ICBC is governed by a board of directors, CEO and management team.
They are guided by the
public sector guidelines for corporate governance, and must act in accordance with the provisions of the
Insurance Corporation Act, the
Insurance (Vehicle) Act and
Insurance (Vehicle) Act Regulation, and other legislation applicable to ICBC.
Changes to ICBC's basic insurance are regulated by the
BC Utilities Commission. They ensure that basic insurance rates are justified and reasonable.