Acts and Regulations

83-197 - Licence and Examination Fees for Agents and Brokers

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NEW BRUNSWICK
REGULATION 83-197
under the
Insurance Act
(O.C. 83-985)
Filed December 2, 1983
Under sections 94 and 95 of the Insurance Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the Licence and Examination Fees for Agents and Brokers Regulation - Insurance Act.
2The fees payable by an agent or broker resident in the Province for the following licences or for an annual renewal thereof are:
(a) for a licence for life insurance, or life and accident insurance, or life and accident and sickness insurance..............$35.00
(b) for a licence expressly limited to accident and sickness insurance only..............$25.00
(c) for a licence for any class of insurance other than the classes referred to in paragraphs (a) and (b)..............$50.00
(d) for a licence for special insurance brokers carrying on business with unlicensed insurers..............$200.00
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3The fees payable by non-residents of the Province for licences as agents shall be the same as the fees imposed upon residents of this Province for similar licences by the jurisdiction in which the applicant resides, but shall not in any event be less than fifty dollars.
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4The fee payable by a broker carrying on business with licensed insurers for a licence or for an annual renewal of a licence is two hundred dollars.
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5A fee of one hundred dollars is payable by a transportation company for a licence or for an annual renewal of a licence issued under subsection 352(20) of the Act authorizing its ticket agents to act as agents for licensed insurers with respect to travel accident insurance, livestock insurance or baggage insurance.
6All licences for agents for life insurance shall expire on the thirty-first day of March in each year, and all licences for agents for any class of insurance other than life insurance and all licences for brokers shall expire on the thirtieth day of June in each year.
7(1)An application for the renewal of a licence shall be filed with the Superintendent on or before the expiry date of the licence last issued to the applicant and the prescribed fee shall be paid at the time of filing the application.
7(2)Where an application for the renewal of a licence is filed after the expiry date of the licence last issued to the applicant, the applicant shall pay at the time of filing the application the prescribed fee together with an additional fee of ten dollars for each month or part thereof during which the filing of the application is in default.
8The examination fees payable by applicants for licences as agents proposing to sell the following classes of insurance are:
(a) for accident and sickness insurance..............$15.00
(b) for any other class of insurance..............$25.00
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9The fee for a certificate of proof of a licence is ten dollars.
10The fee for a copy of a lost licence is five dollars.
11Regulation 80-30 under the Insurance Act is repealed.
12This Regulation comes into force on January 1, 1984.
N.B. This Regulation is consolidated to September 30, 1998.