Ex-cabinet minister named ICBC chair

Barry Penner's appointment comes as the Crown agency prepares its final arguments for a 5.5 per cent rate increase

Barry Penner has been in private law practice since retiring as B.C. Liberal MLA for Chilliwack before the 2013 election.

Barry Penner has been in private law practice since retiring as B.C. Liberal MLA for Chilliwack before the 2013 election.

Former B.C. environment minister Barry Penner takes over as chair of the Insurance Corporation of B.C. at the end of March.

Penner’s appointment comes as ICBC prepares its final argument for a 5.5 per cent rate increase that it started charging in November. The increase raises the cost of basic insurance by about $3.70 per month for the average driver, and still needs approval by the B.C. Utilities Commission.

Citing rising costs from personal injury claims and fraud, ICBC proposed a maximum 6.7 per cent increase. The province gave the Crown corporation permission for a one-time transfer of $450 million from its optional insurance business to subsidize the basic rate.

“The B.C. government will continue to work with ICBC to identify and implement measures that will mitigate the causes of rate increases, to help ensure that ICBC insurance rates remain as low and affordable as possible,” said Transportation Minister Todd Stone, announcing Penner’s appointment Tuesday.

The B.C. government continues to take a share of revenue from ICBC optional insurance sales, where it competes with private insurers for collision and other coverage beyond the mandatory basic insurance.

The current budget calls for ICBC to transfer $95 million this year, $148 million next year and $130 million in 2018-19.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ron MacDonnell leans over the railing on Beacon Wharf Tuesday afternoon. The Town of City is currently looking into the future of the aging structure. It could make way for a concrete pontoon once part of the floating bridge over Hood Canal in Washington State. (Wolf Depner/News Staff)
Sidney explores public-private partnership for iconic Beacon Wharf

Wharf committee recommends town invite pontoon company to submit proposal

Victoria police are seeking home surveillance video and witnesses following a prowling incident in Esquimalt Jan. 20. (Black Press Media file photo)
Esquimalt prowler removes air conditioner, peers into person’s home

VicPD is seeking video footage, witnesses following Jan. 20 incident

Francina Mettes and Thomas Schouten with the 200-page document they submitted in December of 2018. (Travis Paterson/News Staff)
Dutch 94-year-old in Saanich earns permanent Canadian residency

Couple of 45 years to stay together in Cadboro Bay

Maj.-Gen. Dany Fortin, vice-president of logistics and operations at the Public Health Agency of Canada, speaks at a news conference on the COVID-19 pandemic in Ottawa, on Friday, Jan. 15, 2021. THE CANADIAN PRESS/Justin Tang
B.C. records 500 new COVID-19 cases Wednesday, 14 deaths

Outbreak at Surrey Pretrial jail, two more in health care

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Jan. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Black bear cubs Athena and Jordan look on from their enclosure at the North Island Wildlife Recovery Association in Errington, B.C., on July 8, 2015. Conservation Officer Bryce Casavant won the hearts of animal lovers when he opted not to shoot the baby bears in July after their mother was destroyed for repeatedly raiding homes near Port Hardy, B.C. THE CANADIAN PRESS/Chad Hipolito
Supreme Court quashes review of B.C. conservation officer who refused to euthanize bears

Bryce Casavant was dismissed from his job for choosing not to shoot the cubs in 2015

Health Minister Adrian Dix looks on as Dr. Bonnie Henry pauses for a moment as she gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. Premier, health officials to discuss next steps in COVID immunization plan

Nearly 31,000 doses of vaccine the province expected by Jan. 29 could be curtailed due to production issues

Homalco First Nation said that it will intervene in the judicial review sought by aquaculture companies with regards to federal decision to phase out 19 Discovery Island fish farms by 2022. In this picture from Sept. 24, a demonstrator wears representations of sea lice outside the Fisheries and Oceans Canada offices in downtown Vancouver.(Quinn Bender photo)
Chief says push for fish farm judicial review a challenge to reconciliation, Aboriginal Rights

Homalco First Nation chief reacts to Mowi and Cermaq intervention in Discovery Island decision

Vancouver Canucks’ Travis Hamonic grabs Montreal Canadiens’ Josh Anderson by the face during first period NHL action in Vancouver, Wednesday, Jan. 20, 2021. THE CANADIAN PRESS/Jonathan Hayward
Horvat scores winner as Canucks dump Habs 6-5 in shootout thriller

Vancouver and Montreal clash again Thursday night

Rod Bitten of Union Bay won $500,000 in the Lotto Max draw on Jan. 15. Photo supplied
Vancouver Island electrician gets shocking surprise with $500K Extra win

Rod Bitten has been hard at work with home renovations, which is… Continue reading

Most Read