reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-9 - Release of deposit.

A. All general and special deposits of an insurer under the Insurance Code [Chapter 59A NMSA 1978] shall be released only as follows:
(1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise;
(2) upon the insurer ceasing to transact business in this state, and all of the liabilities for which the deposit was security have been satisfied or terminated, or assumed by another insurer authorized to transact insurance in New Mexico;
(3) if the insurer is subject to delinquency proceedings, upon proper order of a court of competent jurisdiction the insurer's deposited assets shall be released to the receiver, conservator, rehabilitator or liquidator of the insurer;
(4) upon the entry of a final order of liquidation or order approving a rehabilitation plan of a member insurer, and upon request of the domiciliary receiver, the deposit shall be released to the domiciliary receiver or to the applicable New Mexico guaranty association; or
(5) deposits held under Section 59A-10-6 NMSA 1978 shall be released in whole or in part to the insurer on the insurer's request while the insurer is solvent and its general or special deposit, as applicable, is otherwise in amount not less than that required of the insurer under the Insurance Code.
B. If the deposited assets are held pursuant to Section 59A-5-33 NMSA 1978, the deposit shall be released when the basis for such reciprocity no longer exists as to the deposit.
C. Release of a deposit shall be made only on application to and written order of the superintendent, made upon proof satisfactory to the superintendent of the existence of one or more of grounds for release stated in Subsection A of this section. The superintendent, before directing release of deposited assets, may require such evidence as the superintendent deems satisfactory that the release of the deposit, in whole or in part, should be made. In the case of special deposits, prior to release of the deposit pursuant to Paragraphs (3) and (4) of Subsection A of this section, the superintendent may require written assurances from the domiciliary receiver that the deposit will be handled in accordance with Section 59A-5-19 NMSA 1978 and applicable federal law.
History:
Laws 1984, ch. 127, § 169; 2012, ch. 9, § 2.
ANNOTATIONS
The 2012 amendment,
effective July 1, 2012, clarified the conditions upon which deposits may be released; provided for assurances that upon release, deposits will be used in accordance with applicable law; in Subsection A, added Paragraph (4); and in Subsection C, deleted the former last sentence which limited the personal liability of the superintendent for funds released in good faith and added the last sentence.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-10 - Special deposit bond in lieu, requirement of new bond.

If in the superintendent's opinion the solvency of any surety on a bond accepted under Section 86 [59A-5-19 NMSA 1978] of the Insurance Code in lieu of a special deposit has become impaired or doubtful, the superintendent shall so notify the principal on the bond and unless within ten (10) days thereafter the solvency of the surety is proved to the superintendent's satisfaction or a new acceptable bond substituted, or eligible assets deposited in amount required and in lieu of bond, the superintendent shall revoke the certificate of authority of the insurer principal in such bond.
History:
Laws 1984, ch. 127, § 170.
ANNOTATIONS
Cross references.
— For existing deposits and bonds,
see
notes following 59A-5-18 NMSA 1978.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-11 - Trusteed assets of alien insurer.

A. An alien insurer may use New Mexico as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a bank or trust company domiciled in this state and designated or approved by the state treasurer and the superintendent and by obtaining a certificate of authority to transact the business of insurance in this state in accordance with Chapter 59A, Article 5 NMSA 1978.
B. The deposit shall be in an amount not less than as required of an alien insurer under Section 59A-5-20 NMSA 1978 and shall consist of assets eligible for deposit under Subsection B of Section 59A-10-3 NMSA 1978.
C. Such a deposit may be referred to as "trusteed assets".
History:
Laws 1984, ch. 127, § 171; 1991, ch. 125, § 9.
ANNOTATIONS
The 1991 amendment,
effective April 3, 1991, added the language beginning "and the superintendent" at the end of Subsection A and rewrote Subsection B which read "The deposit together with other trust deposits of the insurer held in the United States for the same purpose shall be in amount not less than as required of an alien insurer under Section 87 of the Insurance Code and shall consist of assets eligible for deposit under Subsection B of Section 163 of this article."
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-12 - Purpose and duration.

