The B.C. Ministry of Finance is seeking comments on proposed changes to insurance legislation. The ministry released a discussion paper on the proposed changes on Monday.
The paper seeks public input on draft amendments to the Insurance (Motor Vehicle) Act and the Insurance Act. The amendments are technical in nature and primarily intended to ensure that optional auto insurance policies are governed by the same provisions, creating a level playing field between the Insurance Corporation of British Columbia and private insurers.
The proposed amendments implement the B.C. government’s New Era commitment to increase competition in B.C.’s optional insurance market while retaining ICBC as the sole provider of basic auto insurance.
The discussion paper’s proposals do not represent government policy. They are intended to encourage dialogue and to solicit innovative ideas to guide improvements in the insurance sector, related to optional insurance policies. The government says it will review the results of the consultation process and determine any future changes to the acts later this year.
Comments are due by September 15.