2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 14 - Surplus Line Insurance
Section 59A-14-10 - Office and records.
A. A surplus line broker shall maintain an office accessible to the public wherein transactions under his license may be transacted. Nothing herein shall be deemed to prohibit maintenance of the office in the surplus line broker's place of residence, subject to accessibility above stated.
B. The surplus line broker shall keep in the office complete records of surplus line insurance business transacted, including, but not limited to, income and disbursements, copies of all policies, endorsements, cancellations, filing documents, reports and other related records. The records shall be made available for examination by the superintendent at all times within seven years after issuance of a coverage to which the record relates.
C. The surplus line broker shall immediately notify the superintendent in writing of any change of office address. Failure to notify the superintendent of a change of address within twenty days shall subject the licensee to a penalty in the amount of fifty dollars ($50.00).
History: Laws 1984, ch. 127, § 248; 2003, ch. 202, § 8.
ANNOTATIONSThe 2003 amendment, effective June 20, 2003, deleted "in this state" following "broker shall maintain" in Subsection A; in Subsection B, deleted "surplus line broker shall not remove the records from this state, and the" following "related records. The", substituted "seven" for "five (5)" following "all times within"; and added the last sentence in Subsection C.
