reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 4 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC COMPANIES › Section 13.3.4.21 - SCHEDULE C - INFORMATION REQUIRED IN INFORMATION STATEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Note:
Where any section,
				other than 13 NMAC 3.4.21.6 [now Subsection F of 13.3.4.21 NMAC], calls for
				information with respect to any matter to be acted upon at the meeting, such
				section need be answered only with respect to proposals to be made by the
				issuer.
B.
Information
				required by schedule A:
Furnish the information called for by all of the
				sections of schedule A (other than 13 NMAC 3.4.19.1, 13 NMAC 3.4.19.3 and 13
				NMAC 3.4.19.4) [now Subsections A, C and D of 13.3.4.19 NMAC] which would be
				applicable to any matter to be acted upon at the meeting if proxies were to be
				solicited in connection with the meeting.
C.
Statement that proxies are not
				solicited:
The following statement shall be set forth on the first page
				of the information statement in bold face type: WE ARE NOT ASKING YOU FOR A
				PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
D.
Date, time and place of
				meeting:
State the date, time and place of the meeting of security
				holders, unless such information is otherwise disclosed in material furnished
				to security holders with the information statement.
E.
Interest of certain persons in or
				opposition to matters to be acted upon:
(1) Describe briefly any substantial
				interest, direct or indirect, by security holdings or otherwise, of each of the
				following persons in any matter to be acted upon, other than elections to
				office:
(a) each person who has been a
				director or officer of the issuer at any time since the beginning of the last
				fiscal year;
(b) each nominee for
				election as a director of the issuer;
(c) each associate of the foregoing
				persons.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to sale or offer in this state of any
				  insurance security issued or proposed to be issued by any corporation or person
				  whether or not organized under the laws of this state or authorized to transact
				  business in this state. This rule does not apply to the extent its provisions
				  are preempted by the Capital Markets Efficiency Act of 1996,
				  P.L.
				  104-290,
				  Section
				  101 et seq.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 59A-2-9 NMSA 1978, and the Sale of Insurance
				  Securities Law, Section 59A-35-1 NMSA 1978 et seq.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 1, 1985, unless a later date is cited at the end of
				  a section or paragraph. Repromulgated in NMAC format effective July 1,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
To the extent applicable to securities of insurance
				  companies, all definitions relating to general securities set forth in the New
				  Mexico Securities Act and the New Mexico Blue Sky Regulations promulgated by
				  the New Mexico securities bureau shall apply to the sale of insurance
				  securities in New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.8 - REGISTRATION OF INSURANCE SECURITIES

Current through Register Vol. 35, No. 13, July 16, 2024
All insurance securities required to be registered under the
				  Sale of Insurance Securities Law shall be registered with and shall be filed
				  with the superintendent of insurance in the manner provided in these
				  regulations.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.9 - REGISTRATION OF NEWLY-FORMED INSURERS

Current through Register Vol. 35, No. 13, July 16, 2024
All filings for registration of insurance securities of
				  newly-formed proposed insurers or entities shall include the disclosure of the
				  information required pursuant to Section 59A-35-8 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.10 - REGISTRATION BY NOTIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
If an insurance security would qualify for registration by
				  notification pursuant to Section 58-13-5 A NMSA 1978 if it were not exempt from
				  that provision pursuant to Section 58-13-29 C(3) NMSA 1978, it may be
				  registered by notification with the superintendent.
A.
Information required:
A
				registration statement for registration by notification shall contain the
				following information:
(1) a statement
				demonstrating eligibility form registration by notification;
(2) the issuer's name, address and form of
				organization, the state of foreign jurisdiction and the date of its
				organization and the general character and location of its business;
(3) a description of the securities being
				registered;
(4) the total amount of
				securities to be offered and amount of securities to be offered in this
				state;
(5) the price at which the
				securities are to be offered for sale to the public, any variation therefrom at
				which any portion of the offering is to be made to any persons other than as
				underwriting and selling discounts or commissions and finders' fees, including
				cash, securities or anything else of value;
(6) names and addresses of the managing
				underwriters and a description of the plan of distribution of any securities
				which are to be offered other than through an underwriter;
(7) a description of any security options
				outstanding or to be created in connection with the offering.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.11 - REGISTRATION BY COORDINATION

Current through Register Vol. 35, No. 13, July 16, 2024
Any insurance security for which a registration statement has
				  been filed under the Securities Act of 1933 in connection with the same
				  offering may be registered by coordination.
