N.M. Admin. Code § 13.4.5.11

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.4.5.11 - EXCEPTIONS TO LICENSURE REQUIREMENTS

A. An administrator is not required to hold a certificate of authority as an administrator in this state if all of the following conditions are met:

(1) the administrator has its principal place of business in another state;

(2) the administrator is not soliciting business as an administrator in this state; and

(3) in the case of any group policy or plan of insurance serviced by the administrator, the lesser of five percent (5%) or one hundred (100) certificate holders reside in this state.

B. A person is not required to hold a certificate of authority as an administrator in this state if the person exclusively provides services to one or more bona fide employee benefit plans each of which is established by an employer or an employee organization, or both, and for which the insurance laws of this state are fully preempted pursuant to ERISA. Such persons shall register with the superintendent annually, verifying their status as herein described.

N.M. Admin. Code § 13.4.5.11

2/1/92; Recompiled 11/30/01