The deposit of an alien insurer provided for in Section 171 [59A-10-11 NMSA 1978] of this article shall be held in trust for the benefit, security and protection of the policyholders, or policyholders and creditors, of the insurer in the United States, and shall be maintained as long as there is outstanding in the United States any liability of the insurer arising out of its insurance transactions therein.
History:
Laws 1984, ch. 127, § 172.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-13 - Trust agreement.

A. The deposit of an alien insurer referred to in Section 171 [59A-10-11 NMSA 1978] of this article shall be made and maintained under a written trust agreement between the insurer and trustee consistent with the requirements of Sections 171 through 179 [59A-10-11 to 59A-10-19 NMSA 1978] of this article, and shall be authenticated in such form and manner as the superintendent may designate or approve.
B. The trust agreement shall not be effective until filed with and approved in writing by the superintendent. The superintendent shall not approve any trust agreement found not in compliance with law, or terms of which do not in fact provide reasonably adequate protection for the insurer's policyholders or policyholders and creditors in the United States to the extent of the amount to be deposited. The trust agreement may be amended, but amendment shall not be effective until filed with and approved in writing by the superintendent.
C. The superintendent may withdraw approval of a trust agreement or of any amendment thereof if he finds upon hearing, after due notice thereof to the insurer and the trustee, that the requisites for such approval, as provided in Sections 171 through 179 of this article do not in fact exist or no longer exist.
History:
Laws 1984, ch. 127, § 173.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-14 - Title; separation; accounting.

A. Title to the trusteed assets of such an alien insurer shall be vested in the trustee and its successors for the purposes of the trust deposit, and the trust agreement shall so provide.
B. The trustee shall keep the trusteed assets separate from its other assets, and shall maintain a record thereof sufficient to identify the trusteed assets at all times.
C. The trustee shall from time to time file with the superintendent its statement, in such form as the superintendent may designate or approve, certifying the character of the assets and the amounts and market value thereof. If the trustee fails to file the statement within a reasonable time after request therefor by the superintendent, the superintendent shall revoke the insurer's certificate of authority and immediately give written notice of such revocation to each other state in which, known to the superintendent, the insurer is transacting insurance business as either an authorized insurer or surplus line insurer.
History:
Laws 1984, ch. 127, § 174.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-15 - Examination of assets.

The superintendent may examine trusteed assets of any alien insurer at any time in accordance with the same conditions and procedures as govern examination of insurers in general under the Insurance Code.
History:
Laws 1984, ch. 127, § 175; 1991, ch. 125, § 10.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 1991 amendment,
effective April 3, 1991, substituted "any alien insurer" for "the alien insurer" near the beginning of the section.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-17 - Substitution of trustee.

With the superintendent's approval, a new trustee or new trustees may be substituted for the original trustee of trusteed assets of the alien insurer for any proper cause.
History:
Laws 1984, ch. 127, § 177.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-18 - Mexican, Canadian insurers.

Sections 171 through 179 [59A-10-11 to 59A-10-19 NMSA 1978] of this article applicable to a United States manager shall, in the case of insurers domiciled in Mexico or Canada, be deemed to refer to the president, vice-president, secretary, treasurer or other comparable officer of the insurer duly authorized by the insurer's board of directors or other similar governing body to act in behalf of the insurer as to the insurer's trusteed assets hereunder.
History:
Laws 1984, ch. 127, § 178.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer › Section 59A-10-19 - Levy upon deposit.

No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets or securities held in this state as a deposit for protection of the insurer's policyholders or policyholders and creditors. Levy upon deposits made pursuant to Section 100 [59A-5-33 NMSA 1978] (reciprocity provision) of the Insurance Code shall be permitted if so provided by the superintendent's order under which the deposit is required.
History:
Laws 1984, ch. 127, § 179.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-1 - Scope of article.

