The fallout from the recent leaked ICBC report has started. This week, the NDP government of British Columbia has dismissed three of the Insurance Bureau of British Columbia (ICBC) board members. The decision comes as the first step of a shakeup of the provincial public insurance company.
Last month, a leaked report into the state of the ICBC made for worrying reading. It showed that the company is in financial trouble and could need to raise auto insurance premiums by up to 30%. Such a move would be disastrous for customers and Attorney General David Eby has said such a raise will not happen.
However, something must be done. Eby has laid the blame at the door of the former liberal government, which repositioned $2 billion from the ICBC when there was a surplus. Many actions have been mooted for fixing the current situation of the company, but none concrete. It is, however, clear that an overhaul is needed.
In preparation for the shakeup, three board members have been removed. Eby announced the members have been replaced by former TransLink and Canada Line executive Doug Allen, former Hospital Employees’ Union business manager Bonnie Pearson, and former Healthcare Benefit Trust chief actuary Jeremy Bell.
Board members dismissed were Catherine Boivie, and chartered accountants William Davidson and Ronald Olynyk, CBC reported.