New online licensing system launched for insurance companies in New Brunswick

New Brunswick’s Office of the Premier said on Friday that recent changes to the Insurance Act will “enable the introduction of a more efficient licensing system for the insurance industry” and “provide stakeholders with a modernized and more flexible method of obtaining their licence to work in the insurance industry in New Brunswick.”

Premier Brian Gallant announced changes to applications and forms to allow them to be completed and submitted online. The Financial and Consumer Services Commission, which regulates the insurance industry in the province, will develop an online licensing system.

Many of Canada’s top insurance firms provide services to national markets from their New Brunswick-based customer contact centres, the Office of the Premier said in a statement.

“The insurance industry is an important part of the contact centre sector that continues to create new opportunities and provides jobs in New Brunswick,” said Gallant. “Together, we need to look at this sector and ask ourselves how we can expand, build, and create new opportunities for growth.”

Gallant suggested that streamlining services will make the province more attractive to the insurance industry. “These new efficiencies will save time and money for companies and investors, and help encourage new investment in the province,” he said.

The commission is expediting the implementation of the new licensing system to provide a more user-friendly experience and enable applicants to complete the entire application process online. The introduction of electronic filing will reduce delays and administrative costs and increase convenience. “We are always looking for opportunities to eliminate waste and to do things better,” said Gallant.

The system is expected to be launched in September.