New Mexico Administrative Code

A. License required. (1) With respect to the Reinsurance Intermediary Law set forth at Section 59A-12D-1 et seq. NMSA 1978 and this section, "producer" means a licensed producer, broker or reinsurance intermediary. A reinsurance intermediary is as defined in Subsection E of Secti…

A. License required. No person shall examine or offer to examine in exchange for a fee an insurance policy, annuity, endowment contract or other insurance document in order to offer advice, counsel, a recommendation or other information as described in Subsection A of Section 59A…

A. License required. (1) No person shall act as a managing general agent on behalf of any insurer with respect to risks located in this state unless licensed as a producer in this state. (2) No person shall act as a managing general agent on behalf of an insurer domiciled in this…

A. Necessity and duration of license. The superintendent may issue a temporary insurance producer license to an individual for a period not to exceed 180 days without requiring an examination if the superintendent determines that the temporary license is necessary for the servici…

A. Place of business. (1) A resident licensed insurance producer shall have and maintain a place of business within this state that is accessible to the public and where the licensee transacts business under the license. (2) With the exception of title insurance producers, a lice…

A. Continuation of producer licenses. An insurance producer license is continuous, subject to payment of renewal fees as set forth in Section 59A-6-1 NMSA 1978 and completion and submission on or before the due date of the continuing education requirements described in 13.4.7 NMA…

A. Effects of suspension. While a license is suspended, the licensee shall not engage in any transaction for which the license is required, other than receipt and remittance of premiums paid for insurance or other business that was transacted by the licensee while the license was…

A license itself does not create any authority, actual, apparent, or inherent in the licensee to represent or commit an insurer. A. Appointment of insurance producers. (1) An insurance producer shall not act as an insurance producer on behalf of an insurer unless the insurance pr…

Chapter 59A, Articles 11, 12, 12A, 12B and 13 and Section 59A-2-9 NMSA 1978, and 18 U.S.C. Section 1033.

A. The superintendent shall keep a record of:(1) each licensee's name, address, date of license, kind of business transacted and qualifications; (2) the name of the principal or insurer represented; and (3) all cancellations, suspensions or revocations of a license and notificati…

Permanent.

April 1, 2025, unless a later date is cited at the end of a section.

A. Covered by this rule. The purpose of this rule is to implement Chapter 59A, Articles 11, 12, 12A, 12B and 13 NMSA 1978 and Section 59A-2-9 NMSA 1978, and other articles within the Insurance Code that address licensing of insurance professionals by the superintendent of insuran…

For the purposes of this rule: A. "affiliate" means a person that controls, is controlled by or is under common control with an insurance producer; B. "appointment" means official authorization by an insurer of a licensed producer to transact insurance on the insurer's behalf upo…

A. License required. (1) No individual or business entity shall sell, solicit or negotiate insurance in this state unless licensed by the superintendent as an insurance producer for that line of insurance. Any person who is compensated for soliciting or accepting applications for…

The superintendent will issue, renew and continue resident licenses for individual insurance producers to transact the kinds of insurance as set forth in 13.4.2.8 NMAC. A. General requirements. (1) An applicant shall be at least 18 years of age; (2) an applicant shall file an app…

Office of Superintendent of Insurance (OSI).

The superintendent will issue, renew and continue nonresident licenses for individual insurance producers to transact the kinds of insurance as set forth in 13.4.2.8 NMAC. A. General requirements. (1) An applicant shall be at least 18 years of age; (2) an applicant shall file an …

A. General requirements. A business entity acting as an insurance producer is required to obtain an insurance producer license pursuant to Sections 59A-11-3 NMSA 1978 and 59A-12-15 NMSA 1978. (1) When licensing of a business entity is required, the application shall be filed by t…

This rule applies to all persons seeking licensure as a nonresident insurance producer.

Section 59A-2-9 NMSA 1978.

Permanent.

April 1, 2025, unless a later date is cited at the end of a section.

The purpose of this rule is to implement Chapter 59A Articles 11, 12, 12A, 12B and 13 NMSA 1978, by establishing requirements for obtaining a license as a nonresident agent or nonresident broker.

