New Mexico Register / Volume XXXV, Issue 23
/ December 10, 2024
TITLE 13 INSURANCE
CHAPTER 4 LICENSING
OF INSURANCE PROFESSIONALS
PART 4 SURPLUS LINES BROKERS
13.4.4.1 ISSUING AGENCY: Office of
Superintendent of Insurance (OSI).
[13.4.4.1 NMAC Rp, 13.4.4.1
NMAC, 04/01/2025]
13.4.4.2 SCOPE: This rule
applies to all persons seeking licensure as a surplus lines broker.
[13.4.4.2 NMAC Rp, 13.4.4.2
NMAC, 04/01/2025]
13.4.4.3 STATUTORY AUTHORITY: Title 59A,
Chapter 14 and Section 59A-2-9 NMSA 1978.
[13.4.4.3 NMAC Rp, 13.4.4.3 NMAC, 04/01/2025]
13.4.4.4 DURATION: Permanent.
[13.4.4.4 NMAC Rp, 13.4.4.4
NMAC, 04/01/2025]
13.4.4.5 EFFECTIVE DATE: April 1, 2025,
unless a later date is cited at the end of a section.
[13.4.4.5 NMAC Rp, 13.4.4.5
NMAC, 04/01/2025]
13.4.4.6 OBJECTIVE: The purpose of
this rule is to implement Chapter 59A Article 14 NMSA 1978 by establishing
requirements for obtaining a license as a surplus lines broker.
[13.4.4.6 NMAC Rp, 13.4.4.6
NMAC, 04/01/2025]
13.4.4.7 DEFINITIONS: For the
purpose of this rule, surplus
lines broker has the meaning given in Section 59A-14-2 NMSA 1978.
[13.4.4.7 NMAC Rp, 13.4.4.7
NMAC, 04/01/2025]
13.4.4.8 LICENSING REQUIREMENTS:
A. An
applicant requesting a license as a surplus lines broker shall file, as part of
the application, a bond as required by this rule. The application for a surplus
lines broker will be considered for issuance by the superintendent upon the
payment in advance to the superintendent of the fees prescribed in Section
59A-6-1 NMSA 1978.
B. On
or before the first day of March of each year, OSI will mail a billing
statement for renewal of the surplus lines broker license to each surplus lines
broker licensed in New Mexico.
C. On
or before the first day of April of each year, the surplus lines broker shall
return the billing statement together with the license renewal fee specified in
Section 59A-6-1 NMSA 1978.
D. 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 a surplus lines
broker, unless the person has the written consent of the superintendent.
[13.4.4.8 NMAC Rp, 13.4.4.8
NMAC, 04/01/2025]
13.4.4.9 REQUIRED EXPERIENCE, TRAINING
AND EDUCATION: To meet the requirements of Section 59A-14-7
NMSA 1978, an applicant for a surplus lines broker license shall file, as part
of the application, documentation showing a combination of the following
factors totaling at least five years:
A. Experience
as a licensed agent in the kind of insurance for which the surplus lines broker
license is sought;
B. Continuing
education units of a type and quantity sufficient to satisfy the requirements
for renewal of an agent's license; and
C. Any
other special experience, education or training that the applicant offers to
demonstrate that the applicant is reasonably competent to conduct surplus lines
business in New Mexico.
[13.4.4.9 NMAC Rp, 13.4.4.9
NMAC, 04/01/2025]
HISTORY OF 13.4.4 NMAC:
Pre-NMAC History: The material in this rule was originally
filed with the State Records Center as ID 67-1, Sections 5-4-1, 5-4-4, and
5-4-14 through 5-4-16, New Mexico Official Administrative Rules and Regulations
Code, filed 12/1/1967.
History of Repealed
Material: [RESERVED]
Other history of 13.4.4
NMAC:
13.4.4 NMAC - Surplus Lines
Brokers, filed 11/30/2001 was repealed and replaced by 13.4.4 NMAC - Surplus Lines Brokers, effective
04/01/2025.