The Financial and Consumer Services Commission of New Brunswick has published amendments to its relatively new licensing rules for insurance intermediaries. The regulator requests comments on the proposed amendments, in writing, by April 18, 2025.
“The purpose of the proposed amendments is to clarify the expectations with respect to supervision and oversight of general insurance agents, streamline the licensing requirements for travel insurance agents and agencies in circumstances where they hold other insurance agent/agency licenses, as well as other minor amendments for clarification and housekeeping purposes,” the regulator states in its call for comments.
Among the changes, the newly amended instrument – New Brunswick Rule INS-001 Insurance Intermediaries Licensing and Obligations – better defines the different general insurance levels of licensing, indicates that agents who change sponsors are required to file a new application and pay the appropriate fees, and clarifies that level 2 general insurance agents should be under the oversight of a designated representative.
Licensed in multiple jurisdictions
In matters where agents are licensing in multiple jurisdictions, the changes also indicate that the superintendent may waive or reduce supervision requirements in some circumstances. They also say life or accident & sickness agents are not required to complete a separate education program for travel insurance as discussed in the original requirements, and are not required to hold a separate travel insurance license, but must indicate on their applications and on their renewal applications for licensing that they also plan to sell travel insurance. General agents, meanwhile, are required to hold a travel insurance agent’s license if they wish to carry on travel insurance business in the province.
Finally, the amendments discuss privacy, saying those acting on behalf of restricted insurance representatives must comply with applicable privacy legislation and only collect information as permitted under that legislation. All insurance intermediaries, under the new amendments, must immediately notify the regulator’s superintendent in the event of a cyberattack or privacy breach. This includes “unauthorized or otherwise non-compliant access, collection, use or disclosure of personal information collected by the insurance intermediary and the steps the insurance intermediary is taking to address the issue.”
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