British Columbia, this 17th day of December 2018.
BY ORDER
Original signed by:
D. M. Morton
Commissioner