N.M. Admin. Code § 13.4.5.8

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

Section 13.4.5.8 - LICENSING REQUIREMENTS

A. The superintendent will issue, renew and permit to exist any license of an insurance administrator to a person qualified as follows:

(1) an applicant shall be at least 18 years of age;

(2) a resident applicant shall have been a resident of the state of New Mexico for at least thirty (30) days immediately preceding the filing of the application;

(3) a nonresident applicant may apply for a license while maintaining its bona fide continuous residence and chief place of business within the continental limits of the United States, but not within the state of New Mexico, and may engage in the business of insurance administration outside of New Mexico; and

(4) the applicant shall complete and file an application and shall successfully pass a personal written examination to determine that the applicant has sufficient knowledge and reasonable familiarity with the insurance laws of New Mexico and with the provisions, terms and conditions of the insurance business to be transacted under the license sought, and that the applicant has a general and fair understanding of the obligations and duties of an insurance administrator.

B. No license shall be issued to or renewed for any administrator acting on behalf of an unauthorized insurer transacting the business of insurance in violation of the Insurance Code or federal law.

C. Pursuant to 18 U.S.C. Section 1033, no person who has been convicted of a felony involving dishonesty or a breach of trust may be licensed as an insurance administrator, unless the person has the written consent of the superintendent.

N.M. Admin. Code § 13.4.5.8

7/1/97; Recompiled 11/30/01