HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 The Insurance Corporation Act, R.S.B.C. 1996, c. 228, is amended by adding the following section:

Rebate – COVID-19 emergency

26.1  (1) In this section:

"COVID-19 emergency" means the emergency that is the subject of

(a) the notice provided on March 17, 2020 by the provincial health officer under section 52 (2) of the Public Health Act, and

(b) the declaration of a state of emergency made on March 18, 2020, and any extension of that declaration, under section 9 of the Emergency Program Act;

"end of the COVID-19 emergency" means the later of the following:

(a) the date on which the provincial health officer provides notice under section 59 (b) of the Public Health Act that the COVID-19 emergency has passed;

(b) the date on which the last extension of the declaration of a state of emergency referred to in paragraph (b) of the definition of COVID-19 emergency expires or is cancelled;

"relevant fiscal quarter" means each quarter of the fiscal year of the corporation for the period beginning in the fiscal quarter that includes the declaration of a state of emergency made on March 18, 2020 and ending in the fiscal quarter that includes the end of the COVID-19 emergency.

(2) The corporation must, as soon as practicable after each relevant fiscal quarter, distribute a rebate to policy holders for the relevant fiscal quarter if

(a) the actual financial performance of the corporation surpasses the financial performance that was projected before the start of the COVID-19 emergency for the relevant fiscal quarter, and

(b) there are reasonable grounds to believe the actual financial performance is a result of the COVID-19 emergency, including as a result of reduced driving or fewer motor vehicle accidents.

(3) When determining the rebate for policy holders, the corporation must

(a) use a fair and proportionate method that has due regard to the income of the policy holders, and

(b) in respect of policy holders for whom the payment of the fees or insurance premiums established under the Insurance (Vehicle) Act imposes, or is likely to impose, a financial hardship, determine for those policy holders a higher proportion of rebate, in relation to their fees or insurance premiums, than for other policy holders.

(4) The corporation must make the method for determining the rebate for policy holders available to the public on the corporation’s website.

Commencement

2  This Act comes into force on the date of Royal Assent.

Explanatory Notes

SECTION 1: [Insurance Corporation Act, section 26.1] provides for a rebate to policy holders if, as a result of the COVID-19 emergency, the actual financial performance of the corporation in a fiscal quarter surpasses the projected financial performance for that quarter.