NDP government forecast a $1.3 billion dollar shortfall for ICBC's fiscal year, the public auto insurer's capital reserves had been declining. Attorney General David Eby signed a cabinet order suspending the minimum target for those reserves, raising questions of whether a government bailout is the next step. Before the order was signed, ICBC needed to pass a minimum capital test — essentially, one dollar in the bank for every dollar of liability — before it could present a new rates plan to independent regulators. Liberal government, saying earlier this year they 'knew the dumpster was on fire but they pushed it behind the building.' Eby said the provincial government is currently not injecting any money into ICBC to help keep it afloat.

Source: CBC News February 28, 2018 23:05 UTC