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ARTICLE · 01 FEBRUARY 2023

Imminent Changes To Licensing Of Insurance Intermediaries In New Brunswick

Gowling WLG
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On Nov. 9, 2022, the Financial and Consumer Services Commission of New Brunswick ("FCNB") received Ministerial Approval to adopt Rule INS-001, Insurance Intermediaries Licensing...

CanadaInsurance
Belinda Bain
Belinda Bain
Rachel Runge
Rachel Runge
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On Nov. 9, 2022, the Financial and Consumer Services Commission of New Brunswick ("FCNB") received Ministerial Approval to adopt Rule INS-001, Insurance Intermediaries Licensing and Obligations, and Rule INS-002, Insurance Fees (collective, "the New Rules"). The Rules will come into force on Feb. 1, 2023 and apply to the licensing of all insurance intermediaries in New Brunswick.

In its Dec. 13, 2022 Notice to the Industry, FCNB calls on current insurance industry licensees to familiarize themselves with the New Rules. FCNB specifies that insurers are expected to communicate with all firms in their distribution networks to ensure the new licensing requirements for agencies, managing general agents, adjusting firms and restricted insurance representatives are understood.

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