New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 4 - LICENSING OF INSURANCE PROFESSIONALS
Part 5 - INSURANCE ADMINISTRATORS
Section 13.4.5.17 - CANCELLATION AND SURRENDER OF LICENSES

Universal Citation: 13 NM Admin Code 13.4.5.17

Current through Register Vol. 35, No. 18, September 24, 2024

A. Whenever a partnership or corporation licensed as an insurance administrator shall discharge any licensed insurance administrator from its employ, the discharging licensee shall immediately notify the superintendent on a form prescribed by him and request cancellation of the license existing in the name of the discharged licensee. In order to perform services as an administrator, the discharged licensee shall be required to reapply for an administrator's license, and may be reinstated under a new administrator within six months of termination without re-examination by payment of a new initial fee.

B. All licenses issued to natural persons terminate upon the death of such persons.

C. All licenses issued to legal entities terminate upon legal dissolution of such entities.

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