Are we loaning our money to ICBC?

ICBC imposed an 11.2 per cent increase on premiums anticipating that the British Columbia Utilities Commission would approve it.

Just after the new year ICBC imposed an 11.2 per cent increase on premiums anticipating that the British Columbia Utilities Commission would approve it.

The approval was due in the spring, possibly June at the latest. It is now almost mid-September and we have yet to hear whether or not the BCUC has approved the increase. If they do not (which is highly unlikely) then ICBC will have to refund that 11.2 per cent (with interest of course) to its policy holders.

In the meantime what is ICBC doing with our money?

William Jesse

Oak Bay