Insurance Corporation of British Columbia
The Insurance Corporation of British Columbia (ICBC) is a provincial
crown corporationin British Columbiacreated in 1973by the NDP government of British Columbia. The original purpose of ICBC was to provide universal public auto insurancein British Columbia. Its responsibilities have expanded to include driver licensing and vehicle registration and licensing.
By law, any vehicle registered and driven or parked on public streets in British Columbia must purchase ICBC's basic insurance package from an independent broker. This basic coverage, called "Autoplan," includes protection from third party legal
liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability. At the time the Corporation was established, it held a monopolyon automobile insurance in the province, but in recent years private insurance firms have been permitted to offer optional additional coverage, such as extended liability, collision, and comprehensive plans. While ICBC continues to hold a monopoly on basic insurance, it has chosen to offer optional additional coverage, in competition with these firms.
Like other insurance companies, ICBC bases its
premiums on a client's claims history, type of automobile, and geographic location. Unlike most private insurers, however, ICBC is prohibited by law from setting premiums taking into account such demographic characteristics as age, sex or marital status. The Corporation's discount plan (called "Roadstar" and "Roadstar Gold") rewards safe drivers with reduced premiums based on the number of years the driver has been free of successful claims against him or her.
ICBC is governed by a board of directors appointed according to the provisions of the "Insurance Corporation Act", ICBC's enabling statute. The board of directors, the CEO, and ICBC management govern ICBC in accordance with corporate governance best practices, and in accordance with the provisions of the enabling legislation, the "Motor Vehicle Act", and other legislation applicable to ICBC. Rates applicable to ICBC's basic automobile insurance coverage are subject to the review of, and are set by, the
British Columbia Utilities Commission. Revenue collected by the Corporation goes mostly into paying insurance benefits, while some is invested in fulfilling the Corporation's mandate to promote safe driving (the "RoadSense" campaign) and pursue other loss preventionstrategies. Unanticipated profits incurred by the Corporation have been applied to lower premiums.
Although it was established by a New Democratic government, successive governments of various stripes have maintained the public insurer. Occasionally movements for reform of the automobile insurance system in the province spring up, but they have thus far been unsuccessful. Poll results gauging public satisfaction with ICBC and/or support for its privatization have been mixed over the years.
License plate decals
It is necessary to place a
decalon the rear license plate as proof of current insurance in order to be permitted to drive the vehicle. Decals have been used since 1970, but they all expired on February 28 of the following year until March 1980. Then they expired at the end of the month on the decal, until 1994. Then an additional decal, with a number on it for the day it expired, was introduced. The following are the colour patterns used in years from 1980 onward:
* [http://www.icbc.com/ ICBC]
* [http://www.qp.gov.bc.ca/statreg/stat/I/96228_01.htm "The Insurance Corporation Act", the enabling legislation of ICBC] .
Wikimedia Foundation. 2010.
Look at other dictionaries:
British Columbia — Colombie Britannique (French) … Wikipedia
British Columbia New Democratic Party — Active provincial party Leader Adrian Dix President … Wikipedia
British Columbia Utilities Commission — The British Columbia Utilities Commission (BCUC) is an agency of the government of the Province of British Columbia responsible for regulating rates and standards of service quality of various energy utilities and of the Insurance Corporation of… … Wikipedia
British Columbia Liberal Party — Infobox Canada Political Party party name = British Columbia Liberal Party status = active class = prov party wikicolourid = Liberal party leader = Gordon Campbell president = Mickey Patryluk foundation = 1903 dissolution = ideology =… … Wikipedia
Technical University of British Columbia — Infobox University name =Technical University of British Columbia native name = latin name = motto =Infinite possibilities established =1999, dissolved 2002 type =Public University endowment = staff = faculty = students = undergrad = postgrad =… … Wikipedia
List of British Columbia Government Agencies and Crown Corporations — Crown Agencies and Corporations in British Columbia are overseen, as a whole, by the Crown Agencies Secretariat within the Office of the Premier. However, certain Crown Corporations do report directly to a specific Minister of the Crown in… … Wikipedia
New Democratic Party of British Columbia — Infobox Canada Political Party party name = New Democratic Party of British Columbia status = active class = prov party wikicolourid = NDP party leader = Carole James president =Jeff Fox foundation = 1933 dissolution = ideology = Social Democracy … Wikipedia
Canada Deposit Insurance Corporation — (CDIC) is a Crown corporation owned by the Government of Canada.As a federal agency, it provides insurance (up to a $100,000 CAD per person on Canadian accounts only) for financial services provided by chartered Canadian banks and financial… … Wikipedia
Columbia Records — This article is about the American record label active worldwide except in Japan. For the Columbia Records label which was a unit of EMI, see Columbia Graphophone Company. For the Columbia Records label in Japan, see Nippon Columbia. Columbia… … Wikipedia
Columbia — Not to be confused with Colombia, the country in South America. Columbia may refer to: Contents 1 Places 1.1 Towns and cities in the United States … Wikipedia