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.
To create a profile to begin an application, continue an application already in process, or check the status of a submitted application, log into the Commission’s Portal.
Use the Commission's Portal to make changes to address or contact information. Upon renewal, licensees must notify the Commission of any changes to other information that constitutes a change since their last application by completing a Duty to Report.