Surplus Line Insurance

NMSA 1978 ch. 59A, art. 14

in effect

NMSA 1978, § 59A-14-1 Scope of article; purpose; necessity for regulation

59A-14-1. Scope of article; purpose; necessity for regulation A. Chapter 59A, Article 14 NMSA 1978 governs the placing of insurance where New Mexico is the home state of the insured, through licensed surplus lines brokers, in insurers not otherwise authorized to transact insurance in this state and subject to the conditions for such placing as stated in that article; qualifications, licensing and duties and responsibilities of surplus lines brokers; and other provisions as to such surplus lines business and brokers. As to unauthorized insurers in general, and in respects other than as to surplus lines, refer to Chapter 59A, Article 15 NMSA 1978. B. Chapter 59A, Article 14 NMSA 1978 shall not apply as to reinsurance or to the following insurances: (1) any insurance where New Mexico is not the home state of the insured; (2) wet marine and transportation insurance, as defined in Section 59A-7-5 NMSA 1978 [repealed]; (3) insurance on vehicles or aircraft owned and principally garaged outside this state; (4) insurance of property and operations of railroads engaged in interstate commerce; (5) insurance of aircraft of common carriers, or cargo of such aircraft, or against liability, other than employer's liability, arising out of ownership, maintenance or use of such aircraft; (6) insurance of automobile bodily injury and property damage liability risks when written in Mexican insurers and covering in Mexico and not in the United States; or (7) insurance independently procured. C. Chapter 59A, Article 14 NMSA 1978 shall be liberally construed and applied to promote its underlying purposes, which include: (1) protecting insureds and persons seeking insurance in this state; (2) permitting surplus lines insurance to be placed with reputable and financially sound unauthorized insurers, but only pursuant to Chapter 59A, Article 14 NMSA 1978; (3) establishing a system of regulation that will permit controlled access to surplus lines insurance in this state; and (4) assuring collection of revenues and other amounts due to this state. Laws 1984, ch. 127, § 239; 1991, ch. 125, § 11; 2011, ch. 127, § 10; 2011, ch. 156, § 4.

