2021 New Mexico Statutes
Chapter 59A - Insurance Code
Article 12B - Managing General Agents
Section 59A-12B-3 - Licensure.
A. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless such person is a licensed agent or broker in this state.
B. No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as an agent or broker in this state pursuant to the provisions of the Managing General Agents Law.
C. The superintendent may require a bond in an amount acceptable to him for the protection of the insurer.
D. The superintendent may require the managing general agent to maintain an errors and omissions policy.
History: 1978 Comp., § 59A-12B-3, enacted by Laws 1993, ch. 320, § 29; 1999, ch. 272, § 17; 1999, ch. 289, § 19.
ANNOTATIONSThe 1999 amendment, effective June 18, 1999, deleted the last sentence from Subsection B, which read "Such license may be a nonresident license".
Laws 1999, ch. 272, § 17 and Laws 1999, ch. 289, § 19, both effective June 18, 1990, enacted identical amendments to this section. The section was set out as amended by Laws 1999, ch. 289, § 19. See 12-1-8 NMSA 1978.
