In preparation for the implementation of Rule INS-001 - Insurance Intermediaries Licensing and Obligations (“the Rule”), the Financial and Consumer Services Commission (FCNB) is providing further information regarding the transition of existing licensees under the Rule.
Most licence types that exist under the current licensing regulations of the Insurance Act in New Brunswick will be automatically updated in the FCNB licensing system on 1 February 2023, the anticipated date on which the Rule comes into force. Existing licensees will need to download and print a copy of their new licence. Please review the tables below to see if any action is required based on your existing licence type.
Please note: all General Insurance licences are now “agent” licences. However, an insurance “agent” licensee may still hold themselves out as a “broker” if the “agent” is party to two or more subsisting agency contracts with different insurers.
| Life insurance agent licences | Updated licence type | Action required |
| Life agent licence | Life insurance agent licence | No action required by licensee |
| Life, accident and sickness agent licence | Life insurance agent licence | No action required by licensee |
| Accident and sickness agent licence | Accident and sickness insurance agent licence | No action required by licensee |
| Other than life insurance agent or broker licences | Updated licence type | Action required |
| Agent licence, class I | Level 1 general insurance agent licence | No action required by licensee |
| Agent licence, class II | Level 1, 2 or 3 general insurance agent licence | Licensee to request a general insurance agent licence type upon renewal, if not contacted by FCNB prior to expiry date |
| Broker licence, class I | Level 1 general insurance agent licence | No action required by licensee |
| Broker licence, class II | Level 1 general insurance agent licence | No action required by licensee |
| Broker licence, class III | Level 2 general insurance agent licence | No action required by licensee |
| Broker licence, class IV | Level 3 general insurance agent licence | No action required by licensee |
| Non-resident agent or broker licence | Level 1, 2 or 3 general insurance agent licence | Licensee to request a general insurance agent licence type upon renewal, if not contacted by FCNB prior to expiry date |
| Adjuster licences | Updated licence type | Action required |
| Level 1 probationary adjuster licence | Level 1 assistant adjuster licence | No action required by licensee |
| Level 2 assistant adjuster licence | Level 1 assistant adjuster licence | No action required by licensee |
| Any specialization of Level 3 adjuster licence | Level 2 adjuster licence | No action required by licensee |
| Level 4 adjuster licence | Level 3 adjuster licence | No action required by licensee |
| Other licences | Updated licence type | Action required |
| Travel insurance agent licence | Travel insurance agent licence | No action required by licensee |
| Special insurance broker licence | Special insurance broker licence | No action required by licensee |
As outlined above, the following licence types will not automatically update:
- Non-Resident – Other than life insurance agent or broker licence
- Resident Agent – Class II licence
These existing licences will remain valid if no action is taken before its current expiry date. Upon renewal, holders of these licences will be asked to review the details of the licensing qualifications and educational requirements and select the appropriate General Insurance Agent licence type (Level 1, 2, or 3). Licensees will be asked to submit details of any educational courses and/or equivalent experience they have completed. For the purposes of the transition, if a licensee does not have the required courses, FCNB will assess their experience to determine the appropriate licence level.
FCNB will attempt to proactively contact licensees who currently hold a Non-Resident - Other than life insurance agent or broker licence or a Resident Agent – Class II licence before their current licence expiry date to request this information. This will assist the licensing team in updating these licences in an efficient manner.
Licensees should add portal@fcnb.ca to their safe-senders email list settings to ensure they receive communications from FCNB.
For any questions on the transitional provisions (Part 16) of the Rule INS-001 - Insurance Intermediaries Licensing and Obligations, contact the Insurance Division of FCNB at 866-933-2222 or by email at insurance.licensing@fcnb.ca.