A. A person, whether domiciled within or outside this state, may apply to the superintendent for license as an advisory organization for the kinds of insurance or subdivisions thereof as are specified in its application. The application shall include:
(1) a copy of its constitution, charter, articles of organization, agreement, association or incorporation and a copy of its bylaws, plan of operation and other rules governing conduct of its business;
(2) a list of its members and subscribers;
(3) the name and address of one or more residents of this state upon whom notices, process affecting it or orders of the superintendent may be served;
(4) a statement showing its technical qualifications for acting in the capacity for which it seeks a license;
(5) payment of the license application fee in an amount specified in Section 59A-6-1 NMSA 1978; and
(6) any other relevant information and documents that the superintendent may require.
B. Every advisory organization that has applied for a license shall promptly notify the superintendent in writing of every material change in the facts or in the documents on which its application was based, or of change in name, address of its process agent under Paragraph (3) of Subsection A of this section. No amendment to a document referred to in Paragraph (1) of Subsection A of this section shall be effective until not less than thirty days after the amendment is filed with the superintendent.
C. If the superintendent finds that the applicant and the individuals through whom it acts are competent, trustworthy and technically qualified to provide the services proposed, and that all requirements of law are met, the superintendent shall within sixty days after completion of the application issue a license to the applicant specifying the authorized activity; otherwise, the superintendent shall refuse to issue the license and shall promptly notify the applicant, specifying the grounds for refusal. The superintendent shall not issue a license if the proposed activity would tend to create a monopoly or lessen or destroy price competition.
D. Licenses issued pursuant to this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked, subject to annual continuation on May 1 of each year by payment of the continuation fee specified in Section 59A-6-1 NMSA 1978.
History: Laws 1984, ch. 127, § 315; 2007, ch. 367, § 21.
ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed the title of this section and changed "rate service organizations" to "advisory organizations".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 52, 57, 92.
44 C.J.S. Insurance §§ 19, 102.