A.
Information required:
A
				registration statement for registration by coordination shall contain the
				following information:
(1) the amount of
				securities to be offered in this state;
(2) the states in which a registration
				statement or similar document in connection with the offering has been or is
				expected to be filed;
(3) an
				undertaking to forward promptly all amendments to the federal registration
				statement other than amendments which merely delay the effective
				date.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.13 - SALE OF INSURANCE SECURITIES WITH NON-LICENSED INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
Any insurer not presently holding a certificate of authority
				  to transact insurance in the state of New Mexico shall not sell or offer to
				  sell in the state its securities unless in addition to the registration
				  requirements it provides to the superintendent of insurance proof that it would
				  be able to qualify for a certificate of authority to transact insurance in the
				  state. Such proof shall consist of the filing of such financial and
				  biographical information as would be required by an insurer seeking to be
				  licensed in this state.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.14 - INCORPORATION OF PREVIOUS FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Any document filed with the superintendent of insurance under
				  the Sale of Insurance Securities Law within five (5) years preceding the filing
				  of a registration statement may be incorporated by reference in the new
				  registration statement to the extent that the document is currently
				  accurate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.15 - REGISTRATION FEE

Current through Register Vol. 35, No. 13, July 16, 2024
Each registration statement submitted for filing with the
				  superintendent shall be accompanied by a check or money order for the proper
				  amount of registration fee pursuant to Section 59A-35-9 NMSA 1978. Failure to
				  include the fee with the registration statement shall render the registration
				  incomplete and ineffective.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 5 - REGISTRATION OF INSURANCE SECURITIES › Section 13.3.5.16 - MINIMUM PAR VALUE OF DOMESTIC INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
The par value of each capital stock insurer organized under
				  the laws of the state of New Mexico shall be stated in the articles of
				  incorporation and shall be not less than five dollars ($5.00) per
				  share.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to any person who solicits subscription to
				  or purchase of any securities covered by a securities permit issued under the
				  Sale of Insurance Securities Law. This rule does not apply to the extent its
				  provisions are preempted by the Capital Markets Efficiency Act of 1996,
				  P.L.
				  104-290,
				  Section
				  101 et seq.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 59A-35-1 NMSA 1978 et seq. and Section 59A-2-9 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 1, 1985, unless a later date is cited at the end of
				  a section or paragraph. Repromulgated in NMAC format effective July 1,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish requirements for
				  licensure of persons selling securities of newly formed or proposed new
				  domestic insurers.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
To the extent applicable to securities of insurance
				  companies, all definitions relating to general securities set forth in the New
				  Mexico Securities Act and the New Mexico Blue Sky Regulations promulgated by
				  the New Mexico securities bureau shall apply to the sale of insurance
				  securities in New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.8 - REQUIREMENTS FOR LICENSE ISSUED BY SUPERINTENDENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. If a person is a securities broker-dealer
				registered as such under the Securities Exchange Act of 1934, as amended, the
				superintendent shall issue to the person an insurance securities salesperson
				license upon receipt by the superintendent of proof of such
				registration.
B. If a person
				intends to solicit subscription to or purchase of securities the sale of which
				is underwritten (other than on a best efforts basis) by a securities
				broker-dealer registered as such under the Securities Exchange Act of 1934, as
				amended, the superintendent shall issue to the person an insurance securities
				salesperson license upon receipt by the superintendent of proof of such
				registration and underwriting.
C.
