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The Insurance Corporation of British Columbia (ICBC) is a crown corporation that is the public auto insurance company in British Columbia. The corporation provides the services of vehicle registration, vehicle licensing and driver licensing. According to the law, the individual who has made the registration of their vehicle to drive on the roads of British Columbia are required to purchase the basic package of ICBC Auto-plan insurance. The package is known as Auto-plan and it provides the basic coverage and protection for third party liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability. The company also provides additional insurance coverage in terms of extended liability, collision and comprehensive plans with collaboration with other insurance companies. It offers discount plans and reduced premiums to the customers and rewards the customers based on the number of years that a driver is free of successful claims. The discount plans and reduced premiums are offered to the customers on a client's claims history, type of automobile and geographic location. The Insurance Corporation of British Columbia is managed and governed by the board of directors, the CEO, and ICBC management in accordance with the Insurance Corporation Act, the Motor Vehicle Act and the other legislation procedures that are applicable to ICBC. The Insurance Corporation of British Columbia (ICBC) is owned by the New Democratic Party (NDP) of British Columbia that is a governmental social democratic party within the province of British Columbia. As of 2010, the corporation has earned the total income of CAD 361 million with total assets of CAD 13,142 million. The company provides employment Benefits to 5,200 people to provide focused customer services. The Insurance Corporation of British Columbia (ICBC) is an insurance industry that was incorporated in 1923 and has its headquarters located at North Vancouver, British Columbia, Canada.