Consumers' Association Reacts to ICBC Insurance Premiums Being Used to Subsidize Olympic Vehicles



    VANCOUVER, April 13 /CNW/ - The Consumers' Association of Canada today
announced that it will file an official complaint with the BC Utilities
Commission regarding ICBC using insurance premiums to subsidize the insurance
cost of vehicles that will be used during the Olympics.
    ICBC announced yesterday that it had signed on as an official sponsor for
the 2010 Olympics.
    "Our Association supports the Olympics but we do not support applying a
hidden tax on motorists to pay for it," said Mr. Cran, President of the
Association. "On the one hand we have ICBC paying millions of dollars in
bonuses to its staff and now millions more in subsidies to the Olympics. While
they are doing this ICBC year after year keeps raising auto insurance rates."
    The Association plans on sending a letter of complaint to the BC
Utilities Commission regarding ICBC's actions requesting that the costs of
subsidizing the Olympics be rejected in the next rate review hearing.
    "This is just another way for the BC Government to move the cost of the
Olympics off its books and onto the backs of BC motorists," said Mr. Cran.
    What is even more disturbing is that both ICBC and the Government are
keeping the value of their donation a secret," said Mr. Cran. "These funds are
coming out of the pockets of auto insurance premiums and motorists have a full
right to know how much they are being gouged."





For further information:

For further information: Bruce Cran, President, Consumers' Association
of Canada, Tel. (604) 418-8359

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Consumers' Association of Canada

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