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Mar 2, 2020 9:46 PM -

David Eby: New legislation to prevent government's from skimming I.C.B.C. surpluses

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Vancouver: B.C Attorney General David Eby announcing important changes in ICBC January 29, 2020. Connect News/Jawad Siddiqui

Attorney General David Eby says B.C.'s New Democrat government is taking steps to ensure profits made by the Insurance Corporation of B.C. stay with the public insurer.

Eby says he is preparing to bring in legislation that would prevent government's from skimming I.C.B.C. surpluses away from the corporation to use for other government initiatives.

In an announcement this morning Eby says I.C.B.C. profits should be used to offset premium costs.

He says previous Liberal governments stripped 1.2-billion dollars from I.C.B.C. between 2009 and 2016, eroding the financial stability of the Crown corporation and leading to dramatically higher premiums for drivers.

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