The Financial and Consumers Services Commission of New Brunswick has published a notice and request for comment from stakeholders after it published a new proposed rule, titled Insurance Intermediaries Licensing and Obligations.
The proposed rule will update regulations to reflect changes made to the province’s Insurance Act. The rule specifically replaces five existing regulations, some of which the commission says are very dated. (The earliest rule being replaced was last revised in 1983.)
“The proposed rule establishes the classes of licenses that may be issued and the licensing qualifications and educational requirements for licensees,” the request for comments states. It also discusses exemptions for individuals, educational requirements for travel insurance agents, the licensing criteria and obligations of restricted insurance representatives, suitability, disclosure obligations, an insurer’s oversight obligations, designated representatives, market conduct of all representatives and trust account rules. It also discusses the duty agents have to report changes to their circumstances, including changes to their contact information, any criminal charges or investigations against them, bankruptcy proceedings, errors and omissions claims and more.
The commission asks that comments about the proposed rule be provided in writing no later than Feb. 7, 2022.