The Canadian Taxpayers Federation says it has what might be a fire extinguisher for the ICBC “dumpster fire.”
B.C. Director Kris Sims says the B.C. Government must give drivers some options one where the porridge is not too hot nor is it too cold.
“We think we have a good Goldilocks solution. We think that the government should mutualize ICBC and change it into a Co-op so that it is similar to the a credit union, like Van City. That way it is actually owned by the B.C. drivers who choose it. Then alongside that ICBC Co-op open it up to competition.”
Sims says a Co-op owned by drivers, and not a crown corporation, would firewall the insurance agency from political interference or having its accounts plundered.
ICBC is facing what is expected to a 1.3 billion dollar deficit at the end of the fiscal.