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New Mexico Statutes Chapter 59A. Insurance Code § 59A-14-7. Surplus lines broker license required; qualifications for license

Current as of January 01, 2024 | Updated by Findlaw Staff

<In 2017, on revision, the New Mexico Compilation commission reconciled the amendments made by L. 2011, Ch. 127, § 11 and L. 2011, Ch. 156, § 8. The reconciled text is incorporated and set forth.>

A. No person shall in New Mexico be, act as or hold out to be a surplus lines broker, or place insurance of risks where New Mexico is the home state of the insured in any nonadmitted insurer on behalf of others and for compensation as an independent contractor in any form, unless licensed as a surplus lines broker under Chapter 59A, Article 14 NMSA 1978.

B. The superintendent shall, upon due application and payment of the license fee, issue a license as surplus lines broker to a person qualified as follows:

(1) if the applicant is an individual, the individual must have had experience or special training or education sufficient in duration and character to render the applicant, in the opinion of the superintendent, reasonably competent to engage in business as a surplus lines broker; and

(2) if the applicant is a firm or corporation, all individuals to represent it as a surplus lines broker in this state must be licensed surplus lines brokers.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-14-7. Surplus lines broker license required; qualifications for license - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-14-7/

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