ICBC’s Board of Directors has finalized the Terms of Reference for a comprehensive independent review of the fairness and affordability of basic insurance rates.

In addition, an Expression of Interest seeking an independent third-party expert has been posted on the BC Bid website.

The review will identify key factors impacting basic insurance rates and provide a range of options available to limit future basic rate increases to the rate of inflation.

The Board plans to have the third-party selected and the review started by mid-March with a preliminary report done in June.

Rapidly increasing numbers of crashes, claims and claims costs are putting significant pressure on the cost of insurance in BC.