NMSA 1978, § 59A-14-2 Definitions

59A-14-2. Definitions As used in Chapter 59A, Article 14 NMSA 1978: A. "affiliate" means, with respect to an insured, any entity that controls, is controlled by or is under common control with the insured; B. "affiliated group" means any group of entities that are all affiliated; C. "association" means the national association of insurance commissioners or any successor entity; D. "authorized insurer" means, with respect to New Mexico, an insurer holding a valid and subsisting certificate of authority, issued by the superintendent, to transact insurance in New Mexico; E. "control" means that an entity: (1) directly or indirectly or acting through one or more other persons owns, controls or has the power to vote twenty-five percent or more of any class of voting securities of another entity; or (2) controls in any manner the election of a majority of the directors or trustees of another entity; F. "eligible surplus lines insurer" means a qualified nonadmitted insurer with which a surplus lines broker may place surplus lines insurance pursuant to Section 59A-14-4 NMSA 1978; G. "exempt commercial purchaser" means any person purchasing commercial insurance that, at the time of placement, meets the following requirements: (1) the person employs or retains a qualified risk manager to negotiate insurance coverage; (2) the person has paid aggregate nationwide commercial property and casualty insurance premiums in excess of one hundred thousand dollars ($100,000) in the immediately preceding twelve months; and (3) the person: (a) possesses a net worth in excess of twenty million dollars ($20,000,000), provided that this amount shall be adjusted every five years by rule of the superintendent to account for the percentage change in the consumer price index; (b) generates annual revenues in excess of fifty million dollars ($50,000,000), provided that this amount shall be adjusted every five years by rule of the superintendent to account for the percentage change in the consumer price index; (c) employs more than five hundred full-time or full-time-equivalent employees per insured entity or is a member of an affiliated group employing more than one thousand employees in the aggregate; (d) is a not-for-profit organization or public entity generating annual budgeted expenditures of at least thirty million dollars ($30,000,000), provided that this amount shall be adjusted every five years by rule of the superintendent to account for the percentage change in the consumer price index; or (e) is a municipality with a population in excess of fifty thousand persons; H. "export" means to place insurance with a nonadmitted insurer; I. "home state" means, with respect to an insured: (1) the state: (a) in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or (b) to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated, if one hundred percent of the insured risk is located out of the state referred to in Subparagraph (a) of this paragraph; or (2) if more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, "home state" means the home state, as determined pursuant to Paragraph (1) of this subsection, of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract; J. "independently procured insurance" means insurance procured directly by an insured from a nonadmitted insurer; K. "nonadmitted insurance" means any property and casualty insurance permitted to be placed through a surplus lines broker with an eligible surplus lines insurer; L. "nonadmitted insurer" means an insurer not licensed to engage in the business of insurance in New Mexico but does not include a risk retention group, as "risk retention group" is defined in the federal Liability Risk Retention Act of 1986; M. "premium tax" means, with respect to surplus lines, any tax, fee, assessment or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees and any other compensation given in consideration for a contract of insurance; N. "principal place of business" means, with respect to determining the home state of the insured, the state where the insured maintains its headquarters and where the insured's high-level officers direct, control and coordinate the business activities of the insured; O. "producing broker" means the broker or agent dealing directly with the person seeking insurance if the home state of the person seeking insurance is New Mexico; P. "professional designation" means: (1) a designation as a chartered property and casualty underwriter issued by the American institute for chartered property and casualty underwriters; (2) a designation as an associate in risk management issued by the insurance institute of America; (3) a designation as a certified risk manager issued by the national alliance for insurance education and research; (4) a designation as a RIMS fellow issued by the global risk management institute; or (5) any other designation, certification or license determined by the superintendent to demonstrate minimum competency in risk management; Q. "qualified risk manager" means, with respect to an exempt commercial purchaser, a person who: (1) is an employee of, or a third-party consultant retained by, the exempt commercial purchaser; (2) provides skilled services in loss prevention, loss reduction, risk and insurance coverage analysis and purchase of insurance; and (3) has: (a) a bachelor's degree or higher from an accredited college or university in risk management, business administration, finance, economics or any other field determined by the superintendent to demonstrate minimum competence in risk management and either: 1) three years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis or purchase of commercial lines of insurance; or 2) a professional designation; (b) a professional designation and at least seven years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis or purchase of commercial lines of insurance; (c) at least ten years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis or purchase of commercial lines of insurance; or (d) a graduate degree from an accredited college or university in risk management, business administration, finance, economics or any other field determined by the superintendent to demonstrate minimum competence in risk management; R. "reinsurance" means the assumption by an insurer of all or part of a risk undertaken originally by another insurer; S. "surplus lines broker" means an individual, firm or corporation licensed under Chapter 59A, Article 14 NMSA 1978 to place insurance with eligible surplus lines insurers; T. "surplus lines insurance" means any insurance permitted to be exported through a surplus lines broker in accordance with the provisions of Chapter 59A, Article 14 NMSA 1978; U. "type of insurance" means one of the types of insurance required to be reported in the annual statement that must be filed with the superintendent by authorized insurers; and V. "unauthorized insurer" means a nonadmitted insurer. 1978 Comp., § 59A-14-2, enacted by Laws 1991, ch. 125, § 12; 2011, ch. 156, § 5; 2017, ch. 130, § 7.

NMSA 1978, § 59A-14-3 Placement of surplus lines insurance

59A-14-3. Placement of surplus lines insurance No surplus lines insurance for an insured whose home state is New Mexico shall be solicited, negotiated, contracted for, effectuated or otherwise transacted within the meaning of Section 59A-1-13 NMSA 1978, unless: A. the insurance is procured through a surplus lines broker; B. each nonadmitted insurer providing such insurance is an eligible surplus lines insurer; C. either: (1) the full amount or type of insurance cannot be obtained from insurers authorized to do business in this state as determined after making a diligent search among insurers authorized to transact and actually writing the particular type and class of insurance in this state; or (2) the insurance is being procured for an exempt commercial purchaser and: (a) the surplus lines broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that the insurance may or may not be available from insurers authorized to do business in this state, which may provide greater protection with more regulatory oversight; and (b) the exempt commercial purchaser has subsequently requested in writing the surplus lines broker to procure or place the insurance from an eligible surplus lines insurer; D. the surplus lines broker has taken such reasonable steps to ascertain that the insurer is in sound financial condition as may be required by regulations adopted by the superintendent; and E. all other requirements of Chapter 59A, Article 14 NMSA 1978 are met. 1978 Comp., § 59A-14-3, enacted by Laws 1991, ch. 125, § 13; 1993, ch. 320, § 54; 2011, ch. 156, § 6.

