FCNB Institutes New Rule INS-002 Regarding Insurance Fees
New Brunswick (INS-002)
November 9, 2022
On November 9, 2022 the Minister of Finance and the Treasury Board consented to the Financial and Consumer Services Commission (FCNB) Rule INS-002 by way of Ministerial consent.
INS-002 Insurance Fees establishes the regulatory fees for licensing applications and other related fees and replaces the License and Examination Fees for Agents and Brokers Regulations and the Assessment Regulation, both regulations pursuant to the Insurance Act.
The Insurance Division of FCNB expects current insurance industry licensees (Insurers and Intermediaries) to familiarize themselves with the Rule INS-001 Insurance Intermediaries Licensing and Obligations; allowing them to comply with the licensing and market conduct expectations when the Rule comes into force.
Insurers are also expected to communicate with all firms in their distribution networks to ensure the new licensing requirements for agencies, managing general agents, adjusting firms, and restricted insurance representatives are understood.
FCNB is an arm’s length, self-funded, independent Crown Corporation established by the New Brunswick government on July 1, 2013. FCNB is funded by the regulatory fees and assessments paid by the regulated sectors. FCNB provides financial information and educational materials to over 800,000 New Brunswick consumers about spending and investment decisions. FCNB is the province’s financial and consumer services regulator and is responsible for the administration and enforcement of provincial legislation that regulates securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and more.
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