A. Unless denied licensure pursuant to Sections 59A-11-8 and 59A-11-14 NMSA 1978, a person who has met the requirements of Sections 59A-12-12 and 59A-12-15 NMSA 1978 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:
(1) life insurance coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income;
(2) accident and health or sickness insurance coverage for sickness, bodily injury or accidental death and may include benefits for disability income;
(3) property insurance coverage for the direct or consequential loss or damage to property of every kind;
(4) casualty insurance coverage against legal liability, including that for death, injury or disability or damage to real or personal property;
(5) variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
(6) personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) limited line credit insurance; and
(8) any other line of insurance permitted under state laws.
B. A licensee as to variable annuities or similar contracts deemed to constitute securities shall also possess license as a security salesman under other applicable state laws.
C. An insurance producer license shall remain in effect unless revoked or suspended as long as the fee set forth in Section 59A-6-1 NMSA 1978 is paid and education requirements for resident insurance producers are met by the due date.
D. An insurance producer who allows the insurance producer's license to lapse may, within twelve months from the due date of the renewal fee, reinstate the same license without the necessity of passing a written examination. However, a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.
E. A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance may request a waiver of those procedures. The insurance producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
F. The license shall contain the licensee's name, address and personal identification number, the date of issuance, the lines of authority, the expiration date and any other information the superintendent deems necessary.
G. Licensees shall inform the superintendent in the format prescribed by the superintendent of a change of address within thirty days of the change. Failure to timely inform the superintendent of a change in legal name or address shall result in a penalty of fifty dollars ($50.00).
H. The superintendent may contract with non- governmental entities, including the national association of insurance commissioners or any affiliates or subsidiaries that the national association of insurance commissioners oversees, to perform any ministerial functions, including the collection of fees, related to insurance producer licensing that the superintendent and the nongovernmental entity may deem appropriate.
History: Laws 1984, ch. 127, § 218; 1999, ch. 272, § 11; 1999, ch. 289, § 12; 2013, ch. 140, § 1; 2016, ch. 89, § 35.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, revised the scope of an insurance producer's license; deleted former Subsections A, B and C, added a new Subsection A; redesignated former Subsection D as new Subsection B and after "constitute", deleted "also"; and added new Subsections C through H.
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 2013 amendment, effective July 1, 2013, provided for limited licenses for persons who sell travel insurance; and in Subsection A, after "Section 59A-12-18 NMSA 1978", added "and Section 3 of this 2013 act".
The 1999 amendment, effective June 18, 1999, updated statutory references in Subsections A and B; inserted "or broker's" in the introductory language of Subsection A; and substituted "broker shall" for "nonresident broker or nonresident agent" in Subsection C.