ICBC has set the terms for a rate affordability review and are now searching for the firm that will do the work.
The reference terms ask the reviewer to make suggestions on mitigating rising costs and claims, after looking at what overall factors are most affecting insurance rates.
The overall goal is stated as keeping rate increases in line with inflation.
ICBC is also looking for suggestions of how the corporation can bring in additional revenue.
Transportation Minister Todd Stone directed ICBC to commission an independent review back in December, after another rate hike of 4.9% was requested.
The crown corporation is expected to select a reviewer by mid-March, with a preliminary report is due at the end of June, and a new rate filing submitted in August.
Rate hike controversy
ICBC has been facing growing pressure on rates, it says because of increased number of crashes and expensive claims.
Back in November, it produced a five-year projection that showed rates climbing as high as 40%.
Transport Minister Todd Stone called that projection a “worst-case, hypothetical situation,” and announced the province would be getting out of the business of insuring luxury vehicles as one measure to contain costs.
Stone has also pledged to forgo the annual dividend the province pulls from the crown corporation, worth $150-million, for the next three years.
But the opposition NDP have accused the BC Liberals of using the public insurer as a “piggy bank” in recent years, instead of keeping rates low for drivers.
With files from Liza Yuzda