New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS
Part 2 - RESIDENT PRODUCERS AND OTHER RESIDENT LICENSES
Section 13.4.2.27 - CONTINUATION, TERMINATION AND REINSTATEMENT OF LICENSES
Universal Citation: 13 NM Admin Code 13.4.2.27
Current through Register Vol. 35, No. 18, September 24, 2024
A. Continuation of producer licenses. An insurance producer license is continuous, subject to payment of renewal fees as set forth in Section 59A-6-1 NMSA 1978 and completion and submission on or before the due date of the continuing education requirements described in 13.4.7 NMAC, unless the license is canceled, revoked, suspended or otherwise terminated.
(1) A licensed insurance producer who is
unable to comply with license renewal requirements due to military service or
other extenuating circumstance may request a waiver using forms available on
the OSI website or as otherwise directed by the superintendent. An insurance
producer in such circumstances may also request a waiver of an examination
requirement or of a fine or sanction imposed for failure to comply with renewal
procedures.
(2) For licenses issued
to individuals:
(a) For licenses issued on or
after July 1, 2017, biennial renewal fees shall be paid on or before the last
day of the second occurrence of the individual's birth month following issuance
of the license.
(b) For licenses
issued before July 1, 2017, details pertaining to biennial continuation and
renewal of licenses are available on the OSI website for renewals due on March
1, 2018. Thereafter, the license shall be renewed according to the biennial
schedule implemented on July 1, 2017.
(c) Continuing education requirements shall
be satisfied during the 24 months immediately preceding the renewal date of the
license. Additional information pertaining to continuing education requirements
may be found in Section 13.4.7 NMAC.
(d) If the superintendent has reason to
believe that the competence of any licensee or individual designated to
exercise license powers is in question, the superintendent may require as a
condition of continuation of the license or license powers that the licensee or
individual take and pass the written examination that is required for new
applicants for the same license.
(3) For licenses issued to business entities:
(a) 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 renew and continue annually pursuant to
Section
59A-6-1 NMSA 1978,
which shall renew and continue on March 1 of every year.
(b) Business entity affiliations shall renew
and continue on an annual basis on March 1 of every year, subject to payment of
fees pursuant to Section
59A-6-1 NMSA
1978.
B. Termination of licenses.
(1) A
license that is not continued by the licensee shall be deemed terminated at
midnight on the last day of the licensee's birth month in the renewal year if
an individual license and at midnight of March 1 in the renewal year if a
business entity license. However, at the superintendent's discretion, a
licensee's request for continuation received within 30 days after the due date
may be granted if accompanied by a continuation fee equal to
one-hundred-and-fifty percent of the fee otherwise required.
(2) Authorization to transact business in
this state shall automatically terminate without notice as of the date and time
of termination of a license.
(3)
Any license issued to an individual shall terminate upon the death of the
person.
(4) If a corporation ceases
to exist, its business entity license shall be tendered to the superintendent
with notice of the dissolution.
(5)
If a change occurs only in the officers or in the name of a corporation, it may
continue to transact insurance under the license until action is taken by the
superintendent upon a new application, if:
(a) within 30 days of the change, the
surviving officers of the corporation file an application on a form prescribed
by the superintendent for registration of a change in the officers or the name
of the corporation and pay the required fees; and
(b) the application for registration of the
change in officers is signed by the secretary or corresponding officer of the
corporation.
(6) If the
membership of a partnership changes, the surviving or continuing partner or
partners may continue to transact insurance business under the license issued
to the predecessor partnership until action is taken by the superintendent upon
a new application, if:
(a) within 30 days,
the surviving partner or partners file an application on a form prescribed by
the superintendent for registration of a change in membership and pay the
required fee;
(b) at least one
person who exercises the producer powers of the predecessor entity continues to
exercise those powers of the surviving or continuing partnership; and
(c) the application for registration of the
change in membership is signed by a general partner.
C. Reinstatement of licenses.
(1) An individual licensee
who allows the license to lapse may, within 12months following the due date of
the required renewal fee and completion of continuing education credits,
reinstate the license without the necessity of passing a written
examination.
(2) A penalty of
double the unpaid renewal fee shall be required for a renewal received after
the due date.
(3) If the producer
has failed to comply with continuing education requirements during a lapse, the
producer shall complete all continuing education hours that would have been
necessary to keep the license in compliance.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
