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.