				If a person desiring an insurance securities salesperson license is not a
				securities broker-dealer registered as such under the Securities Exchange Act
				of 1934, as amended, or does not intend to solicit subscription to or purchase
				of securities, the sale of which is underwritten (other than on a best efforts
				basis) by a securities broker-dealer registered as such under the Securities
				Exchange Act of 1934, as amended, the person must comply with Section
				59A-35-17A and B NMSA 1978 in order to obtain the license.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 3 - INSURANCE SECURITIES › Part 6 - LICENSING OF INSURANCE SECURITIES SALESPERSONS › Section 13.3.6.9 - FEES

Current through Register Vol. 35, No. 13, July 16, 2024
All persons seeking an insurance securities salesperson
				  license from the superintendent must forward the appropriate fees pursuant to
				  Section 59A-6-1 NMSA 1978 with their request for the license.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to persons seeking licensure to engage in
				  insurance-related activities as defined in Articles 1 and 7 of Section 59A NMSA
				  1978 and that shall be licensed pursuant to articles of the Insurance
				  Code.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  28-2-1 et
				  seq., 40-5A-1 et seq., 59A-1-13, 59A-1-14, 59A-2-8, 59A-2-8.1, 59A-2-9,
				  59A-6-1, 59A-7-1 et seq., 59A-11-1 et seq., 59A-11A-1 et seq., 59A-12-1 et
				  seq., 59A-12B-1 et seq., 59A-12D-1 et seq., 59A-14-1 et seq., 59A-16-8,
				  59A-16-12, 59A-30-3, 59A-30-4, 59A-32A-1 et seq., 59A-44-1 et seq., 59A-46-1 et
				  seq., 59A-48-1 et seq., 59A-49-1 et seq., 59A-50-1 et seq., 59A-60-1 et seq.,
				  59A-61-1 et seq. NMSA 1978 and
				  18
				  U.S.C. Section 1033.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
April 2, 2018, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Covered by
				this rule.
The purpose of this rule is to implement Chapter 59A,
				Articles 11 and 12 NMSA 1978, and other articles within the Insurance Code that
				address licensing of insurance professionals by the superintendent of
				insurance. This rule establishes requirements for obtaining a license as a
				resident insurance producer, insurance consultant, producer for prepaid dental
				plans, producer for sales of membership in a health maintenance organization,
				producer for a fraternal benefit society, vendor selling portable electronics
				insurance, salesperson for prearranged funeral plans, title insurance producer,
				pharmacy benefit manager, reinsurance intermediary, managing general agent,
				registered motor club representative, rental car insurance producer or
				endorsee, temporary insurance producer or travel insurance producer. This rule
				also establishes requirements for qualifying examinations and the issuance,
				duration, continuation and termination of all such licenses, appointments and
				registrations, referred to herein as "licenses."
B.
Covered under other rules.
For licensing of bail bondsmen and their solicitors, refer to 13.20.2 NMAC. For
				licensing of surplus lines brokers, refer to Section
				59A-14-1
				et seq. NMSA 1978 and 13.4.4 NMAC. For licensing of resident annuity or
				securities salespersons, refer to Section
				59A-35-1 et seq. NMSA
				1978 and 13.3.6 NMAC. For licensing of staff, independent and public adjusters
				refer to Section
				59A-13-1 et seq.
				NMSA 1978 and 13.4.8 NMAC. For licensing of third-party administrators, refer
				to 13.4.5 NMAC. For appointment of licensed producers to transact credit life
				and credit health insurance, refer to Section
				59A-25-1 et
				seq. NMSA 1978 and 13.18.2 NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.8 - TYPES OF INSURANCE LICENSES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
(1) No
				individual or business entity shall sell, solicit or negotiate insurance in
				this state unless licensed by the superintendent as an insurance producer for
				that line of insurance. Any person who is compensated for soliciting or
				accepting applications for health maintenance organization membership from the
				public shall be licensed as a health insurance producer in accordance with the
				provisions of Section
				59A-46-17
				NMSA 1978.
(2) A business entity
				that is licensed as an insurance producer shall employ licensed individual
				insurance producers to transact the types of insurance for which the business
				entity is licensed. Such an individual insurance producer shall hold a license
				of the same type as that of the business entity employer.
