N.M. Admin. Code § 13.4.5.11 - EXCEPTIONS TO LICENSURE REQUIREMENTS
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.
Notes
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