The B.C. government is putting the brakes on further increases to car insurance rates – for now.
Attorney General David Eby said in a statement issued Thursday that the government has directed ICBC to delay its annual application to change its rates until February.
“Instead, we will wait until that work is complete to ensure any rate changes are based on the actual costs anticipated in the year ahead,” Eby said.
The BC Utilities Commission, which must approve any rate changes, granted a 6.3-per-cent increase to basic insurance in April.
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The province is expected to roll out two sets of reforms in early 2020 to reverse the auto insurer’s financial woes.
That includes responding to a recent court decision that struck down the government’s move to limit expert witnesses in personal injury lawsuits and improving the tort system that dictates compensation for minor injuries.
ALSO READ: Is ICBC adding staff and increasing salaries? No, David Eby says
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