Designated Representative Requirements
When applying for a licence, an Agency, Adjusting Firm, Managing General Agent or Restricted Insurance Representative must appoint a Designated Representative who will be responsible for the insurance activities, licensing and regulatory compliance of the licensed firm.
If the applicant is a corporation, the designated representative must be a director, officer or designated management employee. If the applicant is a partnership, the designated representative must be a partner or designated management employee. If the applicant is a sole proprietorship, the Designated Representative must be the proprietor or a designated management employee.
The designated representative must meet the criteria as outlined in Rule INS-001. The Designated Representative for an Agency, Adjusting Firm or Managing General Agent will require an appropriate New Brunswick Insurance licence and must meet the requirements listed on the Applying for Your Insurance Licence page.
While the Designated Representative for a Restricted Insurance Representative does not require an insurance licence, they must submit a disclosure form and criminal record check with the application.
The Superintendent of Insurance must be satisfied that the applicant is suitable and may remove the Designated Representative if they are not fulfilling their responsibilities, are no longer meeting the requirements of a Designated Representative or are otherwise unsuitable.
If the Designated Representative is no longer able to fulfill their duties for any reason, the licensed firm or Restricted Insurance Representative must notify the Superintendent in writing and provide reasons for the change within 10 days and provide the name of a new candidate who meets the requirements to be the designated representative within 20 days. A new candidate who does not meet the requirements of the Act and regulations or rules, may be approved for a temporary period of up to 60 days.