(3) Persons who engage in other transactions
				that are subject to the Insurance Code shall be licensed according to
				requirements set forth under relevant sections.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.9 - LICENSING REQUIREMENTS FOR INDIVIDUALS

Current through Register Vol. 35, No. 13, July 16, 2024
The superintendent will issue, renew and continue resident
				  licenses for individual insurance producers to transact the kinds of insurance
				  as set forth in
				  13.4.2.8
				  NMAC.
A.
General
				requirements.
(1) An applicant shall
				be at least 18 years of age;
(2) an
				applicant shall file an application electronically or as otherwise specified by
				the superintendent;
(3) an
				applicant shall pay the fees required by Section
				59A-6-1 NMSA 1978 as
				well as providing any additional bond, liability coverage or letter of credit
				that may be required by the license applied for;
(4) an applicant shall not have committed an
				act that is a ground for license denial, suspension or revocation under the
				Insurance Code; and
(5) an
				applicant shall have passed the examination required for each line of authority
				for which the license is sought, if examination is required by
				13.4.2.11
				NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.10 - LICENSING REQUIREMENTS FOR BUSINESS ENTITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
General requirements.
A
				business entity acting as an insurance producer is required to obtain an
				insurance producer license pursuant to Sections
				59A-11-3
				NMSA 1978 and 59A-12-15 NMSA
(1) When
				licensing of a business entity is required, the application shall be filed by
				the business entity.
(2) The
				application shall be submitted electronically using the uniform business entity
				application or as otherwise specified by the superintendent.
(3) The business entity shall specify the
				business type as one of the following legal business types:
(a) partnership;
(b) limited liability company
				(LLC);
(c) limited liability
				partnership (LLP); or
(d)
				corporation.
A sole proprietorship may not apply for a business insurance
				  producer license.
(4) The application shall be accompanied by
				payment of fees, as follows:
(a) all fees
				required pursuant to Section
				59A-6-1 NMSA
				1978;
(b) any bond or letter of
				credit required for the license applied for; and
(c) an additional license application filing
				fee for each individual in excess of one who is to exercise the license powers
				of the business entity, if not a general partner therein.
(5) The application shall be signed on behalf
				of the applicant by an authorized partner or corporate officer, under oath if
				required by the superintendent.
(6)
				If the business is a firm, then each individual who is not a bona fide general
				partner and who is to exercise license powers shall file an application for a
				producer license for the same kind or kinds of business as that applied for by
				the business entity.
(7) If the
				business is a corporation, then each individual, whether or not an officer,
				director, stockholder or in other relationship to the corporation, who is to
				exercise license powers shall file an application for a producer license for
				the same kind or kinds of business as that applied for by the business
				entity.
(8) If the business is a
				partnership, then each individual who is not a general partner and who is to
				exercise license powers shall file an application for a producer license for
				the same kind or kinds of business as that applied for by the business
				entity.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.11 - EXAMINATION OF APPLICANTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Applications requiring examination.
(1) Individuals applying for the following
				types of resident licenses shall take and pass the examination required for
				issuance of the license by the superintendent:
(a) insurance producer - producer
				examination;
(b) independent,
				public or staff adjuster - adjuster examination;
(c) insurance consultant - producer or
				consultant examination;
(d)
				viatical broker - producer examination;
(e) surplus lines broker - surplus lines
				broker examination; and
(f) title
				insurance producer - title insurance producer examination.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.12 - COMMISSIONS AND COMPENSATION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Payment of commissions and compensation.
(1) An insurance company or insurance
				producer shall not pay to a person nor shall a person accept a commission,
				service fee, brokerage or other valuable consideration for selling, soliciting
				or negotiating insurance in this state unless that person is licensed as
				required by this state.
(2) Renewal
				and other deferred commissions may be subsequently paid to a person for
				selling, soliciting or negotiating insurance in this state if the person was
				licensed as required at the time of the transaction.
