Acts and Regulations

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

Full text
Current to 20 November 2023
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 annual licence fees payable by an agent or a broker resident in the Province 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
88-89; 2009-23
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.
88-89; 2009-23
4The annual fee payable for a broker’s licence by a non-resident of the Province is $200.
88-89; 2009-23
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.
2009-23
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.
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;
(c) September 30; or
(d) December 15.
2009-23
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.
2009-23
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.
2009-23
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
88-89
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 March 1, 2009.