Chapter 59A, Article 12 NMSA 1978, in conjunction with Chapter 59A, Article 11 NMSA 1978, governs the qualifications and procedures for the licensing of insurance producers. Chapter 59A, Article 12 NMSA 1978 does not apply to surplus lines brokers that are licensed pursuant to Chapter 59A, Article 14 NMSA 1978 and that sell, solicit or […]
History: 1978 Comp., § 59A-12-10, enacted by Laws 1997, ch. 48, § 1; 1999, ch. 272, § 7; 1999, ch. 289, § 8; 2001, ch. 309, § 1; 2013, ch. 74, § 18; repealed by Laws 2016, ch. 89, § 70. ANNOTATIONS Repeals. — Laws 2016, ch. 89, § 70 repealed 59A-12-10 NMSA 1978, as […]
The superintendent shall not license as an insurance producer, or permit any such license to continue, if the superintendent finds that the licensee did, or that the applicant for license intends to offer, give or sell stock or other ownership or participating interest in the agency or brokerage as inducement to or in connection with […]
A. An individual applying for a resident insurance producer license shall apply to the superintendent on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, correct and complete to the best of the applicant’s knowledge and belief. B. Before approving […]
A. The superintendent shall not issue or permit to continue an insurance producer license for title insurance except for an applicant or a licensee who, in addition to other applicable qualifications and requirements, owns, operates or controls an abstract plant consisting of a set of records in which an entry has been made of all […]
History: Laws 1984, ch. 127, § 215; repealed by Laws 2016, ch. 89, § 70. ANNOTATIONS Repeals. — Laws 2016, ch. 89, § 70 repealed 59A-12-14 NMSA 1978, as enacted by Laws 1984, ch. 127, § 215, relating to special requirements as to solicitors, effective July 1, 2017. For provisions of former section, see the […]
A. A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the uniform business entity application. Before approving the application, the superintendent shall confirm that: (1) the business entity has paid the fees set forth in Section 59A-6-1 NMSA 1978; (2) the business entity […]
A. A resident individual applying for an insurance producer license shall, prior to issuance of license, personally take and pass a written examination. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer and the insurance laws and […]
A. Unless denied licensure pursuant to Sections 59A-11-8 and 59A-11-14 NMSA 1978, a person who has met the requirements of Sections 59A-12-12 and 59A-12-15 NMSA 1978 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority: (1) life insurance […]
A. The superintendent may issue a limited insurance producer license to individual applicants employed full time by a vendor of merchandise or other property, or by a financial institution making consumer loans on terms with respect to which credit life insurance, credit disability insurance, credit property insurance or credit involuntary unemployment insurance under a master, […]
A. The superintendent may issue a limited lines travel insurance producer license to applicants who are qualified to solicit or sell travel insurance. B. A travel retailer may offer travel insurance under the license of a limited lines travel insurance producer only if: (1) the limited lines travel insurance producer or travel retailer provides to […]
A. The superintendent may issue a temporary insurance producer license for a period not to exceed one hundred eighty days without requiring an examination if the superintendent deems that the temporary license is necessary for the servicing of an insurance business in the following cases: (1) to the surviving spouse or court- appointed personal representative […]
As used in Chapter 59A, Article 12 NMSA 1978: A. “affiliate” means a person that controls, is controlled by or is under common control with the insurance producer; B. “business entity” means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity; C. “home state” means the District of Columbia and […]
An insurance producer shall have and maintain a place of business accessible to the public where the licensee conducts transactions under the license. Nothing in this section shall prohibit maintenance of the place of business in the licensee’s residence. History: Laws 1984, ch. 127, § 221; 1999, ch. 272, § 12; 1999, ch. 289, § […]
History: Laws 2003, ch. 306, § 5; repealed by Laws 2016, ch. 89, § 70. ANNOTATIONS Repeals. — Laws 2016, ch. 89, § 70 repealed 59A-12-20.1 NMSA 1978, as enacted by Laws 2003, ch. 306, § 5, relating to change of address, notice required, penalty, effective July 1, 2017. For provisions of former section, see […]
A. Every insurance producer shall keep in the insurance producer’s place of business complete records of transactions under the license. The record shall show the following information for each insurance policy placed by or through the licensee: (1) the names of the insurer and insured; (2) the number and expiration date of each policy; (3) […]
A. All funds of others received by a person licensed or acting as an insurance producer, surplus line broker, bail bondsman or their solicitor, motor club agent or agent for a health care plan or prepaid dental plan, or in a similar capacity for which licensing of the person is required under the Insurance Code, […]
A. A licensed insurance producer may solicit for and issue personal travel accident insurance policies of an authorized insurer by means of mechanical vending machines supervised by the insurance producer and placed at airports and other places of convenience to the traveling public, if the superintendent finds that: (1) the policy provides reasonable coverage and […]
A. An agent or broker shall share a commission or compensation for or on account of the solicitation or negotiation in this state of insurance on individuals or property or risks in this state only with the agent’s duly licensed solicitor, or duly licensed agent of the insurer with which the insurance was placed, or […]
A. The superintendent may refuse to issue a license as an insurance producer to a resident of another state or country, who is otherwise qualified under Chapter 59A, Article 12 NMSA 1978 for license as an insurance producer in New Mexico, if under the laws of the other state or country licensed residents of this […]
