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.

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.

 

Just Posted

Shaving minutes off commutes among the goals for Victoria bus lanes

Work on southbound Douglas Street lane between Tolmie and Hillside getting underway

Backyard of $2.2M Uplands property bulldozed for BMX jump track

34-year-old financial advisor fulfills childhood dream

VicPD nab distracted driver with expired licence

On the phone while in motion, man had overdue fines from driving while impaired

Gallery: Turnout good for Oak Bay’s inaugural volunteer fare

Oak Bay showcased non-profits and more with inaugural volunteer fair

Vic-Alert faces tidal wave of registration after tsunami warnings

City of Victoria system is free and provides early warnings of disaster

Mature Garry Oak falls on Beach Drive

150-year-old tree blocks access in front of Oak Bay Beach Hotel

Castlegar homicide victim identified

The victim was 38-year-old Jordan Workman of Castlegar, B.C.

B.C. Liberal leadership candidates get one last prime-time pitch

Leadership campaign to be decided in Feb. 3 vote

How high is safe from a tsunami? Four metres above sea level

Be disaster ready with food, water and clothing for seven days

Victoria Film Festival set for triumphant return to the big screen

Two decades on, diverse film lineups keep movie-goers coming to the box office

Victoria’s most wanted for the week of Jan. 23

Crime Stoppers will pay a reward of up to $2,000 for information that leads to arrests or the seizure of property or drug

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Bell Canada alert prompts RCMP, privacy watchdog to probe data breach

Company spokesman: ‘Fewer than 100,000 customers were affected’

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

Most Read