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

VIDEO: Explorers uncover Canada’s deepest cave in Fernie

The cave, named Bisaro Anima, was confirmed to have broken the record on New Year’s Day

New Glade ferry enters testing phase

The Glade II will be able to carry heavier loads and will emit less greenhouse gases.

Freezing rain warning in effect for B.C. Southern Interior

Environment Canada issued the freezing rain warning for most of the Southern Interior Tuesday morning

Rumble In The Rockies brings live boxing back to Fernie

Local boxer, Dylan Mitchell takes first career win at home

Smiles all around as province announces emergency ward funding

$2.1 million to go to much-needed upgrades

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Snowed In Comedy Tour returns to Fernie on January 28.

Four international comedians will be coming together to create one night of hilarious comedy

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

Associations argued that solitary confinement was inhuman

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

Full-face protection mandatory for upcoming Junior B season

Ghostriders head coach Craig Mohr says neither he, nor his players, are happy about this decision

SOGI rally disrupts school board meeting, but business carries on

Chilliwack school board makes statement in support of B.C.-wide gender identity teaching resource

B.C. husband and wife honoured for saving each other’s lives

Couple presented with Vital Link Awards for quick use of CPR

154 remote B.C. communities to get high-speed internet

Government funding to bring subsea fiber optic cable to connect people on the coast

Kelowna West byelection called for Feb. 14

Four candidate race to replace departed former B.C. premier Christy Clark

Most Read