A. Chapter 59A, Article 11 NMSA 1978 provides procedures for licensing insurance producers, surplus line brokers and adjusters; agents of prepaid dental plans; agents of nonprofit health care plans; bail bondsmen and their solicitors; registration of motor club representatives; licensing of insurance securities salespersons; and applications for, qualifying examinations, and issuance of, duration, continuation, and termination of all such licenses and registrations. For the purposes of that article, all such licenses and registrations are referred to as "licenses".
B. Chapter 59A, Article 11 NMSA 1978 shall also apply to all additional categories of persons operating in insurance fields and related fields as administrators, consultants, appraisers, or in whatever similar capacity, under laws now or hereafter enacted, the licensing and supervision of whom is delegated to the superintendent.
C. Definitions, requirement of licenses, qualifications for license, and other requirements and provisions as to insurance producers, adjusters, bail bondsmen and their solicitors, motor club representatives, and other categories referred to in Subsection B of this section, shall be as provided in subsequent articles in the Insurance Code now or hereafter respectively dealing with such categories; provided that "insurance producer" means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance.
History:
Laws 1984, ch. 127, § 180; 2016, ch. 89, § 11.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 2016 amendment,
effective July 1, 2017, defined "insurance producer" and replaced "agents", "solicitors", and "brokers" with "insurance producers"; in Subsection A, deleted "This article" and added "Chapter 59A, Article 11 NMSA 1978", after "provides", deleted "as to", after "procedures", deleted "in" and added "for", after "licensing insurance", deleted "agents, solicitors, brokers" and added "producers", after "plans; agents", deleted "and solicitors", after "bail bondsmen and", added "their", and after "For the purposes of", deleted "this" and added "that"; in Subsection B, deleted "This article" and added "Chapter 59A, Article 11 NMSA 1978", after "shall also apply", deleted "as", and after "of whom is delegated", deleted "by such laws"; and in Subsection C, after "provisions as to", deleted "such agents, solicitors, brokers" and added "insurance producers", after "referred to in Subsection B", deleted "above" and added "of this section", and after "dealing with such categories", added the remainder of the subsection.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-3 - Application by firm or corporation.

A. Where licensing of a firm (partnership) or corporation is otherwise provided for as to any category of licensees referred to in Section 180 [59A-11-1 NMSA 1978] of this article, application therefor shall be filed with the superintendent by the firm or corporation on form prescribed and furnished by the superintendent. The application shall be signed on behalf of the applicant by a partner or corporate officer thereunto duly authorized, and under oath if so required by the superintendent.
B. The application form may require information about applicant as follows:
(1) if a firm, the name, residence, proof of identity, business record and reputation, business experience of each partner and so much additional information concerning such individuals as required of applicants for license as individuals as the superintendent deems advisable;
(2) if a corporation, the name, residence, proof of identity, business record and reputation, business experience of each officer, member of the board of directors, controlling stockholder, and such additional information concerning such individuals as required of applicants for license as individuals as the superintendent deems advisable;
(3) evidence satisfactory to the superintendent that transaction of business proposed to be transacted under the license applied for is within the partnership agreement, if a firm, or within the corporate powers, if a corporation; and
(4) such further information concerning applicant, appointment of applicant, partners, corporate officers, directors, and stockholders, as the superintendent deems advisable.
C. If a firm, each individual who is not a bona fide general partner and who is to exercise license powers, and if a corporation, each individual, whether or not an officer, director, stockholder or in other relationship to the corporation, who is to exercise the license powers, shall file application as though for an individual license for the same kind of business as that applied for by the firm or corporation.
D. The application shall be accompanied by payment of the fee for filing application, fee for any examination required under the Insurance Code to be taken and passed prior to licensing, as such fees are prescribed in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code, and by any bond otherwise required as to the license applied for. An additional license application filing fee is required as to each individual in excess of one who is to exercise the license powers of a corporation, or license powers of a firm if not a general partner therein.
History:
Laws 1984, ch. 127, § 182.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
For existing forms and filings,
see
notes following 59A-5-21 NMSA 1978.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-4 - Temporary licenses.

