The Ontario Broker - Volume 23, Issue 3 - 23

Becci Taylor, Executive Director
Insurance Brokers Association of New Brunswick (IBANB)
Pending Regulatory Changes
In February, the Financial and Consumer Services Commission (FCNB) issued the
final versions of two new rules: Rule INS-001 - Insurance Intermediaries Licensing
and Obligations and Rule INS-002 - Insurance Fees. The New Rules significantly
overhaul the licensing regime for intermediaries by, among other things, creating
new license classes, a new licensing regime to allow agencies, adjusting firms and
managing general agents to act as licenced intermediaries and a new licensing
regime for restricted insurance representatives.
Rule 001 creates new licence classes. For example a person who held a life,
accident and sickness agent licence now holds a life insurance agent licence.
Similarly, a class I agent licence is now known as a level I general insurance agent
licence. For the most part, license classes were automatically updated when the
Rule came into force without any action on the part of licensees. However, licensees
who held a class II resident agent licence or a non-resident agent or broker license
(other than a life insurance agent or broker licence) must request a general
insurance agent licence (level 1, 2 or 3) upon their next renewal and must provide
details of their qualifications and educational requirements.
Licensing
Currently, FCNB, which issue insurance licenses in New Brunswick, requires only
proof of successfully passing either the Fundamentals of Insurance qualification or
the Canadian Accredited Insurance Broker (CAIB) qualification level 1 in order to
obtain a Level 1 license. If you require information specific to insurance licenses in
the province, visit the FCNB insurance licenses webpage where you can learn how
to apply, and reference the Insurance Act and Regulations.
Unique Challenges
One of the biggest challenges for
insurance brokers in New Brunswick is
employment, recruitment and retention
of staff. The insurance industry is aging
out, with a huge number of workers facing
retirement. Recruiting new talent is a
challenge as insurance doesn't top the list
of opportunities for young people or college
graduates seeking employment, creating
a record number of unfilled jobs in the
industry. Employers who don't prioritize
employee experience or adapt to the changes
brought about in a post-COVID workplace,
like hybrid work environments, may lose
staff to employers who adapt.
Provincial Roundup
Fun Fact: New Brunswick is Canada's only officially
bilingual province-English and French have been the
province's official languages since 1969.
Underrated Landmark: New Brunswick has access to the
Bay of Fundy which has the highest tides on earth and is
one of the most accessible viewing areas for marine life
in the world including 15 species of whales.
Pop Culture: Fredericton's Willie O'Ree was the first black
player in the NHL and is featured in the New Brunswick
Sports Hall of Fame.
Volume 23 | Issue 3
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The Ontario Broker - Volume 23, Issue 3

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