BILL 40

An Act to Amend the Insurance Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Subsection 94(5) of the French version of the Insurance Act, chapter I-12 of the Revised Statutes, 1973, is amended in the portion preceding paragraph a) by adding “et la province” after “Commission des services financiers et des services aux consommateurs”.

2 Section 332 of the Act is repealed and the following is substituted:

Reciprocal or inter-insurance exchanges

332 Upon an exchange complying with the provisions of this Part, the Superintendent may issue a licence in a form provided by the Superintendent.

3 The Act is amended by adding after section 351 the following:

Electronic filing of forms and documents

351.1( 1) The Superintendent may require that any form or document required to be filed with the Superintendent under this Part be submitted in an electronic format that has been approved by the Superintendent, using the technology put in place by the Superintendent.

351.1( 2) If the Superintendent requires a form or document to be submitted in an electronic format, any requirement in this Part that the truth of the information provided be certified is satisfied if the document is accompanied by a statement to that effect that is signed in accordance with the Electronic Transactions Act by the person so certifying.

4 Section 352 of the Act is amended

(a)  by adding after subsection (2) the following:

352( 2.1) The Superintendent may, on the payment of the prescribed fee, issue to any suitable person resident outside the Province a licence to act in the Province as an insurance broker to negotiate, continue or renew contracts of insurance other than life insurance or to place risks or effect insurance with any duly licensed insurer or its agent.

(b)  by repealing subsection (3) and substituting the following:

352( 3) On written notice to the Superintendent that a licensed insurer has appointed a person to act as his or her agent in the Province and on filing an application in a form provided by the Superintendent and on payment of the prescribed fee, the Superintendent shall, if the Superintendent is satisfied that the applicant is a suitable person to receive a licence, has complied with the requirements of this Act and the regulations and intends to hold himself or herself out publicly and carry on business in good faith as an insurance agent or an insurance broker, issue to the applicant a licence which shall state in substance that the holder is, during the term of the licence, authorized to carry on within New Brunswick the business of an insurance agent or an insurance broker.

(c)  by repealing subsection (4) and substituting the following:

352( 4) A notice of appointment by an insurer shall be in a form provided by the Superintendent and shall state that the applicant has been authorized in writing by the insurer to act as an agent for the insurer in the soliciting of and negotiating for insurance and shall be accompanied by a statement of the applicant in a form provided by the Superintendent in which the applicant certifies the truth of the information provided, stating the name, age, residence and present occupation of the applicant and his or her occupation for the five years immediately preceding the date of the notice and particulars of any other employment in which he or she is engaged and any other information that the Superintendent requires.

(d)  in subsection (6) by striking out “the fee which may be prescribed by the Lieutenant-Governor in Council or the Financial and Consumer Services Commission, as the case may be” and substituting “the prescribed fee”.

5 Section 353 of the Act is repealed.

6 Subsection 354(2) of the Act is repealed and the following is substituted:

354( 2) An applicant for a licence referred to in subsection (1) shall file with the Superintendent a written application in which the applicant certifies the truth of the information provided, containing the information required of an insurance agent in applying for a certificate and any further information that the Superintendent requires.

7 Subsection 358(1) of the Act is amended by striking out “in the form prescribed by regulation” and substituting “in the form provided by the Superintendent”.

8 Subsection 358.1(2) of the Act is repealed and the following is substituted:

358.1( 2) The applicant for a licence shall file with the Superintendent a written application in a form provided by the Superintendent in which the applicant certifies the truth of the information provided, stating the applicant’s name, age, residence and occupation for the five years immediately preceding the date of the application and any other information that the Superintendent requires.

9 The Act is amended by adding after section 370 the following:

Administration

371 The Financial and Consumer Services Commission is responsible for the administration of this Act.

10 This Act or any provision of it comes into force on a day or days to be fixed by proclamation.