A. Agents of societies shall be licensed in accordance with the applicable provisions of Chapter 59A, Articles 11 and 12 NMSA 1978 regulating the licensing, revocation, suspension or termination of license of agents, but shall not be subject to the provisions of Section 59A-12-26 NMSA 1978.
B. No examination or license shall be required of any regular salaried officer, employee or member of a licensed society who devotes or intends to devote fifty percent or more of his services to activities other than the solicitation of fraternal insurance contracts from the public and who receives for the solicitation of such contracts no commission or other compensation directly dependent upon the amount of business obtained.
C. Any person who in the preceding calendar year has solicited and procured life insurance contracts on behalf of any society in an amount of insurance in excess of fifty thousand dollars ($50,000) or, in the case of any other kind of insurance that the society might write, on the persons of more than twenty-five individuals and who has received or will receive a commission or other compensation therefor shall be presumed to be devoting or intending to devote fifty percent of his time to the solicitation or procurement of insurance contracts for such society.
History: 1978 Comp., § 59A-44-33, enacted by Laws 1989, ch. 388, § 33; 1991, ch. 169, § 1; 1999, ch. 272, § 22; 1999, ch. 289, § 32.
ANNOTATIONSRepeals and reenactments. — Laws 1989, ch. 388, § 33, repealed 59A-44-33 NMSA 1978, as enacted by Laws 1984, ch. 127, § 818, relating to investments, and enacted a new section, effective January 1, 1990.
The 1999 amendment, effective June 18, 1999, deleted "resident and nonresident" preceding "agents, but shall not" in Subsection A and deleted "or kinds" following "any other kind" in Subsection C.
Laws 1999, ch. 272, § 22 and by Laws 1999, ch. 289, § 32, both effective June 18, 1999, enacted identical amendments to this section. The section was set out as amended by Laws 1999, ch. 289, § 32. See 12-1-8 NMSA 1978.
The 1991 amendment, effective June 14, 1991, added "but shall not be subject to the provisions of Section 59A-12-26 NMSA 1978" at the end in Subsection A; substituted "or intends to devote fifty percent or more" for "substantially" in Subsection B; and, in Subsection C, deleted the former first sentence, which read "Any agent or representative of a society who devotes or intends to devote less than fifty percent of his time to the solicitation and procurement of insurance contracts for such society," and made a minor stylistic change.