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ICBC Board statement: optional insurance refunds

April 24, 2014

The Board of ICBC is continuing to diligently review the ICBC Vehicle Identification Coding (VIC) matter and is currently proceeding as follows:

  1. the Board has reviewed with management a draft plan that reflects the Corporation’s commitment to refund over charged customers;

  2. the plan is continuing to be worked on and ICBC expects to make refund payments in July,

  3. The Board has retained Deloitte to do an independent audit and review to assess and ensure the completeness and accuracy of the VIC data and the calculation of the refund payments to customers,

  4. The Board has also retained BLG (Borden Ladner Gervais) to review the governance and decision making processes followed by management in identifying, assessing and reporting on the VIC related risks to the Board.

  5. Once the Board has received and considered the foregoing reports, the Board will look at preparing a single report that combines and summarizes the conclusions and recommendations from these reports.

The Board of Directors will not be making further comments until the Audit has been completed.