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Acts and Regulations

2009-23 - Insurance Act

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NEW BRUNSWICK

REGULATION 2009-23

under the

Insurance Act

(O.C. 2009-64)

Filed February 26, 2009

1Section 2 of New Brunswick Regulation 83-197 under the Insurance Act is amended by striking out the portion preceding paragraph (a) and substituting the following:

2The annual licence fees payable by an agent or a broker resident in the Province are:

2Section 3 of the Regulation is repealed and the following is substituted:

3The annual fee payable for an agent’s licence by a non-resident of the Province shall be the same as the fee imposed on residents of this Province for a similar licence by the jurisdiction in which the applicant for the licence resides, but shall not be less than $50.

3Section 4 of the Regulation is repealed and the following is substituted:

4The annual fee payable for a broker’s licence by a non-resident of the Province is $200.

4The Regulation is amended by adding after section 4 the following:

4.1(1)A licensee who is issued a licence under subsection 6.1(3) shall pay for the licence an amount equivalent to the annual fee for 2 years.

4.1(2)A person shall be reimbursed ½ of the amount paid under subsection (1), if he or she no longer holds the licence at the beginning of the second year of the 2-year licence.

5Section 6 of the Regulation is repealed and the following is substituted:

6An agent’s licence or a broker’s licence shall expire on the date which, of the following dates, is the closest to the anniversary of the date the licence was issued without exceeding one year:

(a) March 31;

(b) June 30;

(d) December 15.

6The Regulation is amended by adding after section 6 the following:

6.1(1)For each renewal of a class II broker’s licence, the licence shall expire on the anniversary of the date determined in section 6.

6.1(2)For the first 4 consecutive renewals of an agent’s licence, or of a class I, III or IV broker’s licence, the licence shall expire on the anniversary of the date determined in section 6.

6.1(3)For the fifth consecutive renewal and for subsequent consecutive renewals of an agent’s licence, or of a class I, III or IV broker’s licence, the licence shall expire 2 years after the date determined in section 6.

6.2(1)Despite subsection 6.1(3), if there is a condition imposed by the Superintendent under section 367 of the Insurance Act on an agent’s licence, or on a class I, III or IV broker’s licence, the licence shall expire on the anniversary of the date determined in section 6.

6.2(2)Consecutive renewals of a licence for the purposes of section 6.1 shall be calculated from the first renewal of the licence without a condition imposed under section 367 of the Insurance Act.

7(1)The expiry date for a life agent’s licence held on the commencement of this section shall be determined by listing all licensees according to alphabetical order and assigning to each licence one of the following expiry dates, with approximately the same number of licences expiring on each date:

(a) March 31, 2009;

(b) June 30, 2009;

(d) December 15, 2009.

7(2)A licence that is assigned an expiry date later than March 31, 2009, shall be extended to that date, and the holder of the licence shall pay the portion of the annual licence fee corresponding to the period of the extension.

8(1)The expiry date for an agent’s licence, other than for life insurance, and for a broker’s licence held on the commencement of this section shall be determined by listing all licensees according to alphabetical order and assigning to each licence one of the following expiry dates, with approximately the same number of licences expiring on each date:

(a) June 30, 2009;

(b) September 30, 2009;

(d) March 31, 2010.

8(2)A licence that is assigned an expiry date later than June 30, 2009, shall be extended to that date, and the holder of the licence shall pay the portion of the annual licence fee corresponding to the period of the extension.

9(1) For the purposes of subsections 6.1(2) and (3) of the Regulation, consecutive licence renewals that occurred immediately before the commencement of this section shall be counted, but any year that a licence was subject to conditions imposed by the Superintendent under section 367 of the Insurance Act shall not be counted.

9(2)Licensees who, on the expiry date determined under subsections 7(1) or 8(1), are eligible to be issued a licence under subsection 6.1(3) of the Regulation shall be listed according to alphabetical order and issued licences as follows:

(a) the first ½ of the licensees shall be issued 2-year licences; and

(b) the second ½ of the licensees shall be issued one-year licences, and shall be issued 2-year licences in the following year.

10This Regulation comes into force on March 1, 2009.