Insurance
Overview
The Commission administers the Insurance Act through regulation, oversight and licensing of companies and intermediaries who offer insurance coverage in the province, whether they are a resident of the province or not. This includes businesses that offer insurance as an add-on to their main product or service.
An insurance intermediary (those selling you the insurance products) can be:
- an agent (including brokers)
- an adjuster
- an agency (including brokerages)
- an adjusting firm
- a restricted insurance representative
Consumer Protection
The Commission ensures companies and intermediaries offering insurance coverage are properly licensed and comply with the law.
The province has appointed the Consumer Advocate for Insurance, whose role is to monitor the practices of insurers, brokers and agents concerning the premiums charged for contracts of insurance and the availability of contracts of insurance. The advocate’s primary mandate is to represent the interests of consumers.
Before working with an insurance professional, check if they are licensed with the Commission.
What we can do:
- ensure insurance companies and intermediaries meet the qualifications and requirements to be licensed
- oversee the business practices of insurance companies and insurance intermediaries
- review consumer complaints with respect to insurers
What we cannot do:
- set automobile insurance rates (these are regulated by the New Brunswick Insurance Board)
- investigate complaints on premiums (contact the Consumer Advocate for Insurance)
- answer specific questions about your insurance policy
Resources
Learn more about insurance at Finfo.ca.