Insurance Corporation of British Columbia (ICBC) and Autostock International's Speedy Glass business unit have announced a settlement agreement in the action brought by ICBC against Speedy for failure to comply with ICBC's Glass Express program policies.

In a press release issued today, July 21, 2004, it was announced that Speedy Glass has agreed to pay ICBC the amount of waived deductible and referral fees, as well as all of ICBC's investigative and legal costs.

Some Speedy Glass shops will remain on suspension from the Glass Express program for varying periods of time depending on the shop. ICBC has, however, reinstated supplier status for all Speedy Glass shops.

"When these allegations were brought against us, we were extremely concerned because it has always been our policy to comply with the policies and procedures set out by ICBC," said Stephen Schober, Autostock International president and chief operating officer. "We immediately launched a full review of our procedures and retained Ernst & Young to undertake an audit of our accounting records, in consultation with the ICBC. We were shocked and embarrassed to discover that certain Speedy Glass shops had breached contracts with ICBC."

"We were pleased, however, that the Ernst & Young review found that other allegations made by former employees in affidavits supplied to ICBC about Speedy Glass's accounting practices were unfounded."

ICBC's president and chief executive officer Bill Goble was also quoted in the press release.

"The senior management team at Autostock International and Speedy Glass has cooperated fully with ICBC and we are satisfied with the steps taken by them to resolve this matter," said Goble. "Deductibles play a key role in helping to keep claims costs down and therefore premiums low for all customers."

As a result of the allegations and subsequent internal review, several Speedy employees have been disciplined and two staff members who were found to have participated in the prohibited practices have resigned from the company.

Click HERE to read the Vancouver Sun's report on this story.