2015 New Mexico Statutes
Chapter 59A - Insurance Code
Section 14 Surplus Line Insurance
Section 59A-14-7 Surplus line broker license required; qualifications for license.

59A-14-7. Surplus line broker license required; qualifications for license.

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) must be currently licensed as an insurance agent in this state as to the kinds of insurance to be exported under the surplus lines broker license applied for and have had experience or special training or education sufficient in duration and character as such an agent as 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 in this state must be licensed agents. Each such individual shall be qualified as for an individual license as surplus lines broker, and an additional license fee shall be paid as to each individual, in excess of one, who is to exercise the surplus lines broker license powers.

History: Laws 1984, ch. 127, 245; 1999, ch. 272, 19; 1999, ch. 289, 21; 2011, ch. 127, 11; 2011, ch. 156, 8.