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.
ICBC’s Board Governance Manual
ICBC’s governance practices and procedures are found in the Board Governance Manual.
The Manual covers the following topics:
- ICBC’s governance framework
- Roles and responsibilities of Directors, the CEO, and the Corporate Secretary, respectively
- Terms of reference for the Committees of the Board
- ICBC’s Fairness Commissioner
- Reporting requirements for subsidiaries and financial statements
For additional information on ICBC Board of Directors, you can also review the Committees of the Board (updated January 2020) and the Appointment Terms of Current Directors (updated April 2020).