Best Cheap Insurance Quotes

The Insurance Corporation of British Columbia (ICBC) is an Official Supporter of the 2010 Winter Olympic Games in Vancouver. Visitors from the States may be a little surprised to learn that ICBC is, effectively, the only auto insurer in British Columbia. The ICBC “is a provincial Crown corporation established in 1973 to provide universal auto insurance to B.C. motorists.” And, since then, the role of the ICBC has expanded to handle licensing and registration for the province’s vehicles.

The Risk & Insurance Management Society (RIMS) issued a statement yesterday questioning and criticizing certain aspects of President Obama’s proposed budget.

Two proposed measures in the budget will directly affect the insurance industry according to RIMS. In addition, RIMS claims the two measures conflict conceptually with each other.

The first budget proposal reduces by $250 million the governments commitment to terrorism insurance. Scott Clark, RIMS secretary and director of RIMS External Affairs Committee stated, “TRIA (Terrorism Risk Insurance Act) and the federal government’s commitment to act as the ultimate backstop for terrorism insurance served to stabilize the market for policy holders,” cutting the government’s commitment will create instability in the terrorism insurance market, according to Clark.