New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 8 - PUBLIC, STAFF AND INDEPENDENT ADJUSTERS › Section 13.4.8.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
As used in this rule:
A.
"Adjuster"
has the meaning
				provided in Section
				59A-13-2 NMSA
				1978.
B.
"Advertisement"
is as set forth in Subsection 19 of this
				rule.
C.
"Business
				entity
" has the meaning provided in Section
				59A-13-2 NMSA
				1978.
D.
"Catastrophic
				disaster"
means an event that results in large numbers of deaths and
				injuries; causes extensive damage or destruction of facilities that provide and
				sustain human needs; produces an overwhelming demand on state and local
				response resources and mechanisms; causes a severe long-term effect on general
				economic activity; or severely affects state, local and private sector
				capabilities to begin and sustain response activities. For purposes of this
				rule, a catastrophic disaster shall be declared by the president of the United
				States, the governor of the state, or the superintendent of
				insurance.
E.
"Designated
				home state"
is used when the adjuster's home state does not license
				adjusters and means a state in which an adjuster does not maintain his, her, or
				its principal place of residence or business, but in which the adjuster is
				licensed in good standing and has designated as the home state for purposes of
				compliance with licensing regulations.
F.
"Home state"
means the
				District of Columbia or any state or territory of the United States which is
				the principal place of residence or principal place of business for an
				insurance adjuster and in which the adjuster is licensed to provide services as
				a resident adjuster.
G.
"Independent adjuster"
means an adjuster who is not a staff
				adjuster or a public adjuster and includes a representative or an employee of
				an independent adjuster. An independent adjuster is a professional who conducts
				investigations, verifications, negotiations, and settling of claims for or on
				behalf of an insurance company, a self-insured firm, or a government agency,
				without being under the employment of the company, firm, or agency in
				question.
H.
"Insurance"
has the meaning set forth in Section
				59A-1-5
				NMSA 1978.
I.
"Negotiate"
means the act of conferring directly with or offering
				advice directly to a person whose real or personal property is covered under a
				policy of insurance regarding a claim or claims for loss or damage with the
				objective of arriving at a settlement.
J.
"Nonresident adjuster"
means
				an adjuster who has a current resident license in the adjuster's home state or
				designated home state, and who has applied for and received a nonresident
				adjuster's license in this state. A nonresident adjuster may be licensed only
				for the same type or types of adjuster's license for which the adjuster is
				licensed in the home state or designated home state.
K.
"Public adjuster"
means an
				adjuster who, for direct or indirect compensation or any other thing of value
				on behalf of the insured:
(1) acts or aids,
				investigates, negotiates, settles, adjusts, advises or otherwise assists an
				insured with a claim or claims for loss or damage under any policy of insurance
				covering the insured person's real or personal property, or on behalf of any
				other public insurance adjuster who is acting on behalf of an
				insured;
(2) advertises for
				employment as a public adjuster of insurance claims or solicits business or
				represents himself or herself to the public as an public adjuster of
				first-party insurance claims for losses or damages arising out of policies of
				insurance that insure real or personal property; or
(3) directly or indirectly solicits business,
				investigates or adjusts losses, or advises an insured about first-party claims
				for losses or damages arising out of policies of insurance that insure real or
				personal property for another person engaged in the business of adjusting
				losses or damages covered by an insurance policy, for the insured.