New Mexico Administrative Code
Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING
Chapter 61 - REAL ESTATE BROKERS
Part 5 - ERRORS AND OMISSIONS INSURANCE
Section 16.61.5.8 - GROUP ERRORS AND OMISSIONS INSURANCE POLICY
Current through Register Vol. 35, No. 18, September 24, 2024
Effective January 1, 2002 every active New Mexico real estate broker shall have in effect a policy of errors and omissions insurance. The commission shall enter into a contract with a qualified insurance carrier or its agent or broker to make available to all New Mexico real estate brokers and broker applicants a group policy of insurance under the following terms and conditions:
A. the insurance carrier is licensed and authorized by the New Mexico department of insurance to write policies of errors and omissions insurance in New Mexico;
B. the insurance carrier maintains an A.M. Best rating of "B" or better;
C. the insurance carrier will collect premiums, maintain records and report names of those insured and a record of claims to the commission on a timely basis and at no expense to the state;
D. the insurance carrier has been selected through a competitive bidding process;
E. the contract and policy are in conformance with Part 5 and all relevant New Mexico statutory requirements.
