A. Chapter 59A, Article 14 NMSA 1978 governs the placing of insurance where New Mexico is the home state of the insured, through licensed surplus lines brokers, in insurers not otherwise authorized to transact insurance in this state and subject to the conditions for such placing as stated in that article; qualifications, licensing and duties […]
A. A surplus line broker shall maintain an office accessible to the public wherein transactions under his license may be transacted. Nothing herein shall be deemed to prohibit maintenance of the office in the surplus line broker’s place of residence, subject to accessibility above stated. B. The surplus line broker shall keep in the office […]
A. The producing broker shall complete, execute and provide to the surplus lines broker a signed statement in substantially the form required by the superintendent, as to the diligent efforts to place the coverage with authorized insurers and the results thereof. The statement shall affirm that the insured was expressly advised prior to placement of […]
History: Laws 1984, ch. 127, § 250; 1999, ch. 111, § 3; 2011, ch. 156, § 9; 2017, ch. 130, § 11; repealed by Laws 2018, ch. 57, § 31. ANNOTATIONS Repeals. — Laws 2018, ch. 57, § 31 repealed 59A-14-12 NMSA 1978, as enacted by Laws 1984, ch. 127, § 250, relating to Premium […]
A. The superintendent whenever deemed necessary may examine the records and accounts of any surplus line broker for determining whether the surplus line broker is conducting business in accordance with the requirements of this article. B. The superintendent shall conduct the examination, and the surplus line broker shall pay the cost thereof, as provided in […]
A. Upon placing surplus lines insurance, the surplus lines broker shall promptly deliver to the insured evidence of the insurance consisting either of the policy or, if the policy is not then available, a certificate complying with Subsection D of this section, a cover note, a binder or other evidence of insurance. The certificate, cover […]
A. As to a risk assumed by an unauthorized insurer under Chapter 59A, Article 14 NMSA 1978, and if the premium thereon has been received by the producing broker or the surplus lines broker who placed the insurance, in all questions thereafter arising under the coverage between the insurer and the insured the insurer shall […]
A. An unauthorized insurer shall be sued, upon any cause of action arising in this state under any surplus line insurance policy issued by it, in the district court of the county in which the cause of action arose. B. Service of legal process against the insurer may be made in any such action by […]
In addition to provisions generally applicable, the following provisions of the Insurance Code shall also apply as to surplus line brokers: A. Section 210 [209] [59A-12-8 NMSA 1978[repealed]] (controlled business); B. Section 218 [59A-12-17 NMSA 1978] (scope of license); and C. Section 223 [59A-12-22 NMSA 1978] (fiduciary funds). History: Laws 1984, ch. 127, § 255. […]
History: Laws 1984, ch. 127, § 256; repealed by Laws 2018, ch. 57, § 31. ANNOTATIONS Repeals. — Laws 2018, ch. 57, § 31 repealed 59A-14-18 NMSA 1978, as enacted by Laws 1984, ch. 127, § 256, relating to violations and penalties, effective January 1, 2020. For the provisions of former section, see the 2019 […]
No later than July 21, 2012, the superintendent shall participate in the national insurance producer database of the association, or any other equivalent uniform national database, for the licensure of surplus lines brokers and the renewal of the licenses. History: Laws 2011, ch. 156, § 10. ANNOTATIONS Effective dates. — Laws 2011, ch. contained no […]
As used in Chapter 59A, Article 14 NMSA 1978: A. “affiliate” means, with respect to an insured, any entity that controls, is controlled by or is under common control with the insured; B. “affiliated group” means any group of entities that are all affiliated; C. “association” means the national association of insurance commissioners or any […]
No surplus lines insurance for an insured whose home state is New Mexico shall be solicited, negotiated, contracted for, effectuated or otherwise transacted within the meaning of Section 59A-1-13 NMSA 1978, unless: A. the insurance is procured through a surplus lines broker; B. each nonadmitted insurer providing such insurance is an eligible surplus lines insurer; […]
A. No person shall export insurance on behalf of an insured whose home state is New Mexico except as authorized by and in accordance with Chapter 59A, Article 14 NMSA 1978. B. No surplus lines broker shall transact surplus lines insurance with an insurer other than an eligible surplus lines insurer. C. To qualify as […]
The superintendent may at any time declare an eligible surplus lines insurer to be ineligible if the superintendent has reason to believe that the insurer: A. is in unsound financial condition; B. is subject to delinquency proceedings in this state or any other jurisdiction; C. is no longer eligible under Section 59A-14-4 NMSA 1978; D. […]
Every insurance contract procured and delivered as surplus lines insurance pursuant to Chapter 59A, Article 14 NMSA 1978 shall bear the name, address and signature of the surplus lines broker who procured it and have stamped, printed or otherwise displayed prominently in boldface ten-point or larger type either upon its declarations page or by attachment […]
Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with the article shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects and to the same effect as like contracts issued by authorized insurers. History: Laws 1984, ch. 127, § 244.
A. No person shall in New Mexico be, act as or hold out to be a surplus lines broker, or place insurance of risks where New Mexico is the home state of the insured in any nonadmitted insurer on behalf of others and for compensation as an independent contractor in any form, unless licensed as […]
ANNOTATIONS Repeals. — Laws 2003, ch. 202, § 16 repealed 59A-14-8 NMSA 1978, as enacted by Laws 1984, ch. 127, § 246, relating to a bond required of applicants for surplus line broker licenses, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.
A. A surplus line broker may accept and export surplus line business from and for any insurance producer licensed by this state for the kind of insurance involved, and may compensate the insurance producer therefor. B. A surplus line broker shall not directly or indirectly compensate any person other than a licensed insurance producer for […]
