ICBC is 'on the path to insolvency' and there's no clear fix

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British Columbia's once-celebrated public auto insurer has become a financial train wreck, its critics say, as studies into the beleaguered Crown corporation call for dramatic rate hikes and drastic structural changes to save it from ruin. But while everyone appears to agree the system is broken, there is disagreement over how the Insurance Corporation of British Columbia went off the rails in the first place and what must be done to fix it.

The crisis at ICBC is shaping up to be the first major financial hurdle for B.C.'s new NDP government. Attorney General David Eby, who is also the minister responsible for ICBC, blames the previous Liberal government for problems at the corporation. "ICBC, as described to me by senior bureaucrats, is on the path to insolvency," Eby said. "It's very unfortunate that it's been left for so long, because I think there was really an opportunity to address this much earlier."

Guest: David Eby - Attorney General & Minister responsible for ICBC

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