Get Licensed To Sell Insurance In New Brunswick

If you're interested in becoming an insurance agent in New Brunswick, there are a few key steps you need to take. First and foremost, you must obtain a valid licence under the Insurance Act of New Brunswick. The specific type of licence you need will depend on the class of insurance you want to provide, such as life insurance, accident and sickness insurance, or general insurance. To get licensed, you'll need to meet certain requirements, including being at least 19 years old, completing the necessary education and licensing qualifications, and being sponsored by an insurer in your province. Additionally, you'll need to submit an application through the FCNB Self-Serve Portal and provide various documents, such as a criminal record check and proof of errors and omissions insurance coverage. It's also important to note that you must pay a non-refundable application fee, and the Superintendent of Insurance will assess your suitability to receive a licence.

Licensing requirements

To become an insurance agent in New Brunswick, you must obtain a valid licence under the Insurance Act of New Brunswick. The Financial and Consumer Services Commission (FCNB) is responsible for regulating and enforcing the insurance industry in the province. Here are the licensing requirements you need to meet:

• Sponsorship by an Insurer: Applicants must be sponsored by an insurer licensed to conduct the same type of insurance business in New Brunswick. The licence will limit the agent's authorisation to the class of insurance for which the insurer is licensed.
• Age Requirement: You must be at least 19 years old to apply for an insurance licence in New Brunswick.
• Application Portal: Complete your application through the FCNB Self-Serve Portal and submit the required information and documentation.
• Criminal Record Check: Provide a criminal record check from an approved vendor or police agency.
• Sponsoring Insurer and Licensed Firm Details: Include the name of your sponsoring insurer and the licensed firm you will be representing, if applicable.
• Supervisor's Name: Provide the name of your supervisor, if required.
• Trust Account Details: Submit details on trust accounts, if necessary.
• Employment History: Furnish current and previous employment details.
• Licensing Qualifications and Education: Ensure you have completed the necessary licensing qualifications and educational requirements for the specific type of licence you are seeking.
• Corporate Registration: If you work for a corporation other than an insurer, that corporation must be registered under the New Brunswick Business Corporations Act.
• Errors and Omissions Insurance: Provide proof that you are covered by an errors and omissions insurance policy as described in Rule INS-001.
• Application Fee: Pay the non-refundable application fee as outlined in Rule INS-002 Insurance Fees.
• Suitability Assessment: The Superintendent of Insurance must be satisfied that you are suitable to receive a licence and intend to conduct business with the public in good faith as an insurance agent.

It is important to note that providing false, misleading, or incomplete information on the application may result in rejection or revocation of the licence and potential enforcement action and/or fines.

Licensing Levels:

There are different levels of licensing that correspond to the type of insurance business you intend to conduct. The Insurance Brokers Association of New Brunswick (IBANB) offers courses and licensing opportunities:

• Class I Licence: Issued to residents employed by a broker's licence holder as customer service representatives.
• Class II Licence: Issued to employees training for a Class III broker's licence. They must obtain the Class III licence within three years.
• Class III Licence: Allows the holder to underwrite all classes of insurance other than life insurance for more than one licensed insurer.
• Class IV Broker's Licence: Issued to proprietors or managers of an insurance brokerage business. It requires meeting educational prerequisites and holding a Class III licence for a minimum of two years.

Education and qualifications

To become an insurance agent in New Brunswick, you must obtain a valid licence under the Insurance Act of New Brunswick. The Financial and Consumer Services Commission for the province outlines the requirements for obtaining a licence.

The Insurance Brokers Association of New Brunswick (IBANB) offers courses and exams to help aspiring insurance agents obtain the necessary qualifications. These include the Fundamentals of Insurance course and the accompanying exam, which are required to achieve a Broker's Licence. The IBANB also offers the Canadian Accredited Insurance Broker (CAIB) designation, which consists of four courses that conclude with a national examination. Upon successful completion of the CAIB program, candidates can receive a recognised college-level professional CAIB designation, equivalent to a Level 1 or General Insurance Broker Licence.

New Brunswick offers four levels of broker's licences:

• Class I: Issued to residents employed by a broker's licence holder as customer service representatives.
• Class II: Issued to employees working under a broker's licence holder and training for a Class III licence. They must obtain the Class III licence within three years.
• Class III: Allows the holder to underwrite all classes of insurance other than life for more than one licensed insurer.
• Class IV: Issued to proprietors or managers of an insurance brokerage business. Applicants must have met the educational requirements and held a Class III licence for at least two years.

To obtain a licence, applicants must be 19 years of age or older and must complete an application through the FCNB Self-Serve Portal. They must also submit the following:

• A criminal record check.
• The name of their sponsoring insurer.
• The name of the licensed firm they will be representing.
• The name of their supervisor.
• Details on trust accounts.
• Current and previous employment details.