NMSA 1978, § 59A-14-4 Eligible surplus lines insurers required

59A-14-4. Eligible surplus lines insurers required A. No person shall export insurance on behalf of an insured whose home state is New Mexico except as authorized by and in accordance with Chapter 59A, Article 14 NMSA 1978. B. No surplus lines broker shall transact surplus lines insurance with an insurer other than an eligible surplus lines insurer. C. To qualify as an eligible surplus lines insurer, a nonadmitted insurer shall file information demonstrating to the superintendent's satisfaction that: (1) the insurer is authorized to write the particular line of business in the state in which it is domiciled and: (a) the insurer has capital and surplus or their equivalent that equals the greater of: 1) fifteen million dollars ($15,000,000); or 2) the minimum capital and surplus required in this state for that particular line of business; or (b) the insurer has capital and surplus less than the amounts required in Subparagraph (a) of this paragraph but the superintendent affirmatively finds that the insurer is acceptable as an eligible surplus lines insurer. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends and company record and reputation within the industry. In no event shall the superintendent make an affirmative finding of acceptability when the surplus lines insurer's capital and surplus is less than four million five hundred thousand dollars ($4,500,000); (2) the insurer is a member of an "insurance exchange", which is an association of syndicates or insurers created by the laws of individual states, and shall maintain capital and surplus, or the equivalent thereof, of not less than fifty million dollars ($50,000,000) in the aggregate. For insurance exchanges that maintain funds for the protection of all insurance exchange policyholders, each individual syndicate shall maintain minimum capital and surplus, or the equivalent thereof, of not less than five million dollars ($5,000,000). In the event the insurance exchange does not maintain funds for the protection of all insurance exchange policyholders, each individual syndicate shall meet the minimum capital and surplus requirements of Subparagraph (a) of Paragraph (1) of this subsection; (3) if the insurer is an alien insurer, the insurer is listed on the quarterly listing of alien insurers maintained by the international insurers department of the association; or (4) if, pursuant to law, New Mexico has joined a compact or multistate agreement for the regulation of surplus lines insurance and the state, through the compact commission, has adopted nationwide uniform eligibility requirements, the insurer is in compliance with those requirements. D. The superintendent shall maintain a list of eligible surplus line insurers from those qualified nonadmitted insurers that file information to satisfy the criteria established under Subsection C of this section. In addition to the requirements of Subsection C of this section, in order to appear on the list of eligible surplus lines insurers, a nonadmitted insurer shall provide annually to the superintendent a copy of the insurer's most current annual statement certified and sworn to by the insurer, unless the annual statement is available to the superintendent through the national association of insurance commissioners or from public sources. The statement shall be provided or made available at the same time it is provided to the insurer's domicile, but in no event more than nine months after the close of the period reported upon, and shall be either: (1) filed with and approved by the regulatory authority in the insurer's domicile; or (2) certified as correct and in accordance with applicable accounting principles by a public accounting firm licensed in the insurer's domicile. In the case of an insurance exchange, the statement may be an aggregate combined statement of all underwriting syndicates operating during the period reported. E. The listing described by Subsection D of this section shall not be deemed to constitute or evidence the superintendent's guaranty as to the financial condition or business practices of the insurer, and no insurer or other person shall allege orally or in writing that any such listing constitutes or implies the superintendent's approval. F. The superintendent may adopt rules fixing reasonable conditions to be met by insurers for the listing. For good cause shown, the superintendent may in writing waive the requirements of this section to permit insurance to be placed as to a particular risk and insurer if the insurance is not otherwise reasonably obtainable. 1978 Comp., § 59A-14-4, enacted by Laws 1991, ch. 125, § 14; 1994, ch. 13, § 2; 2011, ch. 156, § 7; 2017, ch. 130, § 8.

