Acts and Regulations

2003-36 - Life Insurance Agent Licensing

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Full text
Current to 1 January 2024
NEW BRUNSWICK
REGULATION 2003-36
under the
Insurance Act
(O.C. 2003-171)
Filed July 10, 2003
Under subsection 352(23) of the Insurance Act, the Lieutenant-Governor in Council makes the following Regulation:
Citation
1This Regulation may be cited as the Life Insurance Agent Licensing Regulation - Insurance Act.
Definitions
2In this Regulation
“Act” means the Insurance Act. (Loi)
Application of regulation
3This Regulation applies to a person who carries on the business of an insurance agent for life insurance or life and accident and sickness insurance within the meaning of subsection 352(1) of the Act.
Kinds of licences
4The following kinds of licences may be issued under subsection 352(1) of the Act:
(a) a life agent licence; and
(b) a life and accident and sickness agent licence.
2015-47
Application for licence
5A person who is applying for a licence issued under subsection 352(1) of the Act shall submit the following to the Superintendent:
(a) an application on a form provided by the Superintendent;
(b) authorization for the Superintendent to make a records request to the Securities Fraud Information Center which authorization shall be on a form provided by the Superintendent; and
(c) any other information or documentation that the Superintendent considers necessary for consideration of the person’s application.
Qualifications
6(1)Subject to subsection (3), a life agent licence or a life and accident and sickness agent licence may be issued to an applicant who
(a) successfully completes a Life Licence Qualification Program course approved by the Superintendent,
(b) passes an examination approved by the Superintendent for the approved Life Licence Qualification Program, and
(c) the Superintendent is satisfied is suitable to carry on the business of an insurance agent for life insurance or life and accident and sickness insurance.
6(2)Repealed: 2015-47
6(3)The Superintendent may only issue a licence under subsection 352(1) of the Act to an applicant who satisfies the qualifications set out in subsection (1) if the applicant applies for the licence
(a) within six months after satisfying the qualifications set out in paragraphs 6(1)(a) and (b), or
(b) within two years after the applicant’s last held licence issued under subsection 352(1) of the Act expires or is suspended under subsection 352(6) of the Act.
6(4)Notwithstanding subsection (1), a life agent licence or a life and accident and sickness agent licence may be issued to an applicant who is not a resident of the Province, if the applicant
(a) provides the Superintendent with a certificate from an insurance regulator in another province or territory of Canada or a state of the United States of America that certifies that the applicant is licensed to carry on the business of such an agent in that jurisdiction, and
(b) satisfies the Superintendent that he or she is suitable to carry on the business of an insurance agent for life insurance or life and accident and sickness insurance.
2015-47
Repealed
7Repealed: 2015-47
2015-47
Repealed
8Repealed: 2015-47
2015-47
Transitional provisions
9(1)Notwithstanding subsection 6(1), a life agent licence or a life and accident and sickness agent licence may be issued to the following:
(a) a person who holds a licence issued under subsection 352(1) of the Act on the commencement of this Regulation, if the person applies for the licence within two years after the date upon which the last held licence expires or is suspended;
(b) a person who does not hold a licence issued under subsection 352(1) of the Act on the commencement of this Regulation but who, before the commencement of this Regulation, held a licence issued under subsection 352(1) of the Act, if the person applies for the licence within two years after the date upon which the last held licence expires or is suspended; and
(c) a person who was qualified to receive a licence under subsection 352(1) of the Act on the commencement of this Regulation but who had not applied for a licence under subsection 352(1) of the Act, if the person applies for the licence within twelve months after becoming qualified or within six months after the commencement of this Regulation, whichever is earlier.
9(2)A person who has been issued a licence in accordance with paragraph (1)(c) who does not renew his or her licence in accordance with section 7 of New Brunswick Regulation 83-197 under the Act and does not fulfil the qualifications set out in subsection 6(1), may only be issued a new licence if the person applies for the licence within two years after the date upon which the last held licence expires or is suspended.
Commencement
10This Regulation comes into force on July 15, 2003.
N.B. This Regulation is consolidated to September 4, 2015.