2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 12A - Insurance Administrators
Section 59A-12A-3 - License required; penalty.
59A-12A-3. License required; penalty.
A. No administrator shall perform or provide any service, function, duty or activity respecting any insurance, plan, self-insurance or alternatives to insurance in an administrative or management capacity in this state or with respect to risks located or partially located in this state or on behalf of persons in this state unless licensed as an administrator under the Insurance Code.
B. Licensing procedures for administrators shall be in accordance with Chapter 59A, Article 11 NMSA 1978.
C. In addition to any applicable denial, suspension or revocation of a license, refusal to continue license or administrative fine, violation of this section shall be a misdemeanor punishable by a fine not to exceed one thousand dollars ($1,000) and by forfeiture to the state of an amount equal to all compensation for services as administrator received or to be received by the violator by reason of the prohibited transactions.
History: 1978 Comp., 59A-12A-3, enacted by Laws 1989, ch. 374, 3; 2016, ch. 89, 50.