A. Where temporary license is otherwise provided for in the Insurance Code as to a particular category of licensee, application therefor shall be made in the same manner as applies to permanent license under Chapter 59A, Article 11 NMSA 1978 with such modification therein as the superintendent may prescribe, and without payment of examination fee.
B. 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 accordance with the Insurance Code.
History:
Laws 1984, ch. 127, § 183; 2016, ch. 89, § 12.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
For existing forms and filings,
see
notes following 59A-5-21 NMSA 1978.
The 2016 amendment,
effective July 1. 2017, authorized the superintendent of insurance to issue temporary insurance producer licenses without requiring an examination, and provided for the maximum duration of a temporary license; designated the language in the former section as Subsection A; in Subsection A, after "permanent license under", deleted "this article" and added "Chapter 59A, Article 11 NMSA 1978"; and added a new Subsection B.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-5 - Vending machine licenses.

A. Where licensing of insurance vending machines is otherwise provided for in the Insurance Code application for the license shall be made by the licensed agent or other person designated by law therefor, and filed with the superintendent on a form as prescribed and furnished by the superintendent. The application form may require, among other matters, information as to the kind of insurance and policies to be so offered, type of vending machine to be used, where the machine is to be located, how the public is to be informed as to the coverage offered and its limitations, and arrangements made or proposed for refund of money retained by defective vending machines when no policy is delivered to the proposed purchaser.
B. The application shall be accompanied by the fee for filing application for vending machine license as prescribed in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code.
History:
Laws 1984, ch. 127, § 184.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
For existing forms and filings,
see
notes following 59A-5-21 NMSA 1978.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-7 - Character evaluation, criminal record.

The Criminal Offender Employment Act (28-2-1 to 28-2-6 NMSA 1978) shall govern any consideration of criminal record in connection with application for any license under this article.
History:
Laws 1984, ch. 127, § 186.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-8 - Issuance or refusal to issue or renew license.

A. If the superintendent finds that the application is complete, that the applicant has passed all required examinations and is otherwise qualified for the license applied for, the superintendent shall promptly issue, or permit the issuance of, the license.
B. If the superintendent denies an application for initial issuance or renewal of a license, the superintendent shall notify the applicant in writing and advise the applicant of the reason for the denial.
C. Within thirty days of the date of issuance of the denial of an application for initial issuance or renewal of a license, the applicant may request in writing a hearing on the denial. The hearing shall be held within thirty days and shall be held pursuant to the requirements of the Insurance Code.
D. The license of a business entity may be suspended, revoked or refused if the superintendent finds after hearing that an individual licensee's violation was known or should have been known by one or more of the partners, officers or managers acting on behalf of the partnership or corporation and the violation was neither reported to the superintendent nor corrective action taken.
History:
Laws 1984, ch. 127, § 187; 2003, ch. 306, § 2; 2011, ch. 127, § 6; 2016, ch. 89, § 14.
ANNOTATIONS
The 2016 amendment,
effective July 1, 2017, provided procedures for denying an application for license and the process for suspending, revoking or refusing an existing license; in the catchline, deleted "refusal of", and added "or refusal to issue or renew"; designated the existing language from the former section as Subsection A; in Subsection A, deleted "Otherwise, the superintendent shall refuse to issue, or to permit the issuance of, the license and shall promptly notify the applicant and the appointing insurer, employer or principal, where applicable, of the refusal and state the grounds for refusal."; and added new Subsections B, C and D.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2011 amendment,
effective July 1, 2011, broadened the authority of the state treasurer to permit the issuance of licenses.
The 2003 amendment,
effective June 20, 2003 deleted "refundability of fees" from the section heading; and deleted the Subsection A designation and deleted Subsection B that concerned refund of fees.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-11 - License and appointment continuation, expiration; staggered dates system.

The dates of continuation, expiration of licenses and appointments stated in Section 189 [59A-11-10 NMSA 1978] of this article notwithstanding, the superintendent may in his discretion and in order to apportion the work of the insurance department and others involved in licensing under this article reasonably throughout a period, by regulations duly promulgated fix the dates for continuance, renewal or expiration of licenses or appointments of the respective categories of licenses. No such change of date shall shorten the period covered by any license then existing and the superintendent may provide in such regulation for payment of a pro rata additional license or appointment fee to cover any extension of the period of the existing license to date of commencement of the new license period under the regulations.
History:
Laws 1984, ch. 127, § 190.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-12 - Appointment of insurance producer; continuation.

