Delays in Processing Applications for New and Renewal Life Licences in New BrunswickRelease Date: 04/23/2014 Staff Reference: Peter Goldthorpe
April 23, 2014
Superintendent of Insurance
Financial and Consumer Services Commission
470 York Street
P.O. Box 6000
Fredericton, NB E3B 5H1
Dear Ms. Mazerolle:
Recently a number of insurers have approached CLHIA with concerns related to delays in processing applications for new and renewal life licences in New Brunswick.
Based on the information collected over the past year by several insurers, it appears that approvals can take anywhere from 20 to 60 days with the average being approximately 30 days. This compares with one to three weeks in most other provinces including the other Atlantic provinces where applications are processed manually.
Our members are concerned about the length and variability of the approval process. You can appreciate that this affects the ability of agents and prospective agents to carry on business and earn a living. It also can mean a great deal of uncertainty for the insurers they represent.
We trust you will give this matter your careful attention with a view to quickly achieving more acceptable standards for processing licence applications. Rest assured the industry is prepared to assist in any way it can.
(Original signed by)