VICTORIA, B.C. — Insurance Corp. of B.C. (ICBC) insurance premiums will only increase by 0.4 per cent across the board in 2004.
The cap on premium increases was approved by the B.C. Utilities Commission. New legislation requires the Commission to approve ICBC’s rate increases after a public process requesting rate changes.
Previously, the provincial Cabinet ruled on ICBC rates.
Optional insurance rates aren’t determined by the Commission, however, they too will increase by just .4 per cent in 2004. That’s to cover the premium tax increase, which is collected by the province on all insurance policies in B.C.
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