2016 New Mexico Statutes
Chapter 59A - Insurance Code
Article 12 - Insurance Agents, Brokers and Solicitors
Section 59A-12-19 - Temporary licenses.

59A-12-19. Temporary licenses.

A. The superintendent may issue a temporary agent or solicitor license to an individual otherwise qualified therefor except as to taking an examination, in the following cases:

(1) to the surviving spouse or next of kin of a licensed agent or solicitor becoming deceased;

(2) to the spouse, next of kin, employee or legal guardian of such an agent or solicitor disabled by sickness, injury or insanity;

(3) to a surviving employee of a firm or corporation licensed as agent, upon death or disability of an individual duly designated to exercise the license powers;

(4) to an individual designated by a licensed agent conducting an established insurance agency in this state, to replace an agent no longer associated with the agency;

(5) to a salaried employee of an authorized insurer sent to this state by the insurer to take the place of a licensed agent or solicitor;

(6) to the designee of a licensed agent entering upon active service in the armed forces of the United States; or

(7) to an applicant for license as a life insurance agent or life insurance solicitor, only for writing debit or industrial insurance as defined in Article 20 [Chapter 59A, Article 20 NMSA 1978] of the Insurance Code, if the applicant is in good faith taking a course of study and instruction under the insurer's supervision, or is currently enrolled with an accredited educational institution of higher learning in this state and studying insurance business fundamentals. A course of study so conducted by the insurer must be one approved by the superintendent. The insurer and applicant may assume that license will be issued in due course, effective as of date application was filed with the superintendent, unless the superintendent notifies the insurer to the contrary within fifteen (15) days after date of application.

B. Any such temporary license shall be for a period of three (3) months, subject to extension by the superintendent for an additional three (3) months upon application and good cause shown; except, that temporary license issued under Paragraph (7) above shall not be extended. A second temporary license shall not be issued to the same licensee within six (6) months after expiration of the initial temporary license.

History: Laws 1984, ch. 127, 220.

59A-12-19. Temporary licenses. (Effective July 1, 2017.)

A. The superintendent may issue a temporary insurance producer license for a period not to exceed one hundred eighty days without requiring an examination if the superintendent deems that the temporary license is necessary for the servicing of an insurance business in the following cases:

(1) to the surviving spouse or court- appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the insurance producer or for the recovery or return of the insurance producer to the business or to provide for the training and licensing of new personnel to operate the insurance producer's business;

(2) to a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license;

(3) to the designee of a licensed insurance producer entering active service in the armed forces of the United States; or

(4) in any other circumstance where the superintendent deems that the public interest will best be served by the issuance of the license.

B. The superintendent may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The superintendent may require the temporary licensee to have a suitable sponsor who is a licensed insurance producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The superintendent may by order revoke a temporary license if the interest of insureds or the public is endangered. A temporary license shall not continue after the owner or the personal representative disposes of the business.

History: Laws 1984, ch. 127, 220; 1978 Comp., 59A-12-19, repealed and reenacted by Laws 2016, ch. 89, 38.