The Government of British Columbia has extended by two weeks the date for the Insurance Corporation of B.C. (ICBC) to file its Revenue Requirements Application for 2017 to the British Columbia Utilities Commission (BCUC).

The rate application for mandatory basic insurance will be filed Sept. 15, 2017. The Minister Responsible for ICBC,  David Eby, says the additional time will give the new government an opportunity to assess ICBC’s financial challenges with the goal of keeping rates at the lowest possible level. He also expects to announce short-term measures that will help solve the concerns and get the organization back on firmer financial footing.

Once ICBC submits its rate application, BCUC will consider and respond to the filing, with the interim rate effective Nov. 1, 2017, while BCUC reviews the full application.