For the purpose of this rule the following definitions apply: A. "nonresident producer" is a person that resides in another state.

The superintendent may issue a license as a nonresident broker, or as a nonresident agent for life and health insurance only, to a person who maintains a bona fide continuous residence and a chief place of business within the continental limits of the United States, but not withi…

A. License required. (1) No individual or business entity shall sell, solicit or negotiate insurance in this state unless licensed by the superintendent as an insurance producer for that line of insurance. Any person who is compensated for soliciting or accepting applications for…

Office of Superintendent of Insurance (OSI).

This rule applies to all persons seeking licensure as a surplus lines broker.

Title 59A, Chapter 14 and Section 59A-2-9 NMSA 1978.

Permanent.

April 1, 2025, unless a later date is cited at the end of a section.

The purpose of this rule is to implement Chapter 59A Article 14 NMSA 1978 by establishing requirements for obtaining a license as a surplus lines broker.

For the purpose of this rule, "surplus lines broker" has the meaning given in Section 59A-14-2 NMSA 1978.

A. An applicant requesting a license as a surplus lines broker shall file, as part of the application, a bond as required by this rule. The application for a surplus lines broker will be considered for issuance by the superintendent upon the payment in advance to the superintende…

To meet the requirements of Section 59A-14-7 NMSA 1978, an applicant for a surplus lines broker license shall file, as part of the application, documentation showing a combination of the following factors totaling at least five years: A. Experience as a licensed agent in the kind…

New Mexico State Corporation Commission [Public Regulation Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM 87504-1269.

Corporate and partnership applicants shall submit an application for a license in the name of the legal entity and shall submit applications in the name of every officer and manager of a corporation and of every partner in a partnership who is to exercise license powers of the ad…

A. An administrator is not required to hold a certificate of authority as an administrator in this state if all of the following conditions are met: (1) the administrator has its principal place of business in another state; (2) the administrator is not soliciting business as an …

A. Examinations for insurance administrator licenses shall be arranged through the agents licensing division of the new mexico department of insurance and conducted according to the provisions of Section 59A-11-6 NMSA 1978 as amended. B. Individual applicants, corporate officers,…

A. No such examination will be required of an applicant for continuation or renewal of an existing insurance administrator's license. B. In his discretion, the superintendent may waive the examination requirement for insurance administrators who were operating in New Mexico prior…

Every insurance administrator transacting business in the state of New Mexico shall pay to the superintendent of insurance the following nonrefundable fees: A. filing application for original insurance administrator license issued to a person as defined in this regulation, $50.00…

A. Licenses issued shall continue until the first day of March of the following year unless previously canceled by the licensee on a form prescribed by and filed with the superintendent. B. Each insurance administrator licensed to transact business in the state of New Mexico shal…

A. The license issued by the superintendent under these regulations shall state the name of the licensee and residence address if an individual, or business address if a partnership or corporation or a place of business is otherwise required of the licensee, the capacity in which…

A. Whenever a partnership or corporation licensed as an insurance administrator shall discharge any licensed insurance administrator from its employ, the discharging licensee shall immediately notify the superintendent on a form prescribed by him and request cancellation of the l…

A. Grounds: In the event that the superintendent is satisfied that any insurance administrator obtained a license by willful misrepresentation or fraud, or that the licensee has not complied with the insurance laws of the state of New Mexico, or that the interests of the insureds…

A. Each administrator shall file an annual report for the preceding calendar year with the superintendent on or before March 1 of each year, or within such extension of time therefor as the superintendent for good cause may grant. The report shall be in the form and contain such …

This rule applies to all administrators who provide administrative services in connection with insurance or alternatives to insurance or who, in a fiduciary capacity or otherwise, manage or handle funds, money, premiums, fees or other forms of consideration in connection with ins…

A. The written agreement between the administrator and insurer required by Section 59A-12A NMSA 1978 -4 shall include a statement of duties which the administrator is expected to perform on behalf of the insurer and the lines, classes or types of insurance for which the administr…

A. An insurance carrier, plan, person that self insures, or third-party administrator doing business in this state shall not pay, directly or indirectly, any compensation or fee or any further consideration of value to any insurance administrator for service as an administrator w…