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

Nearly $500,000 available for internships with northern B.C. First Nations governments

Funds announced through partnership with Northern Development and Government of Canada

Terrace husband and wife honoured for saving each other’s lives

BC Ambulance presented each a Vital Link Award for separate incidents of CPR

$15 million spent on cancelled transmition line

BC Hydro had already spent approximately $15 million on planning a new… Continue reading

New funding available for industry innovation

Northern Development Initiative Trust opened new funds, focused on areas impacted by the pine beetle

Former resident wins filmmaking award

Veronika Kurz will be able to make her film with $15,000 cash and in-kind services, up to $100,000

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Island Health: No need for alarm in wake of Victoria needle-prick incidents

Three incidents in a week prompts meeting between health authority, city service providers

B.C. coast loggers celebrate history, hope for improvement

Truck Loggers Association awaits B.C. NDP government’s new direction

Global Affairs aware of report of two Canadians kidnapped in Nigeria

The foreigners were heading south from Kafanchan to Abuja when they were ambushed around Kagarko

Whistler role in potential Calgary Olympic bid would be welcome: IOC

Calgary is mulling whether to vie for the 2026 Games, and could look to facilities in B.C.

Food industry failing at voluntary sodium reduction: Health Canada

Health Canada report shows the food industry made no meaningful progress in curtailing salt levels

Best B.C. cities to live in: millennial edition

Other local municipalities score at bottom of list from real estate blog

Solitary confinement in Canadian prisons unconstitutional: B.C. Supreme Court

Associations argued that solitary confinement was inhumane

1 in 4 B.C. consumers unable to pay bills, debt repayment: poll

Since interest rates first rose in July, poll suggests households across B.C. have had to tighten budget

Most Read