N.M. Admin. Code § 13.4.7.7

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

Section 13.4.7.7 - [Effective 4/1/2025] DEFINITIONS

As used in this rule:

A."adjuster" means a resident or non-resident public adjuster, staff adjuster or independent adjuster as defined in Section 59A-13-2 NMSA 1978;

B."approved course" means a course of instruction approved by the coordinator as satisfying the continuing education requirements of this rule or that has been previously approved by another state with which New Mexico has reciprocal privileges and that has been submitted by the provider and approved by the coordinator;

C."bail bondsman" has the same definition as in Subsection A of Section 59A-51-2 NMSA 1978;

D."biennially" means every two years or during the 24 months next preceding expiration of the current license;

E."business day" means Monday through Friday, excluding holidays observed by the state.

F."classroom course" means a course of instruction approved by the coordinator as satisfying the continuing education requirements of this rule or that has been previously approved by another state with which New Mexico has reciprocal privileges and that has been submitted by the provider and approved by the coordinator.

G."classroom equivalent course" means a type of classroom study that is instructor-led, delivered using the internet to remote attendees, with a specific start time and end time, in which students enroll before gaining access to the instructor, information, and course activities. Student attendance is monitored and validated based on personally identifiable information (e.g., username, password, email) and student participation in interactive exercises is required.

H."compliance period" means the time period between the issue date or last renewal date of the license to the expiration date of the license for purposes of satisfying the continuation requirements;

I."continuing education coordinator" or "coordinator" means an independent entity approved by the superintendent that receives and reviews continuing education compliance courses, instructors, providers, applications, and renewal applications. The official title of the coordinator for use in formal documents shall be "the New Mexico Insurance Continuing Education Coordinator";

J."credit hour" means 50 minutes of actual instruction or self-study time in an approved course;

K."ethics course" means a course that deals with usage and customs among members of the insurance profession, involving moral and professional conduct and fiduciary obligations and duties toward one another, toward clients, toward insureds, and toward insurers and of responsible insurance agency management;

L."insurance producer" means a person required to be licensed under the laws of the state of New Mexico to sell, solicit or negotiate insurance;

M."licensee" means an adjuster, insurance producer, limited surety agent, bail bond solicitor, property bondsman or nonresident insurance producer within the scope of this rule;

N."limited surety agent" has the same definition as in Subsection C of Section 59A-51-2 NMSA 1978;

O."non-contact" means self-study;

P."nonresident licensee" means a person licensed in this state pursuant to Section 59A-11-23 NMSA 1978;

Q."property bondsman" has the same definition as in Subsection D of Section 59A-51-2 NMSA 1978;

R."provider" means a person who is authorized by the superintendent to provide approved continuing education courses for licensees and report licensee attendance for credit toward continuing education requirements;

S."qualified instructor" means, for purposes of this rule, a person who has demonstrated competency in the subject matter of an approved course through one of the following means:

(1) a college degree from an accredited institution of higher learning with a major in insurance; or

(2) a professional designation of CLU or CPCU or similar designation from an industry association; or

(3) three or more years of practical experience in the subject matter being taught or monitored; and

(4) a qualified instructor shall not have been subject to any order of revocation, suspension, or other formal disciplinary action in any state;

T."roster" is an official list of licensees who have successfully completed an offering of an approved course;

U."self-study" means course activities or information delivered outside of real time (recorded or otherwise similarly accessible) and available at any time, such as but not limited to correspondence, online training, video, audio, compact disk (CD) or digital versatile disk (DVD). Student attendance is verified based on identity (e.g., username, password, email, signature) and successful completion of knowledge assessments or an examination;

V."seminar" means a type of classroom study that is instructor-led, delivered in person or using the internet to remote attendees, with a specific start time and end time, in which students enroll before gaining access to the instructor, information, and course activities. Student attendance is monitored and validated based on personally identifiable information (e.g., username, password, email) and student participation in interactive exercises is required;

W."solicitor" has the same definition as in Subsection E of Section 59A-51-2 NMSA 1978;

X."staff" means any OSI employee or a contractor approved by the superintendent of insurance; and

Y."superintendent" means the superintendent of insurance, the office of superintendent of insurance or employees of the office of superintendent of insurance acting within the scope of the superintendent's official duties and with the superintendent's authorization.

N.M. Admin. Code § 13.4.7.7

13.4.7.7 NMAC - Rp, 13 NMAC 4.7.7 and 4.7.13, 5-1-02, Adopted by New Mexico Register, Volume XXIX, Issue 04, February 27, 2018, eff. 2/27/2018, Adopted by New Mexico Register, Volume XXXV, Issue 23, December 10, 2024, eff. 4/1/2025