Statutes, codes, and regulations
New Mexico Administrative Code
Title 13 - INSURANCEChapter 4 - LICENSING OF INSURANCE PROFESSIONALS
Part 8 - PUBLIC, STAFF AND INDEPENDENT ADJUSTERS
Section 13.4.8.7 - [Effective 4/1/2025] DEFINITIONS

N.M. Admin. Code § 13.4.8.7

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Current through Register Vol. 35, No. 24, December 23, 2024
Section 13.4.8.7 - [Effective 4/1/2025] DEFINITIONS

As used in this rule:

A."Adjuster" has the meaning provided in Paragraph (1) of Subsection A of Section 59A-13-2 NMSA 1978.
B."Advertisement" is as set forth in Section 19 of this rule.
C."Business entity" has the meaning provided in Paragraph (3) of Subsection A of Section 59A-13-2 NMSA 1978.
D."Catastrophic disaster" means an event that results in large numbers of deaths and injuries; causes extensive damage or destruction of facilities that provide and sustain human needs; produces an overwhelming demand on state and local response resources and mechanisms; causes a severe long-term effect on general economic activity; or severely affects state, local and private sector capabilities to begin and sustain response activities. For purposes of this rule, a catastrophic disaster shall be declared by the president of the United States, the governor of the state, or the superintendent of insurance.
E."Designated home state" means a home state as defined in Paragraph (4) of Subsection A of Section 59A-13-2 NMSA 1978, in which the adjuster is licensed and in good standing, and that is designated by the adjuster for purposes of compliance with licensing regulations when the adjuster's home state:
(1) does not license independent adjusters and does not restrict a staff adjuster from obtaining that license in New Mexico; or
(2) does not license staff adjusters, does not require staff adjusters to be licensed, and does not restrict staff or independent adjusters from obtaining that license in New Mexico.
F."Equivalent" means comparable qualifications, examination or licensing criteria, or scope of duties.
G."Home state" has the same meaning as defined in Paragraph (4) of Subsection A of Section 59A-13-2 NMSA 1978.
H."Independent adjuster" has the same meaning as defined in Paragraph (5) of Subsection A of Section 59A-13-2 NMSA 1978.
I."Insurance" has the meaning set forth in Section 59A-1-5 NMSA 1978.
J."Negotiate" means the act of conferring directly with or offering advice directly to a person whose real or personal property is covered under a policy of insurance regarding a claim or claims for loss or damage with the objective of arriving at a settlement.
K."Nonresident adjuster" means an adjuster who has a current resident license in the adjuster's home state or designated home state, and who has applied for and received a nonresident adjuster's license in this state. A nonresident adjuster may be licensed only for the same type or types of adjuster's license for which the adjuster is licensed in the home state or designated home state.
L."Public adjuster" has the same meaning as defined in in Paragraph (6) of Subsection A of Section 59A-13-2 NMSA 1978.
M."Resident of the state" means an individual who maintains a principal home in New Mexico and holds no active resident insurance license in another state.
N."Resident adjuster" has the same meaning as defined in Section 59A-13-2 NMSA 1978;
O."Staff adjuster" has the same meaning as defined in Section 59A-13-2 NMSA 1978.
P."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.
Q."Terminate" means becomes inactive.

N.M. Admin. Code § 13.4.8.7

Adopted by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 7/1/2019, Amended by New Mexico Register, Volume XXXV, Issue 23, December 10, 2024, eff. 4/1/2025