Opportunities for Reforming the New Brunswick Licensing Framework for Other-than-Life Insurance Agents and Brokers
The Insurance Division of the Financial and Consumer Services Commission is pleased to announce the release of the discussion paper entitled Opportunities for Reforming the New Brunswick Licensing Framework for Other-than-Life Insurance Agents and Brokers.
The Insurance Act (“the Act”) requires all individuals carrying on the business of insurance as agents or brokers to be licensed. Part XV of the Act deals with the licensing of agents and brokers and other intermediaries. The Agents and Brokers Regulation establishes the terms, conditions and qualifications for other-than-life agents and brokers.
The Insurance Division is proposing to update the current licensing regime for other-than-life insurance agents and brokers. As a first step in this review, the Insurance Division has prepared this paper to facilitate dialogue and consultation with stakeholders who wish to provide feedback on reforming the current licensing framework. The main objective of this review is to ensure that the regulatory framework reflects the current insurance marketplace while, most importantly, providing robust protection for consumers.
Although the main focus of the paper is the licensing regime for other-than-life agents and brokers, some of the items discussed also impact other insurance intermediaries. Therefore, we also welcome any feedback from these intermediaries.
Submissions should be made electronically to firstname.lastname@example.org no later than October 31, 2013.
Alternatively, written submissions may be sent by mail or fax to:
Financial and Consumer Services Commission
P. O. Box 6000
637 - 440 King Street
Fredericton, NB E3B 5H8
Fax: (506) 453-7435