New Mexico is full of surprises. Known as the uranium capital of the world, home to the top-notch ski village of Taos, and the birthplace of the largest hot air balloon festival, New Mexico likes to keep us layfolk on our toes.
One thing that New Mexico doesn’t like to leave as a surprise: resident producer licensing continuing education (CE) requirements. Nope, these requirements are readily available online.
While we’ve done our research here, we always recommend you do a bit of your own research to stay up-to-date on changing regulatory requirements.
What is the due date for New Mexico Insurance CE Credits?
Resident producer licenses expire in New Mexico biennially on the last day of the licensee’s birth month. That means, if you’re a resident producer in New Mexico and you’re born on July 12, then you’ll need to renew your license by July 31.
Sounds simple enough, right? To make things even simpler, resident producer CE is due on the same day as license expiration. Plus, the New Mexico Department of Insurance will send a reminder notice 90 days before the expiration date.
What are the details of New Mexico Insurance CE?
New Mexico resident producers need to complete 24 hours of CE per biennial renewal period, of which at least three but no more than 10 hours can come from ethics courses.
We know what you’re thinking: easy peasy, these CE requirements are a walk in the park.
Not so fast. Resident producers in New Mexico need to be sure to earn a minimum of three hours of CE credits through a formal classroom setting or alternate setting that allows for the student to interact with a live instructor. It’s up to the producer to track this requirement as they could be subject to an audit by the New Mexico Office of Superintendent of Insurance.
As a member of the NAIC Continuing Education Reciprocity agreement, New Mexico producers have an ample catalogue of courses to select.
Not everyone selling, soliciting, or negotiating insurance in New Mexico needs to adhere to New Mexico-specific CE requirements. All nonresident producer licensees are exempt from New Mexico’s CE requirements. That said, nonresident producers must file proof of home state compliance and a CE filing fee to maintain nonresident licensure.
If the above doesn’t sound like you, have no fear. You may still be exempt from New Mexico CE requirements. Resident producers who’ve held their license for 25 consecutive years are also exempt from CE requirements during license renewals. They’ll need to submit a notarized statement to the New Mexico Public Regulation Commission claiming the exemption and enclosing a $15 filing fee, but, ultimately, they’ll be able to forgo the CE requirements.
How many hours of CE are required for New Mexico insurance producers?
If you’re a resident producer in New Mexico and you’ve already taken a course for CE credit, you cannot repeat that course within a three-year period. Additionally, excess CE credits cannot be carried over between renewal periods. Producers must simply be content knowing that they’re overachievers with ample knowledge to perform their duties and responsibilities to their customers, employers, themselves, and the insurance industry as a whole.
Some lines of authority are a tad more complicated than others. As a result, producers who wish to sell business under those lines must complete additional requirements as outlined below.
Long-Term Care Partnership training requirements
To sell, solicit, or negotiate long-term care insurance in New Mexico, resident producers must complete a state-approved eight-hour long-term care course. Additionally, producers must complete a four-hour long-term care refresher course every 24 months. The good news is CE credits obtained through the initial long-term care licensure and the refresher courses count toward the overall CE credit requirements for resident producers in their biennial renewal period.
Flood training requirements
Those New Mexico producers looking to sell, solicit, or negotiate flood insurance must first dip their toes in the topic by completing a one-time, three-hour course on flood insurance and the National Flood Insurance Program.
For more information about state-specific licensing requirements, or to find out how AgentSync can make it easier to operate across multiple states, check out our state pages.
New Mexico Insurance CE FAQs
Can I use notes during the exams?
Nope, exams are closed book.
What score do I need to pass the exam?
Producers must receive a 70 percent or higher on final exams to receive CE credits.
Can I retake exams?
Yes, you sure can. Exams can be taken an unlimited number of times.