(3) An insurer or insurance producer shall
				not pay or assign commissions, service fees or other valuable consideration
				derived from insurance of risks in this state to an individual or business
				entity who is not licensed to sell, solicit or negotiate insurance in this
				state.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.13 - LICENSING OF TITLE INSURANCE PRODUCERS, ESCROW OFFICERS AND TITLE ABSTRACT PLANTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
(1) Title
				agents and escrow officers shall be licensed as title insurance producers. In
				addition to the requirements in this section, they shall also comply with
				additional requirements set forth in Section
				59A-30-1 et seq. NMSA
				1978 and in 13.14.1 through 13.14.19 NMAC.
(2) An applicant for a title insurance
				producer license shall comply with the provisions of
				13.4.2.9
				NMAC for individual producers or
				13.4.2.10
				NMAC for business entities.
(3) All
				applications for a title insurance producer license shall contain a statement
				that the applicant owns, operates, controls or is affiliated with a licensed
				title abstract plant or is employed by an individual or entity that
				does.
(4) Applications shall
				specify only the county or counties that are supported by the title abstract
				plant and the title producer license shall permit the licensee to issue
				policies only on property located in the county or counties for which the
				licensee has the necessary title abstract plant.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.14 - LICENSING OF LIMITED LINES TRAVEL INSURANCE PRODUCERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
(1) All applicants for travel insurance
				producer licenses shall comply with the provisions of
				13.4.2.9
				NMAC for individual producers or
				13.4.2.10
				NMAC for business entities.
(2)
				Upon licensure, the travel insurance producer shall create a register with
				information about each travel retailer that offers travel insurance on the
				producer's behalf as set forth in Paragraph (2) of Subsection B of Section
				59A-12-18.1
				NMSA 1978. The register shall be updated at least annually and made available
				to the superintendent upon request.
(3) The travel insurance producer shall
				select a licensed individual insurance producer employee as its designated
				responsible producer who shall be responsible for the travel insurance
				producer's compliance with the travel insurance laws and rules of this
				state.
(4) The designated
				responsible producer, president, secretary, treasurer and any other officers or
				persons who direct or control the travel insurance producer's operations shall
				comply with the fingerprinting and criminal background check requirements of
				Paragraphs (3) and (4) of Subsection B of Section
				59A-12-12
				NMSA 1978.
(5) The travel insurance
				producer shall pay all applicable fees set forth in Section
				59A-6-1 NMSA
				1978.
(6) The travel insurance
				producer shall require training of employees and representatives of the
				retailer as set forth in Paragraph (6) of Subsection B of Section
				59A-12-18.1
				NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.15 - LICENSING OF LIMITED LINES RENTAL CAR INSURANCE PRODUCERS AND ENDORSEES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License
				required.
(1) No rental car company
				nor its officers, director, employees or agents shall offer, sell, bind,
				effect, solicit or negotiate the purchase of rental car insurance unless that
				company is licensed as an insurance producer pursuant to Section
				59A-32A-1 et seq.
				NMSA 1978.
(2) A rental car company
				may only act on behalf of an insurer that is authorized to write such insurance
				in this state.
(3) Rental car
				insurance may not be offered, except in connection with and incidental to a
				rental agreement.
(4) Neither a
				rental car insurance producer nor an endorsee shall represent itself as
				qualified or licensed as an insurance producer beyond the scope of the
				limitations set forth in Subsection B of Section
				59A-32A-7
				NMSA 1978.
(5) A rental car company
				may not compensate any person, including any of its employees, based solely on
				placement of rental car insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.16 - REGISTRATION OF MOTOR CLUB REPRESENTATIVES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Registration required.
No
				individual shall represent a motor club in this state unless that person is
				registered with the superintendent by a motor club holding a current
				certificate of authority issued pursuant to Section
				59A-5-1
				NMSA 1978.
B.
Qualifications
				for registration.
