British Columbia Order in Council — Amendment to Insurance (Vehicle) Regulation (O.C. 240/2024)

O.C. 240/2024

British Columbia — Orders in Council

240 May 8, 2024 PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered 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 the Insurance (Vehicle) Regulation, B.C. Reg. 447/83, is amended as set out in the attached Schedule. Minister of Public Safety and Solicitor General and Deputy Premier Presiding Member (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Insurance (Vehicle) Act, R.S.B.C. 1996, c. 231, s. 45 (2) Other: OIC 1897/83 page of2 R10786543

SCHEDULE The Insurance (Vehicle) Regulation, B.C. Reg. 447/83, is amended by adding the following section: 2024 rebate 15.24

(1) In this section, "rebate" means a rebate referred to in the corporation's application to the commission in accordance with the government directive dated April 30, 2024, for changes to rates in support of a rebate.

(2) If the corporation is required to pay a rebate and fails to pay the rebate within 6 months after the effective date of changes to rates in support of the rebate under the government directive, the corporation must add to the amount of the rebate interest for the period from the end of the 6 months to the date payment is made.

(3) Interest under this

section must be paid at the rate referred to in

section 15.2 (2) that is in effect on the date payment is made. page of2

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 240/2024
Type	order_in_council
Volume / chapter	arc oic 0240 2024
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	bce57aae72c72c9d1d1f3bf7cff3e8bfb9ee06dc

Source file is stored in the law ingest library (pdf).