A. An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed insurance producer of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed.
B. To appoint an insurance producer as its agent, the appointing insurer shall file in a format approved by the superintendent a notice of appointment within fifteen days from the date the agency contract is executed or the first insurance application is submitted. An insurer may also elect to appoint an insurance producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request.
C. Upon receipt of the notice of appointment, the superintendent shall verify within a reasonable time not to exceed thirty days that the insurance producer is eligible for appointment. If the insurance producer is determined to be ineligible for appointment, the superintendent shall notify the insurer within five days of its determination.
D. An insurer shall pay a filing appointment fee in the amount and method of payment set forth in Section 59A-6-1 NMSA 1978 for each insurance producer appointed by the insurer.
E. An insurer shall remit in a manner prescribed by the superintendent a continuation of appointment fee in the amount set forth in Section 59A-6-1 NMSA 1978.
F. Appointments shall be continuous subject to payment of any applicable fees. Fees shall be calculated as of a date certain.
History:
Laws 1984, ch. 127, § 191; 2016, ch. 89, § 17.
ANNOTATIONS
The 2016 amendment,
effective July 1, 2017, revised the procedures for the appointment of insurance producers and updated the language in the section; in the catchline, after "appointment of", deleted "agents" and added "insurance producer"; deleted former Subsections A, B and C, and added new Subsections A through F.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-15 - Procedure for suspension, revocation or refusal to continue license.

A. If the superintendent denies an initial or renewal application for a license, the superintendent shall notify the applicant in writing and advise the applicant of the reason for the denial or non-renewal of the application. Within thirty days of the date of issuance of the denial of application for initial issuance or renewal of a license, the applicant may request in writing a hearing on the denial. The hearing shall be held within ninety days and shall be held otherwise pursuant to Section 59A-4-15 NMSA 1978.
B. In addition to or in lieu of any applicable denial, suspension or revocation of a license, a person may, after hearing, be subject to an administrative fine according to Section 59A-1-18 NMSA 1978.
C. The superintendent shall retain the authority to enforce the provisions of and impose any penalty or remedy authorized by this section against any person who is under investigation for or charged with a violation of this section even if the person's license or registration has been surrendered or has lapsed by operation of law.
D. The state shall participate in the national association of insurance commissioners attachment warehouse personal information capture system alerts or another appropriate mechanism to monitor actions against existing licensees and take necessary action, when warranted based on the information obtained through such notifications.
History:
Laws 1984, ch. 127, § 194; 1978 Comp., § 59A-11-15, repealed and enacted by Laws 2016, ch. 89, § 20.
ANNOTATIONS
Repeals and reenactments.
— Laws 2016, ch. 89, § 20 repealed 59A-11-15 NMSA 1978, and enacted a new section, effective July 1, 2017.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-16 - Duration of suspension.

A. In the order suspending a license issued under this article, the superintendent shall, in addition to other matters required, state the period, not to exceed one (1) year, for which suspension is to be in effect. The period of suspension may be modified by the superintendent's further order. At the end of the suspension period the license shall reinstate on request of the licensee, unless the superintendent finds that the cause or causes of the suspension, if of a continuing character, still exist or are likely to recur. If the superintendent so finds, he shall forthwith revoke the license by his further order.
B. During the period of suspension the licensee shall not engage in any transaction for which the license is required, other than receipt and remittance of premiums paid as to insurance or other business transacted under the license prior to the suspension.
History:
Laws 1984, ch. 127, § 195.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-17 - Administrative fine in lieu [of suspension, etc.].

In lieu of suspension, revocation or refusal to continue a license issued under this article the superintendent may levy an administrative fine upon the licensee in amount of not less than one hundred dollars ($100) nor more than five hundred dollars ($500). In the order levying the fine, the superintendent shall specify the grounds therefor and the period, not to exceed sixty (60) days, within which the licensee shall pay. If at the end of payment period so allowed the licensee has not paid to the superintendent the amount of the fine, the license shall stand suspended, revoked or renewal refused, as the case may be, as at the end of the period and without further order.
History:
Laws 1984, ch. 127, § 196.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-18 - Relicensing after revocation or refusal to continue.