An applicant for registration as a motor club
				representative shall, at a minimum:
(1) be at
				least 18 years of age;
(2) be of
				good personal and business reputation;
(3) not previously have had registration
				refused or revoked;
(4) be suitable
				and competent to act as such a representative; and
(5) intend in good faith to act and hold him-
				or herself out as such a representative.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.17 - LICENSING OF PHARMACY BENEFITS MANAGERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
No person
				shall operate as a pharmacy benefits manager in this state unless licensed by
				the superintendent in accordance with Section
				59A-61-1 et seq. NMSA
				1978, nor shall a licensed pharmacy benefits manager transact insurance on
				behalf of an insurer that is not authorized in this state.
B.
License requirements.
The
				superintendent will consider an applicant for licensure as a pharmacy benefits
				manager upon receipt of the following:
(1)
				payment, in advance, of the fees prescribed in section
				59A-6-1 NMSA 1978;
				and
(2) a completed application in
				the format required by the superintendent containing:
(a) the name of the pharmacy benefits
				manager;
(b) the name and business
				address of the contact person for the pharmacy benefits manager; and
(c) the federal employer identification
				number for the pharmacy benefits manager, if applicable.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.18 - LICENSING OF PREPAID DENTAL PLAN MEMBERSHIP PRODUCERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License and appointment
				required.
No person shall solicit membership in a prepaid dental plan
				unless that person has been licensed by the superintendent as a health
				insurance producer and appointed by the prepaid dental plan organization to act
				in this state on the plan's behalf, pursuant to Section
				59A-48-14
				NMSA 1978. These persons shall comply with insurance producer licensing
				requirements.
B.
Qualifications for licensing.
Individuals shall be licensed as
				producers as described in
				13.4.2.9
				NMAC and business entities shall be licensed as producers as described in
				13.4.2.10
				NMAC. Individual licensees shall comply with the examination and continuing
				education requirements for health insurance producers.
C.
Fees and renewals.
Both
				individual producers and business entities that are licensed as producers and
				acting on behalf of a prepaid dental plan shall comply with the fee and renewal
				schedules set forth in Section
				59A-6-1 NMSA
				1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.19 - LICENSING OF PREARRANGED FUNERAL PLAN PRODUCERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
Any person
				engaged in the sale of prearranged funeral plans shall be licensed by the
				superintendent as a life insurance producer. Individuals shall be licensed as
				producers as described in
				13.4.2.9
				NMAC and business entities shall be licensed as producers as described in
				13.4.2.10
				NMAC. The licensee may have no association with the funeral service provider
				pursuant to Section
				59A-49-5
				NMSA 1978.
B.
Handling of
				funds.
Funds received in connection with sale of a prearranged funeral
				plan shall be deposited and withdrawn from a trustee subject to the fiduciary
				duties set forth in Subsection B of 13.4.2.23 NMAC. Strict controls shall be
				placed over sale of funeral plans and management of collected funds due to the
				longer anticipated time between the sale of a plan and delivery of the
				services. The trustee's records and accounting of funds shall be subject to
				review by the superintendent upon reasonable request.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.20 - LICENSING OF FRATERNAL BENEFIT SOCIETY PRODUCERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
Individuals
				shall be licensed as producers as described in
				13.4.2.9
				NMAC and business entities shall be licensed as producers as described in
				13.4.2.10
				NMAC, except as follows:
(1) Fraternal
				benefit society producers are not required to fulfill the continuing education
				requirements set forth in 13.4.7 NMAC.
(2) Fraternal benefit society producers may
				be exempt from the qualifying examination requirements of
				13.4.7.11
				NMAC if they do not receive commissions or compensation based on sales as set
				forth in Subsection B of Section
				59A-44-33
				NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.21 - LICENSING OF PORTABLE ELECTRONICS INSURANCE VENDORS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
A vendor of
				portable electronics shall not sell or offer insurance covering portable
				electronics unless licensed as a limited lines producer in accordance with
				Subsection B of Section
				59A-12-18 NMSA.
(1) A vendor's application shall identify an
				individual employee or officer of the vendor's organization as the compliance
				officer with respect to requirements of the Portable Electronics Insurance Act,
				as set forth in Section
				59A-60-1 et seq. NMSA
				1978. The application shall also provide the address of the vendor's home
				office.
