This article [Chapter 59A, Article 13 NMSA 1978] defines adjusters, requires license, states qualifications for licensing, and other requirements of adjusters so acting in this state. As to licensing procedures, issuance, duration, suspension, revocation or refusal to continue license in general, refer to Article 11 [Chapter 59A, Article 11 NMSA 1978] of the Insurance Code. […]
A. Each independent adjuster shall keep at the business address shown on his license a record of all transactions under the license. The record shall include: (1) the documents relating to all investigations or adjustments undertaken, and (2) a statement of any fee, commission or other compensation received or to be received by the adjuster […]
Each workers’ compensation insurer shall have at least one claims representative within New Mexico, licensed as an adjuster, to pay workers’ compensation claims of claimants resident or located in New Mexico. Such claims shall be paid promptly through such representatives from accounts in financial institutions located within New Mexico. History: 1978 Comp., § 59A-13-11, enacted […]
A. The superintendent shall require as a condition to continuation of an adjuster license that during the twenty-four months next preceding expiration of the current license period, the licensee has attended the minimum number of hours of formal class instruction, lectures or seminars required and approved by the superintendent. B. Instruction shall be designed to […]
A. An adjuster may not adjust a loss related to physical damage of a property on which the adjuster is also a contractor, acts as a contractor or is employed as a contractor, including a roofing contractor, building contractor or plumbing contractor, or otherwise provides building repairs or products, including building or plumbing repairs or […]
A. All adjusters shall adhere to the following standards of conduct: (1) an adjuster shall not permit an unlicensed employee or representative of the adjuster to conduct business for which a license is required pursuant to the Insurance Code [Chapter 59A NMSA 1978]; (2) an adjuster shall not pay a commission, service fee or other […]
A. Public adjusters shall ensure that all contracts for their service are in writing and contain the following terms: (1) legible full name of the adjuster signing the contract, as specified in the office of superintendent of insurance records; (2) permanent home state business name and phone number; (3) office of superintendent of insurance license […]
A public adjuster who receives, accepts or holds any funds on behalf of an insured toward the settlement of a claim for loss or damage shall deposit the funds in a non-interest-bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the public adjuster’s home […]
A. A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this section shall include the following: (1) the name of the insured; (2) the date, location and amount of the loss; (3) a copy of the contract between the public adjuster and the insured; (4) […]
A. For the purposes of Chapter 59A, Article 13 NMSA 1978: (1) “adjuster” means a person that: (a) investigates, negotiates, settles or adjusts a loss or claim arising under an insurance contract on behalf of an insurer, insured or self-insurer, for a fee, commission or other compensation; however, an adjuster acting on behalf of an […]
A. No person shall, in this state, act as, or make any representation as being, an adjuster unless licensed as such by the superintendent under the Insurance Code. B. No person, regardless of location, shall act as, or make any representation as being, an adjuster with respect to workers’ compensation claims of claimants resident or […]
A. An individual applying for a license as an adjuster shall, prior to issuance of a license, personally take and pass a written examination. The examination shall test the knowledge of the individual concerning the duties and responsibilities of an adjuster and the insurance laws and rules of this state. Examinations required by this section […]
A. The superintendent shall license as an adjuster only an individual who is otherwise in compliance with Chapter 59A, Articles 11 and 13 NMSA 1978 and who has furnished evidence satisfactory to the superintendent that the applicant for license: (1) is not less than eighteen years of age; (2) is a bona fide resident of […]
A. With application for license as an adjuster other than as staff adjuster, the applicant shall file with the superintendent a surety bond in favor of the superintendent in aggregate amount of not less than ten thousand dollars ($10,000), conditioned to pay actual damages resulting to the state of New Mexico or any member of […]
A. In the event of an emergency requiring the immediate expansion of adjuster services in New Mexico, an insurer or a public adjuster licensed in New Mexico may request authority from the superintendent to employ adjusters to assist with the emergency who are not licensed in New Mexico but who have fulfilled all licensing requirements […]
Separate licenses shall be required for independent adjusters and staff adjusters, but the same individual may be so separately licensed as both. History: Laws 1984, ch. 127, § 235.
An independent adjuster shall have the powers granted by its principal to investigate, report upon, adjust and settle claims on behalf of an insurer or self insurer and have additional powers as to claims and losses as may be conferred by the principal. A staff adjuster shall have only such powers with respect to claims […]
A. A resident adjuster shall have and maintain a principal place of business in this state that is easily accessible to the public and is the place where the adjuster principally conducts transactions under the license. The address of the principal place of business shall appear on the application for license and on the license. […]