NMSA 1978, § 59A-14-4.1 Withdrawal of eligibility from a surplus lines insurer

59A-14-4.1. Withdrawal of eligibility from a surplus lines insurer The superintendent may at any time declare an eligible surplus lines insurer to be ineligible if the superintendent has reason to believe that the insurer: A. is in unsound financial condition; B. is subject to delinquency proceedings in this state or any other jurisdiction; C. is no longer eligible under Section 59A-14-4 NMSA 1978; D. has violated the laws of this state, including any violation of the Insurance Code or the superintendent's orders; E. does not make reasonably prompt payment of loss claims or other obligations in this state or elsewhere; F. has failed within sixty days to satisfy a final judgment rendered against it or against an insured for which it is legally liable under the terms of a contract of surplus lines insurance; or G. has failed to satisfy the superintendent that it is fit to be allowed to continue to do business in this state. The superintendent shall promptly mail notice of all such declarations to the insurer and to every surplus lines broker. Notice sent pursuant to this subsection to a licensed surplus lines broker may, at the option of the surplus lines broker, be sent by the superintendent via electronic mail. 1978 Comp., § 59A-14-4.1, enacted by Laws 1991, ch. 125, § 15; 2017, ch. 130, § 9.

NMSA 1978, § 59A-14-5 Signature and special endorsement of surplus lines policy

59A-14-5. Signature and special endorsement of surplus lines policy Every insurance contract procured and delivered as surplus lines insurance pursuant to Chapter 59A, Article 14 NMSA 1978 shall bear the name, address and signature of the surplus lines broker who procured it and have stamped, printed or otherwise displayed prominently in boldface ten-point or larger type either upon its declarations page or by attachment of an endorsement, the form of which may be promulgated by the superintendent, the following: "This policy provides surplus lines insurance by an insurer not otherwise authorized to transact business in New Mexico. This policy is not subject to supervision, review or approval by the superintendent of insurance. The insurance so provided is not within the protection of any guaranty fund law of New Mexico designed to protect the public in the event of the insurer's insolvency.". Laws 1984, ch. 127, § 243; 1991, ch. 125, § 16; 1999, ch. 111, § 1.

NMSA 1978, § 59A-14-6 Surplus line insurance valid

59A-14-6. Surplus line insurance valid Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with the article shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects and to the same effect as like contracts issued by authorized insurers. Laws 1984, ch. 127, § 244.

NMSA 1978, § 59A-14-7 Surplus lines broker license required; qualifications for license

59A-14-7. Surplus lines broker license required; qualifications for license A. No person shall in New Mexico be, act as or hold out to be a surplus lines broker, or place insurance of risks where New Mexico is the home state of the insured in any nonadmitted insurer on behalf of others and for compensation as an independent contractor in any form, unless licensed as a surplus lines broker under Chapter 59A, Article 14 NMSA 1978. B. The superintendent shall, upon due application and payment of the license fee, issue a license as surplus lines broker to a person qualified as follows: (1) if the applicant is an individual, the individual must have had experience or special training or education sufficient in duration and character to render the applicant, in the opinion of the superintendent, reasonably competent to engage in business as a surplus lines broker; and (2) if the applicant is a firm or corporation, all individuals to represent it as a surplus lines broker in this state must be licensed surplus lines brokers. Laws 1984, ch. 127, § 245; 1999, ch. 272, § 19; 1999, ch. 289, § 21; 2011, ch. 127, § 11; 2011, ch. 156, § 8.

NMSA 1978, § 59A-14-9 Surplus line broker may accept business from insurance producers; compensation of others prohibited

59A-14-9. Surplus line broker may accept business from insurance producers; compensation of others prohibited A. A surplus line broker may accept and export surplus line business from and for any insurance producer licensed by this state for the kind of insurance involved, and may compensate the insurance producer therefor. B. A surplus line broker shall not directly or indirectly compensate any person other than a licensed insurance producer for origination of business. This provision shall not be deemed to prohibit payment of regular salaries to the surplus line broker's employees or sharing of compensation with other persons entitled thereto under firm and corporate agreements and surplus line broker licenses. Violation of this provision is a misdemeanor. Laws 1984, ch. 127, § 247; 2016, ch. 89, § 57.

NMSA 1978, § 59A-14-10 Office and records

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). Laws 1984, ch. 127, § 248; 2003, ch. 202, § 8.