(2) Any employee or
				authorized representative of a licensed vendor may offer and sell insurance
				covering portable electronics to eligible customers at any location at which
				the vendor sells portable electronics without obtaining a separate license from
				the superintendent. These employees and representatives may not represent
				themselves as personally licensed as a limited lines producer.
(3) The insurer issuing the insurance or its
				designee shall be responsible for supervising the activities of the vendor's
				employees and administration of the insurance program.
(a) The insurer shall develop and deliver a
				training program for the vendor's employees or authorized representatives who
				offer or sell insurance covering portable electronics.
(b) The training program shall comply with
				all of the requirements set forth in Paragraph (2) of Subsection D of Section
				59A-60-4
				NMSA 1978.
(4) A vendor
				shall maintain a list of its locations that are authorized to sell portable
				electronics insurance in this state. The list shall be made available to the
				superintendent upon reasonable notice and request.
(5) Compensation of employees who offer or
				sell portable electronics insurance on behalf of the vendor shall be in
				accordance with Section C of Section
				59A-60-4
				NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.22 - LICENSING OF REINSURANCE INTERMEDIARIES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
(1) With respect to the Reinsurance
				Intermediary Law set forth at Section
				59A-12D-1 et seq.
				NMSA 1978 and this section, "producer" means a licensed producer, broker or
				reinsurance intermediary. A reinsurance intermediary is as defined in
				Subsection E of Section
				59A-12D-2 NMSA
				1978.
(2) Any person acting as
				either a reinsurance intermediary-broker or as a reinsurance
				intermediary-manager in this state and either domiciled or with an office
				located directly or indirectly in this state shall be licensed as a producer in
				this state.
(a) Typically, an
				intermediary-broker represents the insurer who is seeking to cede risk to a
				reinsurer and solicits offers on behalf of the ceding insurer.
(b) Typically, an intermediary-manager acts
				on behalf of and with authority to bind the reinsurer.
(c) The intermediary's knowledge is imputed
				to the principal, which may result in adverse consequences to the principal in
				resolving a dispute.
(3)
				Any person acting as either a reinsurance intermediary-broker or
				intermediary-manager in this state and with an office located in another state
				may be licensed as a producer in that state, if that state's licensing law is
				substantially similar to the Reinsurance Intermediary Law set forth at
				Subsection D of Section
				59A-12D-1 et seq.
				NMSA 1978. Otherwise, that person shall be licensed as a producer in this
				state.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.23 - LICENSING OF INSURANCE CONSULTANTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
No person
				shall examine or offer to examine in exchange for a fee an insurance policy,
				annuity, endowment contract or other insurance document in order to offer
				advice, counsel, a recommendation or other information as described in
				Subsection A of Section
				59A-11A-1
				unless licensed as an insurance consultant. Neither may a person offer such
				services through advertisements or any other means that indicate the person is
				in business for that purpose, unless licensed as an insurance
				consultant.
B.
Qualifications.
(1) Individual
				applicants for an insurance consultant license shall apply as though for an
				individual producer's license as set forth in
				13.4.2.9
				NMAC.
(2) An applicant shall pay
				the examination application fee as set forth in Section
				59A-6-1 NMSA 1978
				and shall pass either the insurance producer license examination or the
				insurance consultant examination required by
				13.4.2.11
				NMAC.
(3) The applicant shall
				demonstrate competence and knowledge of insurance contracts and practices of
				the insurance industry in the lines of insurance for which the license is
				applied.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.24 - LICENSING OF MANAGING GENERAL AGENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
License required.
(1) No person shall act as a managing general
				agent on behalf of any insurer with respect to risks located in this state
				unless licensed as a producer in this state.
(2) No person shall act as a managing general
				agent on behalf of an insurer domiciled in this state with respect to risks
				located outside this state unless licensed as a producer in this
				state.
(3) The superintendent may
				issue a producer license to an individual managing general agent or a business
				entity acting as a managing general agent as follows:
(a) to an individual who has complied with
				the producer licensing requirements described in
				13.4.2.9
				NMAC or to a business entity that has complied with the producer licensing
				requirements described in
				13.4.2.10
				NMAC; and
(b) that has complied
				with the requirements of the Managing General Agents Law as set forth at
				Section
				59A-12B-1 et seq.
				NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.25 - OBTAINING A TEMPORARY INSURANCE PRODUCER LICENSE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Necessity and duration of
				license.
The superintendent may issue a temporary insurance producer
				license to an individual for a period not to exceed 180 days without requiring
				an examination if the superintendent determines that the temporary license is
				necessary for the servicing of an insurance business in the following
				situations:
(1) to the surviving spouse or
				court-appointed personal representative of a licensed individual insurance
				producer who dies or becomes mentally or physically disabled, in order to allow
				adequate time for the sale of the producer's insurance business, for the
				producer's recovery and return to the business or to provide for the training
				and licensing of new personnel to operate the insurance producer's
				business;
(2) to an individual who
				is a member or employee of a business entity upon the death or disability of an
				individual who is a DRLP with respect to the business entity;
(3) to the designee of a licensed insurance
				producer entering active service in the armed forces of the United States;
				or
(4) in any other circumstance in
				which the superintendent determines that the public interest will best be
				served by issuance of the license.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.26 - OTHER DUTIES OF LICENSEES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Place of business.
(1) A
				resident licensed insurance producer shall have and maintain a place of
				business within this state that is accessible to the public and where the
				licensee transacts business under the license.
(2) With the exception of title insurance
				producers, a licensee's place of business may be in the licensee's
				residence.
(3) A licensee shall
				inform the superintendent in the format prescribed by the superintendent of a
				change in the licensee's legal name or address within 20 days of the change.
				Failure to timely inform the superintendent of a change in legal name or
				address shall result in a penalty of $50 pursuant to Subsection G of Section
				59A-12-17 NMSA
				1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS › Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES › Section 13.4.2.27 - CONTINUATION, TERMINATION AND REINSTATEMENT OF LICENSES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Continuation of producer
				licenses.
An insurance producer license is continuous, subject to
				payment of renewal fees as set forth in Section
				59A-6-1 NMSA 1978
				and completion and submission on or before the due date of the continuing
				education requirements described in 13.4.7 NMAC, unless the license is
				canceled, revoked, suspended or otherwise terminated.
(1) A licensed insurance producer who is
				unable to comply with license renewal requirements due to military service or
				other extenuating circumstance may request a waiver using forms available on
				the OSI website or as otherwise directed by the superintendent. An insurance
				producer in such circumstances may also request a waiver of an examination
				requirement or of a fine or sanction imposed for failure to comply with renewal
				procedures.
(2) For licenses issued
				to individuals:
(a) For licenses issued on or
				after July 1, 2017, biennial renewal fees shall be paid on or before the last
				day of the second occurrence of the individual's birth month following issuance
				of the license.
(b) For licenses
				issued before July 1, 2017, details pertaining to biennial continuation and
				renewal of licenses are available on the OSI website for renewals due on March
				1, 2018. Thereafter, the license shall be renewed according to the biennial
				schedule implemented on July 1, 2017.
(c) Continuing education requirements shall
				be satisfied during the 24 months immediately preceding the renewal date of the
				license. Additional information pertaining to continuing education requirements
				may be found in Section 13.4.7 NMAC.
(d) If the superintendent has reason to
				believe that the competence of any licensee or individual designated to
				exercise license powers is in question, the superintendent may require as a
				condition of continuation of the license or license powers that the licensee or
				individual take and pass the written examination that is required for new
				applicants for the same license.
(3) For licenses issued to business entities:
(a) Business entity licenses shall renew and
				continue on a biennial basis on March 1 of the biennial year except for those
				types of business entity licenses that renew and continue annually pursuant to
				Section
				59A-6-1 NMSA 1978,
				which shall renew and continue on March 1 of every year.
(b) Business entity affiliations shall renew
				and continue on an annual basis on March 1 of every year, subject to payment of
				fees pursuant to Section
				59A-6-1 NMSA
				1978.