The restructuring move at the Insurance Corp. of B.C. means five members of the previous executive have left the company and two executive positions have been eliminated.
The company's interim president Mark Blucher has also announced that four non-executive vice-president jobs have been eliminated.
A scathing government review earlier this year condemned ICBC for its hefty signing bonuses and millions of dollars in severance pay.
The company says the staffing reductions will be made earlier than planned, with a majority of them happening this year.
ICBC says more changes are coming as it brings compensation policy in line with the government's new guidelines.