New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS
Part 5 - INSURANCE ADMINISTRATORS
Section 13.4.5.11 - EXCEPTIONS TO LICENSURE REQUIREMENTS
Universal Citation: 13 NM Admin Code 13.4.5.11
Current through Register Vol. 35, No. 18, September 24, 2024
A. An administrator is not required to hold a certificate of authority as an administrator in this state if all of the following conditions are met:
(1) the
administrator has its principal place of business in another state;
(2) the administrator is not soliciting
business as an administrator in this state; and
(3) in the case of any group policy or plan
of insurance serviced by the administrator, the lesser of five percent (5%) or
one hundred (100) certificate holders reside in this state.
B. A person is not required to hold a certificate of authority as an administrator in this state if the person exclusively provides services to one or more bona fide employee benefit plans each of which is established by an employer or an employee organization, or both, and for which the insurance laws of this state are fully preempted pursuant to ERISA. Such persons shall register with the superintendent annually, verifying their status as herein described.
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