The superintendent shall not relicense any former licensee whose license has been revoked or continuation refused until evidence has been presented showing to the superintendent's satisfaction that the former licensee is otherwise qualified for the license desired and that the cause or causes of the prior revocation or refusal to continue, if of continuing character, no longer exist and will not recur.
History:
Laws 1984, ch. 127, § 197.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-19 - Repealed.

History:
Laws 1984, ch. 127, § 198; repealed by Laws 2016, ch. 89, § 70.
ANNOTATIONS
Repeals.
— Laws 2016, ch. 89, § 70 repealed 59A-11-19 NMSA 1978, as enacted by Laws 1984, ch. 127, § 198, relating to return of license to superintendent, effective July 1, 2017. For provisions of former section,
see
the 2016 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-20 - License records.

The superintendent shall maintain a record of all licenses in force and insurance department transactions relative thereto. In addition to other matters, the record shall show name and address of licensee, date of issuance, kind of business to be transacted, name and address of insurer or other principal represented. Except as to privileged information and other matters withheld by the superintendent pursuant to Sections 30 [59A-2-12 NMSA 1978] (records; inspection; destruction) or 55 [59A-4-11 NMSA 1978] (examination report; filing for public inspection; confidentiality) of the Insurance Code, the record shall be open to public inspection.
History:
Laws 1984, ch. 127, § 199.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-21 - Penalties.

In addition to any administrative penalty provided therefor under this article, any person who in application for license wilfully misrepresents or wilfully withholds requested material information, shall upon conviction thereof be guilty of a misdemeanor punishable by a fine not to exceed five hundred dollars ($500) unless the character of the offense is punishable as a greater offense under the general laws of this state.
History:
Laws 1984, ch. 127, § 200.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-22 - Duty to report.

A. A licensee shall report to the superintendent any administrative action taken against the licensee in another jurisdiction or by another governmental agency in this state within thirty days of the final disposition of the matter. The report shall include a copy of the order, consent to order or other relevant legal documents.
B. Within thirty days of the initial pretrial hearing date, a licensee shall report to the superintendent any criminal prosecution of the licensee taken in any jurisdiction. The report shall include a copy of the initial complaint filed, the order resulting from the hearing and any other relevant legal documents.
History:
Laws 2016, ch. 89, § 21.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 89, § 72 made Laws 2016, ch. 89, § 21 effective July 1, 2017.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-23 - Reciprocity.

A. The superintendent shall waive any requirements for a nonresident license applicant with a valid license from the applicant's home state, except the requirements imposed by Section 23 [59A-11-24 NMSA 1978] of this 2016 act, if the applicant's home state awards nonresident licenses to residents of this state on the same basis.
B. A nonresident licensee's satisfaction of the nonresident licensee's home state's continuing education requirements shall constitute satisfaction of the continuing education requirements if the nonresident licensee's home state recognizes the satisfaction of its continuing education requirements imposed upon licensees from New Mexico on the same basis.
History:
Laws 2016, ch. 89, § 22.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 89, § 72 made Laws 2016, ch. 89, § 22 effective July 1, 2017.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11 - Licensing Procedures for Producers and Others › Section 59A-11-24 - Nonresident license; requirements.

A. Unless denied a license pursuant to Section 59A-11-14 NMSA 1978, a nonresident person shall receive a nonresident license if:
(1) the person is currently licensed as a resident in good standing in the person's home state;
(2) the person has submitted the proper request for licensure and has paid the fees required by Section 59A-6-1 NMSA 1978;
(3) the person has submitted or transmitted to the superintendent the application for licensure that the person submitted to the person's home state or a completed uniform application; and
(4) the person's home state awards nonresident licenses to residents of this state on the same basis.
B. The superintendent may verify an applicant's insurance producer licensing status through the insurance producer database maintained by the national association of insurance commissioners, its affiliates or subsidiaries.
C. A nonresident licensee who moves from one state to another state or a resident licensee who moves from this state to another state shall file a change of address and provide certification from the new resident state within thirty days of the change of legal residence.
D. Notwithstanding any other provision of this section, a person licensed as a surplus lines producer in the person's home state shall receive a nonresident surplus lines producer license pursuant to Subsection A of this section. Except as provided in Subsection A of this section, nothing in this section otherwise amends or supersedes any provision of Chapter 59A, Article 14 NMSA 1978.
E. Notwithstanding any other provision of this section, a person licensed as a limited lines credit insurance or other type of limited lines producer in the person's home state shall receive a nonresident limited lines producer license, pursuant to Subsection A of this section, granting the same scope of authority as granted under the license issued by the producer's home state. For the purposes of this subsection, limited lines insurance is any authority granted by the home state that restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to Subsection C of Section 59A-7-1 NMSA 1978.
History:
Laws 2016, ch. 89, § 23.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 89, § 72 made Laws 2016, ch. 89, § 23 effective July 1, 2017.
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-1 - Insurance consultant; license required.

