A. The term of the license shall be perpetual, contingent upon payment of fees and completion of any continuing education requirements.
B. Individual licenses shall renew and continue on a biennial basis on the last day of the licensee's month of birth. Business entity licenses shall renew and continue on a biennial basis on March 1 of the biennial year; except for those types of business entity licenses that, pursuant to Section 59A-6-1 NMSA 1978, renew and continue on an annual basis, in which case those licenses shall renew and continue on March 1 of every year. Business entity affiliations shall renew and continue on an annual basis on March 1 of every year.
C. Any license referred to in this section that is not so continued shall be deemed to have terminated as of midnight on the last day of the licensee's month of birth if an individual license and as of midnight of March 1 if a business entity license; except that the superintendent may effectuate a request for continuation received within thirty days thereafter if accompanied by a continuation fee equal to one hundred fifty percent of the continuation fee otherwise required.
D. If the superintendent has reason to believe that the competence of any licensee, or individual designated to exercise license powers, is questionable, the superintendent may require as condition of continuation of the license or license powers that the licensee or individual take and pass a written examination as required under the Insurance Code of new individual applicants for the same license.
E. This section shall not apply as to temporary licenses, which shall be for such duration and subject to extension as provided in the respective sections of the Insurance Code by which such licenses are authorized.
F. All licenses and appointments of an insurer or other principal that ceases to be authorized to transact business in this state shall automatically terminate without notice as of date of such cessation.
G. A license shall terminate upon death of the licensee, if an individual, or dissolution, if a corporation, or change in partners, if a partnership; provided that, in the case of a partnership, the license may be continued for a reasonable period while application for new license is being made or pending, as provided by rule.
History: Laws 1984, ch. 127, § 189; 1999, ch. 272, § 4; 1999, ch. 289, § 5; 2003, ch. 202, § 5; 2016, ch. 89, § 16.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 2016 amendment, effective July 1, 2017, revised the rules regarding the continuation and expiration of insurance licenses; deleted former Subsections A, B and C, which related to the expiration dates of insurance licenses, and added new Subsections A, B and C; in Subsection D, after "require as a condition", deleted "to" and added "of", after "take and pass", deleted "to the superintendent's satisfaction", and after "individual applicants for", deleted "similar" and added "the same"; in Subsection F, after "appointments", deleted "as to" and added "of", and after "principal", deleted "which" and added "that"; in Subsection G, after "A license shall", deleted "also", after "or change in", deleted "partnership members" and added "partners", after "if a", deleted "firm; subject, in case of firm to continuation of" and added "partnership; provided that, in the case of a partnership", after "the license", deleted "may be continued", after "made or pending", deleted "under reasonable conditions" and added "as", and after "provided", deleted "in regulations of the superintendent" and added "by rule".
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2003 amendment, effective June 20, 2003, deleted former Subsection C concerning continuation and termination of licenses and inserted present Subsection C.
The 1999 amendment, effective June 18, 1999, updated the statutory references in Subsections A and B; deleted "nonresident" preceding "broker" in Subsection A(1); and substituted "agent" for "agency" three times in Subsection C.