N.M. Admin. Code § 13.4.5.8 - LICENSING REQUIREMENTS
A. The
superintendent will issue, renew and permit to exist any license of an
insurance administrator to a person qualified as follows:
(1) an applicant shall be at least 18 years
of age;
(2) a resident applicant
shall have been a resident of the state of New Mexico for at least thirty (30)
days immediately preceding the filing of the application;
(3) a nonresident applicant may apply for a
license while maintaining its bona fide continuous residence and chief place of
business within the continental limits of the United States, but not within the
state of New Mexico, and may engage in the business of insurance administration
outside of New Mexico; and
(4) the
applicant shall complete and file an application and shall successfully pass a
personal written examination to determine that the applicant has sufficient
knowledge and reasonable familiarity with the insurance laws of New Mexico and
with the provisions, terms and conditions of the insurance business to be
transacted under the license sought, and that the applicant has a general and
fair understanding of the obligations and duties of an insurance
administrator.
B. No
license shall be issued to or renewed for any administrator acting on behalf of
an unauthorized insurer transacting the business of insurance in violation of
the Insurance Code or federal law.
C. Pursuant to
18
U.S.C. Section 1033, no person who has been
convicted of a felony involving dishonesty or a breach of trust may be licensed
as an insurance administrator, unless the person has the written consent of the
superintendent.
Notes
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