Unless licensed as an insurance consultant under the provisions of this act [59A-11A-1 to 59A-11A-8 NMSA 1978], no person shall:
A. for a fee received or to be received, offer to examine, examine or aid in examining any policy of insurance or any annuity or pure endowment contract for the purpose of giving or offering to give any advice, counsel, recommendation or information in respect to the terms, conditions, benefits, coverage or premium of any such policy or contract or in respect to the expediency or advisability of altering, changing, exchanging, converting, replacing, surrendering, continuing, renewing or rejecting any such policy or contract or of accepting or procuring any such policy or contract from any company; or
B. in or on advertisements, cards, signs, circulars or letterheads or elsewhere or in any other way or manner by which public announcements are made use the title "insurance consultant", "insurance advisor", "insurance specialist", "insurance counselor", "insurance analyst", "policyholders' advisor", "policyholders' counselor" or any other similar title or any title, word or combination of words indicating that he gives or is engaged in the business of giving advice, counsel, recommendation or information to holders of policies of insurance or annuity or pure endowment contracts.
History:
Laws 1989, ch. 97, § 1.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-2 - Insurance consultant license; exemptions.

Nothing in this act [59A-11A-1 to 59A-11A-8 NMSA 1978] shall be construed to:
A. prohibit the customary advice offered by a licensed insurance agent or adjuster;
B. apply to a person admitted to the practice of law or permitted to engage in the practice of public accountancy in this state when the person is acting within the scope of that practice; or
C. require licensure of or otherwise apply to a salaried employee of a group or its service company as defined in the Group Self-Insurance Act [Chapter 52, Article 6 NMSA 1978].
History:
Laws 1989, ch. 97, § 2.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-3 - Insurance consultant license; application; requirements for issuance; fee; renewal.

A. The superintendent shall issue a license as an insurance consultant to a person who:
(1) has reached the age of majority;
(2) files a written application in the manner and form prescribed by the superintendent, stating the lines of insurance for which the applicant desires a license;
(3) passes an examination as provided in Subsection B of this section;
(4) pays an application fee and an examination fee as specified in Section 59A-6-1 NMSA 1978; and
(5) satisfies the superintendent that the person is competent, financially responsible and of good moral character.
B. The superintendent shall examine all initial applicants for a license as an insurance consultant in the manner and form that the superintendent prescribes. The examination shall be of sufficient scope to demonstrate a broad knowledge of insurance contracts and the practices of the insurance industry in the lines of insurance for which the applicant desires a license. However, the superintendent may waive the requirement for the examination for:
(1) property and casualty insurance in the case of an applicant who has been awarded the professional designation of chartered property and casualty underwriter or certified insurance counselor in the property and casualty line;
(2) life and accident insurance in the case of an applicant who has been awarded the professional designation of chartered life underwriter; and
(3) all lines of insurance in the case of an applicant who has been awarded the professional designations of chartered property and casualty underwriter and chartered life underwriter.
C. If an applicant fails an examination, the applicant may be reexamined upon payment of a ten-dollar ($10.00) examination fee for each reexamination.
D. The license as an insurance consultant shall be issued for two years. The license may, at the discretion of the superintendent, be renewed biennially upon application and payment of a fee as specified in Section 59A-6-1 NMSA 1978.
History:
Laws 1989, ch. 97, § 3; 2011, ch. 127, § 7.
ANNOTATIONS
The 2011 amendment,
effective July 1, 2011, imposed the license fees specified in Section 59A-6-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-4 - Insurance consultant license; suspension or revocation; appeal; penalty.

