March 23, 2020
Sent via email Letter L-14-20
Manager, Corporate Regulatory Affairs
Insurance Corporation of British Columbia
151 West Esplanade
North Vancouver, BC V7M 3H9
Re: COVID-19 – Request from the British Columbia Utilities Commission
Dear Ms. Wright:
The global pandemic COVID-19 (Pandemic) is moving quickly and its impact on British Columbians is growing. In response to the current Pandemic and the State of Emergency declared in British Columbia, the British Columbia Utilities Commission (BCUC) has moved to a virtual office and all our operations are currently being conducted remotely. The BCUC is doing what it can to be part of the solution.
The BCUC understands that this Pandemic greatly impacts Basic Insurance policyholders across British Columbia. The BCUC acknowledges the steps Insurance Corporation of British Columbia (ICBC) has taken including processing policy renewals over the phone. In an effort to assist customers at this time, the BCUC requests that ICBC consider further ways to provide relief to Basic Insurance policyholders.
We know this is a difficult time for customers and regulated entities alike, and we are prepared to take immediate action to review your requests to facilitate flexibility in providing any tariff adjustments to all who may be experiencing financial challenges due to the Pandemic.
Within the next two weeks, the BCUC plans to hold a teleconference with ICBC to better understand how this Pandemic will impact Basic Insurance policyholders, intentions of ICBC to seek tariff relief or other tariff amendments and how this Pandemic will impact ICBC’s financial viability in the foreseeable future.
As the situation continues to evolve, the BCUC will monitor the situation closely and provide updates when possible. We encourage all regulated entities to continue to do the same.
Original signed by: