N.M. Admin. Code § 13.4.5.17

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

Section 13.4.5.17 - CANCELLATION AND SURRENDER OF LICENSES

A. Whenever a partnership or corporation licensed as an insurance administrator shall discharge any licensed insurance administrator from its employ, the discharging licensee shall immediately notify the superintendent on a form prescribed by him and request cancellation of the license existing in the name of the discharged licensee. In order to perform services as an administrator, the discharged licensee shall be required to reapply for an administrator's license, and may be reinstated under a new administrator within six months of termination without re-examination by payment of a new initial fee.

B. All licenses issued to natural persons terminate upon the death of such persons.

C. All licenses issued to legal entities terminate upon legal dissolution of such entities.

N.M. Admin. Code § 13.4.5.17

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