A. The superintendent may revoke the license of an insurance consultant or suspend it for a period not exceeding the expiration date of the license for any good cause shown as provided in the Insurance Code. The superintendent shall revoke or suspend a license only upon notice and hearing as provided in the Insurance Code.
B. Any person aggrieved by the action of the superintendent in revoking, suspending or refusing to grant, renew or reissue a license may appeal that action to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
C. The superintendent may at any time require such information as he deems necessary in respect to the business methods, policies and transactions of a licensee. Any person who fails or refuses to furnish the superintendent in the form he may require any such information within ten days after receiving a written request for it is guilty of a misdemeanor and upon conviction shall be fined not less than fifty dollars ($50.00) or more than five hundred dollars ($500).
History:
Laws 1989, ch. 97, § 4; 1998, ch. 55, § 62; 1999, ch. 265, § 66.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection B.
The 1998 amendment,
effective September 1, 1998, in Subsection B, substituted "to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978" for "as provided in the Insurance Code" and in Subsection C, substituted "or" for "nor".
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-5 - Insurance consultants; contracts and agreements.

No contract or agreement with an insurance consultant for any advice, counsel, recomendation [recommendation] or other information provided within the scope of his license shall be enforceable by him unless:
A. it is in writing and executed in duplicate by the person to be charged or his legal representative;
B. the duplicate is delivered to or retained by the person to be charged when it is signed by him;
C. it plainly specifies the amount of the fee paid or payable by the person to be charged and the services to be rendered by the insurance consultant; and
D. it is in a form currently approved by the superintendent.
History:
Laws 1989, ch. 97, § 5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and it is not part of the law.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-6 - Insurance consultant; required acknowledgments.

A. An insurance consultant who furnishes any advice or counsel within the scope of his license as such a consultant, makes any recommendation or gives any information except under the terms of a previously executed written contract conforming to Section 4 [59A-11-4 NMSA 1978] of this act and in full force and effect shall upon furnishing such advice, counsel, recommendation or information give to the recipient thereof;
(1) a statement in writing, signed by the consultant, in a form currently approved by the superintendent, specifying the advice, counsel, recommendation or information given; and
(2) a receipt in a form currently approved by the superintendent for the fee paid to him or a statement in a form currently approved by the superintendent of the fee to be received by him.
B. Any person who violates any provision of Subsection A of this section is guilty of a misdemeanor and upon conviction shall be punished by a fine of not less than fifty dollars ($50.00) or more than five hundred dollars ($500).
History:
Laws 1989, ch. 97, § 6.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-7 - Payment from insurers or insurance producers for sale of insurance prohibited; penalty.

A. No insurance consultant serving any person, firm, association, organization or corporation not engaged in the insurance business, for compensation paid or to be paid by the person served, shall directly or indirectly receive any part of any commission or compensation paid by any insurer or insurance producer of any insurer in connection with the sale or writing of any insurance that is within the subject matter of any such service.
B. Any person who violates any provision of Subsection A of this section is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than five hundred dollars ($500) or by imprisonment in the county jail for a definite term of not less than thirty days or more than ninety days or both.
History:
Laws 1989, ch. 97, § 7; 2016, ch. 89, § 24.
ANNOTATIONS
The 2016 amendment,
effective July 1, 2017, replaced "agents" with "insurance producers"; in the catchline, deleted "agents" and added "insurance producers"; in Subsection A, after "by an insurer or", deleted "agent" and added "insurance producer", and after "writing of any insurance", deleted "which" and added "that".
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 11A - Insurance Consultants › Section 59A-11A-8 - Acting as insurance consultant without a license prohibited; penalty.

Any person who acts as an insurance consultant without a license or during the suspension of his license is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than five hundred dollars ($500) or by imprisonment in the county jail for a definite term not exceeding six months or both.
History:
Laws 1989, ch. 97, § 8.