New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS
Part 4 - SURPLUS LINES BROKERS
Section 13.4.4.8 - LICENSING REQUIREMENTS

Universal Citation: 13 NM Admin Code 13.4.4.8

Current through Register Vol. 35, No. 6, March 26, 2024

A. An applicant requesting a license as a surplus lines broker shall file, as part of the application, a bond as required by this rule. The application for a surplus lines broker will be considered for issuance by the superintendent upon the following conditions:

(1) the payment in advance to the superintendent of the fees prescribed in section 59A-6-1 NMSA 1978; and

(2) delivery to the superintendent of a bond to the state of New Mexico in the amount specified in Section 59A-14-8 NMSA 1978 issued by a licensed surety insurer, conditioned that the licensee will fully and faithfully comply with the requirements of this rule.

B. On or before the first day of March of each year, the department of insurance shall mail a billing statement for renewal of the surplus lines broker license to each surplus lines broker licensed in New Mexico.

C. On or before the first day of April of each year, the surplus lines broker shall return the billing statement together with the license renewal fee specified in Section 59A-6-1 NMSA 1978.

D. Pursuant to 18 U.S.C. Section 1033, no person who has been convicted of a felony involving dishonesty or a breach of trust may be licensed as a surplus lines broker, unless the person has the written consent of the superintendent.

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