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Special Insurance Broker

A Special Insurance Broker Licence may be issued to residents and non-residents who wish to negotiate, continue, or renew contracts of fire or marine insurance on property in New Brunswick with insurers who are not licensed to do such business in the province.
 
All non-resident applicants must hold a current other-than-life agent or broker’s licence in their home jurisdiction. Non-resident applicants must provide a Certificate of Authority from their home jurisdiction, which states that the applicant is currently licensed to sell other-than-life insurance and that they are in good standing. The Certificate must be no older than 60 days.

Both resident and non-resident applicants must provide a bond in the sum of not less than five thousand dollars ($5,000) to the satisfaction of the Superintendent.

After the licence has been approved and issued, every special insurance broker must submit, within 10 days after the end of each month, a return form under oath that contains the particulars of all insurance effected by him/her under this licence. The form is provided to the special insurance broker by the office of the Superintendent of Insurance.

The licensee must pay to the province such taxes on all premiums effected as would be payable if such premiums had been received by a licensed insurer. Payment must accompany the monthly return of all business effected (see above).

For more information see sections 354-357 of the Insurance Act.