352(3)On written notice to the Superintendent that a licensed insurer has appointed a person to act as his or her agent in the Province and on filing an application in a form provided by the Superintendent and on payment of the prescribed fee, the Superintendent shall, if the Superintendent is satisfied that the applicant is a suitable person to receive a licence, has complied with the requirements of this Act and the regulations and intends to hold himself or herself out publicly and carry on business in good faith as an insurance agent or an insurance broker, issue to the applicant a licence which shall state in substance that the holder is, during the term of the licence, authorized to carry on within New Brunswick the business of an insurance agent or an insurance broker.