BS - Sunday, March 11, 1984 - North Shore News

POLICIES of rigorous fiscal restriant have enabled the In- surance Corporation of B.C. to report a marginal net in- come for 1983, achieving a break even budget for the third consecutive year.

The Corporation’s eleventh annual report, for the twelve months ending December 31, 1983, was tabl- ed in the Province Legislature by the Honourable James J. Hewitt, Minister of Con- sumer and Corporate’ Af- fairs. The report shows revenues of $796.9 million for the Insurance (Motor Vehicle) Act Fund balanced against costs of $796.9 million. The resulting $4.3 million net income allowed ICBC to meet its break-even mandate, meeting all claim costs and expenses from premium and_= investment revenues with no. outside subsidy.

**The task of operating on a break-even financial basis when annual revenues ap- proximate eight hundred million, and both the fequen- cy and severity of claims have to be estimated, is not a sim- ple one. Nevertheless, in cach of the last three years the Corporation has operated with a surplus of less than

Hl oyeae, wet heay. [Peececaeghires roth, yee CALL IKE FOR APPOINTMENT

yy Ww (one bth

Yorn So

T O Y O T A H O N Di

a dakpoes th ae Va setverad target

pout en en

WE ALSO SERVICE DOMESTIC CARS

IB. AUTO a

1% of total income,’’ the report.

In response to a year of fiscal restraint, all programs were rigorously scrutinized to ensure maximum efficiency and economy. As a result, it was necessary to discontinue some programs — such as the Finance Plan — for which the cost burden to all motorists outweighed the convenience to a minority.

Investment income of $101 million was a significant fac- tor in a successful financial year, contributing 12.8 per cent to the total tevenue of the Fund, equivalent to $55 on every Autoplan policy. The Corporation’s invested funds, totalling $934 million at December 31, are made up of provisions set aside to pay

notes

anticipated claims and to recognize unearned premiums. In accordance

with established policy, ICBC contined to. give preference to organizations based in B.C. Investments in- clude Federal, Provincial and

Municipal government, business and financial securities.

The number of policies in force in 1983 remained at the prior year level of 18 million.

N Van south of Marineoff Pemberton

THIRD CONSECUTIVE YEAR After restraint — a surplus

The Corporation’s General Insurance Department reported a 7 per cent increase in net written premiums, and a profit of $1.1 million. ‘*This result is most satisfac- tory considering the intensity of market competition,’’ says the report.

Providing insurance ser- vices to 121,000 policyholders in every area of the province, general in- surance offers a comprehen- sive range of insurance ser-

vices for homes, pleasure craft and commercial institutions.

The 1983 report marks the tenth decade of operation for the Insurance Corporation. The Corporation’s primary

Free tax

AN INCOME tax informa- tion booklet is now available without charge from many

Certified General Accoun- tants throughout’ British Columbia.

The publication, is entitled **Tax Tips’? and contains 38 Questions and Answers on personal income tax The material is written in plain Enghsh and is completely up

HONDA DATSUN MAZDA C

‘*COMPLETE JAPANESE AUTO SERVICE CENTER” ‘*Quality Service Assured”

mandate is to provide quality insurance coverage to the motorist of British Columbia at cost, with revenues and ex- penses in balance.

Achievements of the past ten years ‘‘include the in- troduction of a claim-related premium scale, non- discriminatory premium pric- ing, an extensive dial-a-claim reporting procedure and in- novative traffic education programs,’’ reports the Board of Directors.

Copies of the Corpora- tion’s 1983 annual report are available on request from the Public Information Depart- ment, Insurance Corporation of British Columbia, 151 West Esplanade, North Van- couver, B.C. V7M 3H9.

guide

to-date.

The booklet is provided as a public service by the Cer tified General Accountants Association of British Col- umbia in conjunction with CGA’‘s in public practice.

who won?

Name the #1 ranked tennis player In the world who wears (fF tennis shoes.

TIME OUT SPORTS -+

980-9211 980-0116 11899 Lynn Valley Road

STUDENTS FROM Hillside Secondary School got a rare look at the advanced technology that keeps track of 1.8 million Autoplan insurance policies when they toured ICBC’s computer centre recently. Seen here, ICBC supervisor Bob Holbrow answers students’ questions as he guides them through the installation, one of the largest in western Canada. The West Vancouver group was the first to tour the centre, normally off-limits to all but ICBC computer staff. The visit was part of a community-wide computer literacy project spon-

sored by the Data Processing Management Association.

Propane }

the alternative tuel « kxtends engine ©

ue _ . ao WMIUMST DT LGM fess dow n time 987- 1 964 Propane Gas Conversions 980-9308

AUSTIN: INCOME TAX

Confidential © Reasonable rates ® Visit for free estimaie © Complete review for maximum tax deductions e in before 9am out before 5pm Suite 1-67 Lonsdale N. Vancouver (near Seabus)

986-0084

Pewer sereice

thee rw abs

No matter what model car your own, our modem equipment and professionalism guarantee body work of perfection.

MON -FRI. 8:30-5:30 Service and Body Shop SAT. 9:00-4:00 Service and Free Estimates

f—* Peter Brand Motors

Se 1519 Clyde Ave., + Higacy

West Vancouver

922-3231

TWO DINNERS FOR $9?

Our Zesty Bar B-Que Pork Ribs (lib each) served with Rice Pilaf & Pineapple garnish with this coupon

coupon per couple

7 DAYS A WEEK From 2-6:30 pm feb 29 Mar 31 °84

BLACK SHEEP \ 121 East 12th Se

(off Lonsdale) North Vane ouver

984-9595

8 Coupon Special!!