B.C. Reg. 97/2024, deposited May 8, 2024, under the INSURANCE (VEHICLE) ACT [section 45 (2)]. Order in Council 240/2024, approved and ordered May 8, 2024.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Insurance (Vehicle) Regulation, B.C. Reg. 447/83, is amended as set out in the attached Schedule.

— M. FARNWORTH, Minister of Public Safety and Solicitor General and Deputy Premier; B. BAILEY, Presiding Member of the Executive Council.

Schedule

1 The Insurance (Vehicle) Regulation, B.C. Reg. 447/83, is amended by adding the following section:

2024 rebate

15.24 (1) In this section, "rebate" means a rebate referred to in the corporation’s application to the commission in accordance with the government directive dated April 30, 2024, for changes to rates in support of a 2024 rebate.

(2) If the corporation is required to pay a rebate and fails to pay the rebate within 6 months after the effective date of changes to rates in support of the rebate under the government directive, the corporation must add to the amount of the rebate interest for the period from the end of the 6 months to the date payment is made.

(3) Interest under this section must be paid at the rate referred to in section 15.2 (2) that is in effect on the date payment is made.

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