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Restricted Insurance Representative

The Office of the Superintendent of Insurance may issue a Restricted Insurance Representative a Licence to individuals who have met the requirements of the Insurance Act and Rule INS-001 Insurance Intermediaries Licensing and Obligations, authorizing those individuals to carry on the business of a Restricted Insurance Representative.

A Restricted Insurance Representative Licence may be issued to any of the following applicants:

  • an automobile dealership, a watercraft dealership, a recreational vehicle dealership, a farm implement dealership or a construction equipment dealership
  • a customs brokerage
  • a deposit-taking institution
  • a freight forwarding business
  • a funeral provider
  • a mortgage brokerage
  • a sales finance company
  • a transportation company that provides transportation service for goods
  • a vehicle rental business
  • a person engaged on behalf of one of (a) to (i) to solicit, negotiate, sell or arrange insurance

A Restricted Insurance Representative licence may be issued for any of the following classes or types of insurance:

  • cargo
  • creditor’s critical illness
  • creditor's disability
  • creditor's life
  • creditor's loss-of-employment
  • creditor's vehicle inventory
  • export credit
  • funeral expense
  • guaranteed asset protection
  • mortgage
  • rented vehicle accidental injury or death
  • rented vehicle contents
  • rented vehicle liability
  • replacement cost
  • travel

A Restricted Insurance Representative licence for travel insurance will only be issued to a deposit-taking institution.

The applicant must submit required information on their licence application, including:

  • the sponsoring insurer;  
  • the particulars of the business activity being conducted;
  • the legal name or business names registered with the New Brunswick Corporate Registry, where applicable;
  • the number of employees who will offer insurance under the licence;
  • trust account information, as required;
  • the name of a suitable a Designated Representative;
  • director, officer, partner disclosure forms, if requested; and
  • confirmation that the required errors and omissions insurance is maintained.

Fees