British Columbia Order in Council — Amendment to British Columbia Utilities Commission (O.C. 633/2020)

O.C. 633/2020

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that Special Direction IC2 to the British Columbia Utilities Commission, B.C. Reg. 307/2004, is amended as set out in the attached Schedule. Minister of Public Safety and Solicitor General Presiding Member of the Executive Council (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Insurance Corporation Act, R.S.B.C. 1996, c. 228, ss. 44 and Other: OIC 647/2004 R10466343 December 14, 2020

SCHEDULE

Section 1 (1) of Special Direction IC2 to the British Columbia Utilities Commission, B.C. Reg. 307/2004, is amended (

a) by repealing the definition of “extended policy period”, and (

b) in the definition of “policy year” by repealing paragraphs (

a) and (

b) and by adding the following paragraphs: (b.1) the period beginning on April 1, 2020 and ending on April 30, 2021; (b.2) the period beginning on May 1, 2021 and ending on March 31, 2023; . 2

Section 3 (1) is amended (

a) by repealing paragraphs (a.01) to (a.2), (

b) by adding the following paragraphs: (a.4) despite paragraph (a), require the corporation to apply by December 15, 2020 for a general rate change order for rates to be effective May 1, 2021; (a.5) during the policy year, refrain from issuing a general rate change order for that policy year unless the corporation applies for the order; , (

c) in paragraph (

c) by striking out “ paragraphs (

g) and (

j) to (t) ” and substituting “paragraphs (

g) and (

j) to (v)”, (

d) in paragraph (c) (i) (

B) by striking out “ March 31, 2018 ” and substituting “March 31, 2020 ” and by striking out “ November, 2018 ” and substituting “November, 2020”, (

e) in paragraph (c) (ii) by striking out “ April 1, 2017 ” and substituting “ April 1, 2020”, (

f) in paragraph (c) (ii) by striking out “ and extensions ”, by striking out “ and extension” and by striking out “Extension and”, (

g) in paragraph (c) (ii) by striking out “ November 1, 2018 ” and substituting “August 21, 2020”, and (

h) by adding the following paragraphs: (e.1) despite paragraph (d), for the po licy year, ensure that rates are set in accordance with the capital management plan in existence on May 27, 2016, (

i) excluding the capital build or release provisions of that plan, (ii) substituting a capital build provision that would result in an 11.5 percentage point increase to the general rate change, after accounting for the effect on the ca pital build amount of investment income and expenses that vary with the amount of premium collected from a policyholder, and (iii) using a calculation in relation to the capital maintenance provision that neither increases nor decrease s the percentage number of a rate change fixed by a general rate change order for the policy year; (

u) despite paragraph (j), within 30 days of the corporation applying in accordance with the government dire ctive dated November 30, 2020 for changes to rates, including a re bate, in connection with the Attorney General Statutes (Vehicle In surance) Amendment Act, 2020 , approve and set the changes to rates; (

v) despite paragraph (j), when regul ating and fixing universal compulsory vehicle insurance rates for the policy year, regulate and fix those rates in accordance with (

i) the government directive to the corporation dated November 30, 2020 for changes to rates, including a rebate, in connection with the Attorney General Statutes (Vehicle Insurance) Amendment Act, 2020, and (ii) the government directive to the corporation dated November 30, 2020 in relation to its application fo r a general rate change order for the policy year. 3

Section 3 (1.1) is amended (

a) by adding “ other than the policy year,” after “vehicle insurance rates,”, and (

b) by adding “ and” at the end of paragraph (a), by striking out “ and” at the end of paragraph (

b) and by repealing paragraph (c). 4

Section 3 (1.2) and (1.3) is amended by striking out “ the extended policy period or”. 5

Section 3.1 is repealed. 6

Section 3.2 is amended by addi ng the following subsection:

(3) The rate change order referred to in s ubsection (1) (

b) is deemed to apply to the policy year as defined in paragraph (b .1) of the definition of “policy year” in

section 1 (1). 7 The following

section is added: Directions relating to 2022 3.3 Despite

section 3, the commission must, by January 15, 2021, exempt the corporation from the requirements to (

a) apply for a general rate change order by December 15, 2021, and (

b) file with the commission any reports and information that, but for the exemption, the corporation would have been required to file with the application in support of a genera l rate change order described in paragraph (a).

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 633/2020
Type	order_in_council
Volume / chapter	arc oic 0633 2020
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	7dc107bdffa7b7be837a7d6918c60003ab83a6d9

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