2015 New Mexico Statutes
Chapter 59A - Insurance Code
Section 12 Insurance Agents, Brokers and Solicitors
Section 59A-12-18 Limited license.

59A-12-18. Limited license.

A. The superintendent may issue a limited agent's license to individual applicants employed full time by a vendor of merchandise or other property, or by a financial institution making consumer loans on terms with respect to which credit life insurance, credit health insurance, credit property insurance or credit involuntary unemployment insurance under individual policies is customarily required of or offered to the purchaser or borrower, covering only that credit life, credit health, credit property or credit involuntary unemployment insurance.

B. The superintendent may issue a limited agent's license to vendors in accordance with the provisions of the Portable Electronics Insurance Act [59A-60-1 through 59A-60-7 NMSA 1978]. The application shall provide:

(1) the name, residence address and other information required by the superintendent for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor's compliance with the requirements of the Portable Electronics Insurance Act. However, if the vendor derives more than fifty percent of its revenue from the sale of portable electronics insurance, the information noted above shall be provided for all officers, directors and shareholders of record having beneficial ownership of ten percent or more of any class of securities registered under the federal securities law; and

(2) the location of the applicant's home office.

C. No holder of a limited license issued pursuant to Subsection A of this section shall concurrently be otherwise licensed under the Insurance Code.

History: Laws 1984, ch. 127, 219; 2002, ch. 24, 1; 2002, ch. 87, 1; 2007, ch. 282, 7; 2007, ch. 283, 1; 2011, ch. 136, 1; 2013, ch. 140, 2.