New Mexico
Russell Toal
Office of Superintendent of Insurance
Appointments & Terminations
Yes
Yes
Within 15 days of contract execution or first business accepted by carrier
JIT appointments permitted. Appointments must be submitted within 15 days of the date the agent/agency contract is executed or the first piece of business is accepted by the carrier
Yes
$20 per LOA
$20 per LOA
No
Yes
No
Date the transaction is processed by the state.
Yes
Via NIPR
Jan. 1, 2022 until March 1, 2022
$20/LOA/Appointment
Voluntary termination; inadequate production; cancelled by general agent; death; company defunct or liquidation; company indebtedness; poor policyholder services; agent moved; appointed in error; cancelled for cause; request regulatory review
No
Date transaction is processed by the state
Agent must be appointed within 60 days of obtaining an agent’s license or license will be cancelled; agent must have an affiliation and/or appointment for license to remain active
No fee
Licensing
Resident New License Insurance Producer: $30 Resident New License Surplus Lines Broker: $100 Non Resident New License Insurance Producer: $30 Non Resident New License Surplus Lines Broker: $100
Resident Renewal Insurance Producer: $60 Resident Renewal Surplus Lines Broker: $200 Non Resident Renewal Insurance Producer: $60 Non Resident Renewal Surplus Lines Broker: $200
90 days before expiration
Last day of birth month every 2 years based on year of first state license issue
Late renewal allowed up to one year after expiration
90 days before expiration
Last day of birth month every 2 years based on year of first state license issue
Late renewal allowed up to one year after expiration
No
No
Residence, Business, and Mailing
Bail Bond Property, Risk Retention Group, Solicitor, Motor Club, Independent Adjuster, Staff Adjuster, Limited Surety, Insurance Company, Insurance Producer, Insurance Consultant, Public Adjuster, Surplus Line Broker, Bail Bond Solicitor, Viatical Broker, Navigator, Temporary Insurance Producer, Surplus Line Insurer
Included in Producer License Class. Insurers are not required to appoint Brokers per NAIC PLMA
"Broker" is a type of insurance producer who is not an agent of the insurer and who: a. acts as an independent contractor on behalf of the insured; and b. solicits, negotiates or procures insurance or annuity contracts or renewal, or continuation of these contracts, for insureds or prospective insureds other than the broker
No
Agency
Yes
Yes
Yes
90 days prior to expiration until expiration date. Late renewal grace period ends 30 days after expiration. After late renewal period, applicant must reapply through non resident licensing.
Yes
Yes
If branch has own name and taxID, must be licensed
Adjuster
Yes
Yes
Yes
AK, AL, AR, AZ, CT, DE, GA, ID, IN, KY, LA, ME, MI, MN, MS, MT, NC, NH, NV, OR, RI, SC, TX, UT, VT, WA, WV
CA, FL, HI, NY, OK, PR, WY
No LOA required
Licensing Fee: $30 Reinstatement Fee: $30 Renewal Fee: $60 Late Renewal Fee: $120
Yes
Biennially, on the last day of the individual's birth month
Partial renewals are not allowed. A $10,000 surety bond is required.
In the event of an emergency, New Mexico may employ adjusters who are not licensed in this state but hold a valid adjuster license in their home or in a designated home state. The claims they can adjust are limited to the emergency.
Continuing Education
24
2 years
Last day of birth month
Year of first license issuance
Prior to license expiration.
90 days prior to expiration date
Resident producers who’ve held their license for 25 consecutive years are also exempt from CE requirements if they file the exemption on record with the commissioner's office.
Within 30 days of your license expiration, you can provide proof of CE and pay a late renewal fee. From 31 days to a year after the canceled or expired license, you can get current on CE and pay a license reinstatement fee. After a year, you will need to reapply for a license anew.
3-10
3 hours of NFIP course, one-time
8-hour initial certification, with 4 hours of LTC-specific training every two years
https://agentsync.io/blog/individual-producers/insurance-continuing-education-new-mexico
Regulatory Updates
New Mexico Issues 2023 Company Appointment Renewal Dates
The invoice renewal period for Insurance Producers and Limited Surety Individuals. is Jan. 1, 2023 - March 1, 2023 5PM CST. The termination deadline is December 28, 2022
New Mexico Adjuster Licensing Requirements
New Mexico releases a bulletin outlining when Designated Home State licenses are not accepted in initial licensing and renewals.
New Mexico No Longer Allows PO Boxes for Business Addresses for Individuals
Effective today, PO boxes will no longer be allowed as business addresses. Applicants with no resident license or a state code change that are updating their addresses will be deferred to the state to review.
New Mexico Informs Users of Site Requirements
Effective June 15, 2022, the NMRLD MyLicense e-Government website will no longer work with internet explorer. They encourage users to setup Microsoft Edge to maintain access.
New Mexico Reviews its Resident Licensing Requirements
For one to be a resident of the state, one must maintain a principal home in New Mexico and cannot hold a resident license in a different state. If the OSI has reason to believe that this requirement is not being met, additional documentation will be required to prove residency.
Wildfire Hotline Launched to Support Questions on New Mexico Wildfires
This hotline is launched by the office of the Superintendent of Insurance and will answer questions about insurance coverage for evacuees and victims of the New Mexico wildfires. This service is available 7 days a week 8AM-8PM on weekdays and 9AM-2PM on weekends. The number is (833) 485-1336.
New Mexico Prohibits Differing Commission Structures for the Sales of Qualified Health Plans
This is in response to other states creating commission structures based on the metal tier of health care plan sold. Incentivizing the sales of certain plans to minimize carrier risk is a violation of the law. Currently, there are no known commission structures of this sort in New Mexico. This warning is for awareness that a $10,000 penalty will be issued per violation.
New Mexico Adds Annuity Training Requirement
Producers who transact annuity products must now complete a one time, four hour CE credit annuity training course to comply with the insurer's requirements.
New Mexico Securities Division sends reminder on Registered Investment Adviser financial reporting and Annual ADV update
In addition to the basic renewal process and payment of renewal fees, New Mexico is requiring additional filings by March 31st. If the deadline is not met, a suspension and revocation of the license is possible. The form will need to be amended annually. Failure to complete all necessary filings may lead to license suspension and revocation. See the attachment for information on how to file.
New Mexico adopts ruling regarding Suitability in Annuity Transactions
New Mexico has reviewed the NOPR and the proposed replacement rules. The outcome of the review and proposed changes regarding suitability in annuity transactions are outlined in the state announcement attached in the expanded view.
FAQs
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How Do I Get an Insurance License in New Mexico?
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How Do I Get a State Adjuster License in New Mexico?
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How do I renew my insurance license in New Mexico?
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How do I renew my non-resident insurance license in New Mexico?
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How Do I renew My Non-Resident Adjuster License in New Mexico?
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How Do I Renew My Adjuster License In New Mexico?