A. The superintendent shall license as an adjuster only an individual who is otherwise in compliance with Chapter 59A, Articles 11 and 13 NMSA 1978 and who has furnished evidence satisfactory to the superintendent that the applicant for license:
(1) is not less than eighteen years of age;
(2) is a bona fide resident of this state, or of a state or country that permits residents of this state to act as adjusters therein, except that under circumstances of necessity the superintendent may waive the requirement of reciprocity;
(3) can demonstrate a good business reputation, and intends to engage in a bona fide manner in the business of adjusting insurance claims;
(4) has passed any examination required for licensing; and
(5) has filed the bond required under Section 59A-13-5 NMSA 1978.
B. Paragraphs (2) and (5) of Subsection A of this section shall not apply as to staff adjusters.
C. Individuals holding licenses as adjusters on the effective date of the Insurance Code [Chapter 59A NMSA 1978] shall be deemed to meet the qualifications for the license except as provided in Chapter 59A, Articles 11 and 13 NMSA 1978.
D. A business entity applying for an independent adjuster license for the purposes of portable electronics insurance in New Mexico shall submit the names, addresses, social security numbers, criminal and administrative histories, background checks, biographical statements and fingerprints of all executive officers and directors of the applicant and of all executive officers and directors of entities owning and any individuals owning, directly or indirectly, fifty-one percent or more of the outstanding voting securities of the applicant. Any nonresident business entity applicant whose resident state has enacted into law provisions that are substantively duplicative of the provisions of this subsection shall not be required to submit criminal histories, background checks, biographical statements and fingerprints for its executive officers, directors and owners of outstanding voting securities.
History: Laws 1984, ch. 127, § 232; 2013, ch. 140, § 13; 2016, ch. 89, § 54; 2017, ch. 76, § 3.
ANNOTATIONSThe 2017 amendment, effective June 16, 2017, removed the provision related to temporary licenses; in Subsection A, deleted Paragraph A(4) and redesignated the succeeding paragraphs accordingly; and in Subsection B, after "(2) and", deleted "(6)" and added "(5)".
The 2016 amendment, effective July 1, 2017, included passage of an examination within the list of qualifications for an insurance adjuster's license; in Subsection A, Paragraph (4), after "adjuster", deleted "and", added new Paragraph (5) and redesignated former Paragraph (5) as Paragraph (6); and in Subsection B, after "(2) and", deleted "(5)" and added "(6)".
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 an independent adjustor license for the purposes of portable electronics insurance; in Subsection A, after "compliance with", deleted "this article and Article 11 (licensing procedures) of the Insurance Code" and added "Chapter 59A, Articles 11 and 13 NMSA 1978"; in Paragraph (4) of Subsection A, after "Section", deleted "234 of this article" and added "59A-13-6 NMSA 1978"; in Paragraph (5) of Subsection A, after "Section", deleted "233 of this article" and added "59A-13-5 NMSA 1978"; in Subsection B, after "(2) and (5)", deleted "above" and added "of Subsection A of this section"; in Subsection C, after "license except as", added "provided" and after "except as provided in", deleted "Article 11 (licensing procedures) of the Insurance Code and in this article hereinafter provided" and added "Chapter 59A, Articles 11 and 13 NMSA 1978"; and added Subsection D.