New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 5 - INSURANCE ADMINISTRATORS › Section 13.4.5.10 - CORPORATE APPLICATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
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
				  administrator as required by Section 59A-12A-3 C NMSA 1978. (Manager as used
				  herein shall mean the highest ranking administrator at a single location.) Such
				  applications shall be filed with the superintendent by the partnership or
				  corporation on form prescribed and furnished by the superintendent, accompanied
				  by an application fee as set out in this rule. The application shall be signed
				  on behalf of the legal entity (partnership or corporation) by a partner or
				  corporate officer thereunto duly authorized, and under oath if so required by
				  the superintendent. The application form may require information about
				  applicant as follows:
A. if a
				partnership, the name, residence, proof of identity, business record and
				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;
B. 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(s), and such
				additional information concerning such individuals as required of applicants
				for license as individuals as the superintendent deems advisable;
C. 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 partnership, or
				within the corporate powers, if a corporation; and
D. such further information concerning
				applicant, partners, corporate officers, directors, and stockholders, as the
				superintendent deems advisable.
E.
				If a partnership, each individual in addition to a general partner who is to
				exercise license powers, and if a corporation, each individual, in addition to
				an officer and manager 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 partnership or corporation.
F. Each application shall be accompanied by
				payment of the fee for filing an application and the fee for any examination
				required under the Insurance Code to be taken and passed prior to licensing. 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 partnership if not a general partner therein.
G. An administrator shall notify the
				superintendent within thirty (30) days of any material change in its ownership,
				control, or other fact or circumstance affecting its qualification for a
				certificate of authority in this state.