In preparation for a company shakeup, the NDP government has dismissed three of the Insurance Corporation of BC’s (ICBC) board members.
The financially troubled public insurer is facing steep rate hikes to cover its claim costs. A leaked report by Ernst & Young cited a surge in car crashes, higher payouts for minor injuries, and claim rates increasing at a faster pace than accident rates as factors for the possible rate hikes.
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Now Justice Minister David Eby has announced that three board members have been dismissed and replaced. The new directors are former TransLink and Canada Line executive Doug Allen, former Hospital Employees’ Union business manager Bonnie Pearson, and former Healthcare Benefit Trust chief actuary Jeremy Bell. The three new directors join TransLink chief financial officer Cathy McLay.
The directors who were dismissed were technology executive Catherine Boivie, and chartered accountants William Davidson and Ronald Olynyk, CBC reported.
When Premier John Horgan first assumed office in July, one of his first moves was to replace the ICBC board chair, then former B.C. Liberal cabinet minister Barry Penner, with former NDP Cabinet minister Joy MacPhail. It was also around this time that McLay was appointed to the board.
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