N.M. Admin. Code § 13.4.5.17 - CANCELLATION AND SURRENDER OF LICENSES
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.
Notes
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