Additionally, applicants must have successfully completed the licensing qualifications and educational requirements for the type of licence they are requesting. They must also provide proof of coverage by an errors and omissions insurance policy as described in Rule INS-001.

Application process

To become an insurance agent in New Brunswick, you must obtain a valid licence under the Insurance Act of New Brunswick. The Financial and Consumer Services Commission (FCNB) is responsible for regulating and enforcing the insurance industry in the province. Here is a detailed overview of the application process:

Licensing Requirements:

To obtain an insurance licence in New Brunswick, you must complete the necessary licensing qualifications and educational requirements specific to the type of licence you are seeking. The Insurance Brokers Association of New Brunswick (IBANB) offers courses such as the Fundamentals of Insurance, Canadian Accredited Insurance Broker (CAIB), and licensing exams. It is recommended to refer to the IBANB for information on the specific courses and exams required for different licence types.

Sponsorship:

Applicants must be sponsored by an insurer licensed to conduct the same type of insurance business in the province. The licence granted will be limited to the class of insurance for which the insurer is licensed.

Age Requirement:

You must be 19 years of age or older to apply for an insurance licence in New Brunswick.

Application Portal:

The FCNB Self-Serve Portal is the platform through which you will complete and submit your application. This portal also allows you to check the status of your application and make changes to your address or contact information.

Required Documentation:

Along with your application, you must submit the following documents:

• A criminal record check from an approved vendor or police agency.
• The name of your sponsoring insurer.
• The name of the licensed firm you will be representing.
• The name of your supervisor.
• Details on trust accounts, if applicable.
• Current and previous employment details.
• Proof of errors and omissions insurance policy as described in Rule INS-001.

Application Fee:

All applications must be accompanied by a non-refundable application fee as outlined in Rule INS-002 Insurance Fees. The fee varies depending on the type of licence being applied for.

Suitability Assessment:

The Superintendent of Insurance will assess your application to determine your suitability to receive a licence. They must be satisfied that you intend to carry on the business with the public in good faith as an insurance agent.

Processing Time and Completeness of Application:

Providing complete and accurate information is crucial. Failure to properly answer all application questions or submit the required documentation may result in delayed processing or even closure of your application. Submitting false, misleading, or incomplete information may lead to the rejection of your application, revocation of a licence, or enforcement action and/or fines.

By following these steps and meeting the requirements outlined, you can initiate the process of becoming an insurance agent in New Brunswick. Remember to refer to the FCNB and IBANB websites for the most up-to-date and comprehensive information regarding the application process and licensing requirements.

Sponsorship

To become a licensed insurance agent in New Brunswick, you must be sponsored by an insurer licensed to conduct the same type of insurance business in the province. This is a requirement under the Insurance Act, which applies to all agents and brokers. The licence shall expressly limit the authorization of the agent to the class of insurance for which the insurer is licensed.

The New Brunswick Financial and Consumer Services Commission (FCNB) is responsible for the regulation and enforcement of insurance in the province. The FCNB website provides resources and information to guide you through the process of becoming a licensed insurance agent.

When applying for a licence, you will be asked to select your insurer who will be your sponsor during the online application process. Once you submit your application, your chosen insurer will be notified and can then review your application and approve sponsorship online. You can view the current status of a particular application on your homepage in the portal.

If you select the wrong sponsor on your application, you can make a support request to have your application set to 'Require More Information' status. This will allow you to edit it, correct the sponsoring insurer, and then re-submit.

It is important to note that the time to complete the processing of your licence application may be longer if it requires approval from a sponsoring insurer.

Costs

To become an insurance agent in New Brunswick, you must obtain a valid licence issued under the Insurance Act of New Brunswick. The New Brunswick Financial and Consumer Services Commission (FCNB) is responsible for regulating and enforcing the Insurance Act.

The costs of becoming a licensed insurance agent in New Brunswick are not publicly available. However, there are likely fees associated with obtaining and renewing a licence. These fees may vary depending on the type of licence being applied for.

In addition to any licensing fees, there may also be costs associated with completing the required licensing exams and courses. The Insurance Brokers Association of New Brunswick (IBANB) offers courses and exams that are necessary for obtaining a broker's licence. These courses and exams may have associated fees, which are typically paid to the educational institution or licensing body.

It is also worth noting that to maintain a valid licence, insurance agents in New Brunswick must comply with ongoing regulatory requirements, such as adhering to the "Guidance: Conduct of Insurance Business and Fair Treatment of Customers" and the "Principles of Conduct for Insurance Intermediaries." Failure to comply with these requirements may result in additional costs, such as fines or penalties.

Furthermore, insurance agents may need to invest in professional development and continuing education to stay up-to-date with industry changes and maintain their expertise. These costs can vary depending on the type of education or training pursued.

Lastly, there may be other incidental costs associated with setting up and running an insurance agency, such as office space, equipment, and marketing expenses. These costs can vary significantly depending on the scale and nature of the business.

Frequently asked questions