Disclaimer: This is intended to provide information respecting the New Brunswick Insurance Premium Tax in the Province of New Brunswick under the Premium Tax Act. This should not be regarded as a replacement of the laws, regulations or administrative documents to which it refers.
Insurance companies are required to pay a tax based on their gross premiums, minus dividends paid or credited to policyholders. New Brunswick’s current Insurance Premium Tax is applied at a rate of 2% to life insurance, accident insurance, and sickness insurance; and a tax rate of 3% to any other contract of insurance (excludes marine insurance). Insurance premium tax rates for life insurance, accident insurance, sickness insurance and for other classes of insurance are stipulated under the Premium Tax Act.
It is the Insurance Division of the New Brunswick Financial and Consumer Services Commission (FCNB) who collects the insurance premium tax on behalf of the Minister of Finance and Treasury Board.