If you, or your family and friends, were injured in a motor vehicle accident, you should be aware that the government of British Columbia is in the process of making significant changes to the Insurance Corporation of British Columbia (ICBC). While the amendments will come into force on April 1, 2019, some provisions will be applied retroactively to January 1, 2018. The impetus for these changes is the crippling loss of $1.3 billion that ICBC is projecting to incur for the 2017-2018 fiscal year. Minor injuries have clogged up the Supreme Court of British Columbia, which has led to an increase in legal fees and costs for ICBC. This is because represented claims take longer to settle. However, the new legislative changes are intended to save ICBC approximately $1 billion per year. To learn more from ICBC why these changes are necessary click here.
Now the Insurance (Vehicle) Act (the “IVA”) is in its first reading at the Legislative Assembly. Some of the significant changes to the IVA are as follows:
The B.C. government is still in the process of revamping legislation affecting ICBC and these are just some of the changes that lawmakers have drafted. More changes are still to come, and Bill 22 – Civil Resolution Tribunal Amendment Act is another piece of legislation to keep an eye out for. This is the new dispute resolution process, which will deal directly with minor injury claims.
If you further questions regarding the changes to the insurance system in British Columbia, please fill out our free consultation form.