Insurance Corporation of British Columbia
Overview
Provinces and territories of Canada
The provinces and territories of Canada combine to make up the world's second-largest country by area. There are ten provinces and three territories...
crown corporation in British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
created in 1973 by the NDP government of British Columbia. The original purpose of ICBC was to provide universal public auto insurance
Public auto insurance
Public auto insurance is a government owned and operated system of automobile insurance operated in the Canadian provinces of British Columbia, Saskatchewan, Manitoba and Quebec. According to studies by the Consumers' Association of Canada, rates charged for auto insurance in these four provinces...
in British Columbia. Its responsibilities have expanded to include driver licensing
Driver's license
A driver's license/licence , or driving licence is an official document which states that a person may operate a motorized vehicle, such as a motorcycle, car, truck or a bus, on a public roadway. Most U.S...
and vehicle registration
Vehicle register
The Vehicle register in the United Kingdom is a database of motor vehicles. It is a legal requirement in the UK for most types of motor vehicle to be registered if they are to be used on the public road....
and licensing.
By law, any vehicle registered and driven or parked on public streets in British Columbia must purchase ICBC's basic insurance package from an independent broker
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
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Unanswered Questions
