Acts and Regulations

2006-32 - New Brunswick Insurance Board

Full text
Current to 1 January 2024
under the
Insurance Act
(O.C. 2006-149)
Filed May 8, 2006
Under section 19.95 of the Insurance Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the New Brunswick Insurance Board Regulation - Insurance Act.
2The following definitions apply in this Regulation.
“Act” means the Insurance Act. (Loi)
“Board” means the New Brunswick Insurance Board. (Commission)
3(1)The eligibility criteria for a person to be appointed or to remain as a member of the Board are as follows:
(a) the person is not a director, officer or employee of an insurer;
(b) the person is not licensed as an insurance agent, broker or adjuster;
(c) the person does not have a direct or indirect legal or beneficial interest in or commercial affiliation with an insurer, insurance agent, broker, adjuster or affiliate of any such person.
3(2)For the purposes of paragraph (1)(c), an interest in a mutual fund is not a legal or beneficial interest unless the mutual fund is operated as an investment club.
3(3)For the purposes of paragraph (1)(c), a person has a commercial affiliation with another person if the person supplies goods or services or receives goods and services from the other person, unless the person receives the goods or services in the ordinary course of being a customer of a insurer.
N.B. This Regulation is consolidated to May 8, 2006.