NMSA 1978, § 59A-14-11 Duty to file reports and affidavits

59A-14-11. Duty to file reports and affidavits A. The producing broker shall complete, execute and provide to the surplus lines broker a signed statement in substantially the form required by the superintendent, as to the diligent efforts to place the coverage with authorized insurers and the results thereof. The statement shall affirm that the insured was expressly advised prior to placement of the insurance and in the insurance policy that: (1) the surplus lines insurer with which the insurance was to be placed is not an authorized insurer in this state and is not subject to the superintendent's supervision; and (2) in the event the surplus lines insurer becomes insolvent, claims will not be paid nor will unearned premiums be returned by any New Mexico insurance guaranty fund. B. The surplus lines broker shall preserve the original producing broker statements in compliance with Section 59A-14-11 NMSA 1978. The declaration pages shall be confidential and shall not be subject to public inspection. The superintendent's copy of the statements shall be open to public inspection. If the producing broker has failed to provide the producing broker statement, the surplus lines broker shall at the time of quarterly filing notify the superintendent of the producing broker's failure to comply. C. Each surplus lines broker shall, within sixty days after expiration of each calendar quarter, file with the superintendent a statement under the surplus lines broker's oath of all surplus lines insurance business transacted during such calendar quarter. The statement shall be on forms as prescribed and furnished by the superintendent and shall contain such information relative to the surplus lines insurance transaction as the superintendent may reasonably require for the purposes of Chapter 59A, Article 14 NMSA 1978. 1978 Comp., § 59A-14-11, enacted by Laws 1991, ch. 125, § 17; 1999, ch. 111, § 2; 2017, ch. 130, § 10.

NMSA 1978, § 59A-14-13 Examination of surplus line broker

59A-14-13. Examination of surplus line broker A. The superintendent whenever deemed necessary may examine the records and accounts of any surplus line broker for determining whether the surplus line broker is conducting business in accordance with the requirements of this article. B. The superintendent shall conduct the examination, and the surplus line broker shall pay the cost thereof, as provided in the applicable provisions of Article 4 [Chapter 59A, Article 4 NMSA 1978] (examinations, hearings and appeals) of the Insurance Code. Laws 1984, ch. 127, § 251.

NMSA 1978, § 59A-14-14 Evidence of insurance; policy changes; penalties

59A-14-14. Evidence of insurance; policy changes; penalties A. Upon placing surplus lines insurance, the surplus lines broker shall promptly deliver to the insured evidence of the insurance consisting either of the policy or, if the policy is not then available, a certificate complying with Subsection D of this section, a cover note, a binder or other evidence of insurance. The certificate, cover note, binder or other evidence of insurance shall be completed and signed by the surplus lines broker and shall set forth the description and location of the subject of the insurance, the coverage limits, the name and address of the insured, the name and address of the surplus lines insurer and the name, address and telephone number of the surplus lines broker. B. No surplus lines broker shall issue or deliver any evidence of insurance or purport to insure or represent that insurance will be or has been written by any eligible surplus lines insurer without the insurer's prior written authorization, via telefax or otherwise, to cause the risk to be insured or documentation from the insurer in the regular course of business that such insurance has been granted. C. If, after delivery of any evidence of insurance, there is any change in the identity of the insurer, in the proportion of the risk assumed by any insurer or in the coverage, terms or conditions stated in the original evidence of insurance, the surplus lines broker shall promptly issue and deliver to the insured, either directly or through the producing broker, an appropriate substitute for or endorsement of the original document, accurately showing the current status of the coverage and responsible insurers. D. As soon as reasonably possible after the placement of any surplus lines insurance, and in no event later than thirty days after coverage commences, the surplus lines broker shall deliver a complete copy of the policy or, if the policy is not then available, a certificate of insurance to the insured to replace any evidence of insurance previously issued. Each policy of insurance shall contain or have attached thereto a complete record of all policy declarations and limits, insuring agreements, deductible amounts, conditions, exclusions, clauses, endorsements and all other material terms and conditions. E. Any surplus lines broker who fails to comply with the requirements of this section shall be subject to the penalties provided in Section 59A-1-18 NMSA 1978 or to any greater applicable penalty otherwise provided by law. 1978 Comp., § 59A-14-14, enacted by Laws 1991, ch. 125, § 18; 2011, ch. 127, § 12.

NMSA 1978, § 59A-14-15 Liability of insurer

59A-14-15. Liability of insurer A. As to a risk assumed by an unauthorized insurer under Chapter 59A, Article 14 NMSA 1978, and if the premium thereon has been received by the producing broker or the surplus lines broker who placed the insurance, in all questions thereafter arising under the coverage between the insurer and the insured the insurer shall be deemed to have received the premium due it for the coverage; and the insurer shall be liable to the insured for losses covered by the insurance and for unearned premiums that may become payable to the insured upon cancellation of the insurance, whether or not in fact the surplus lines broker is indebted to the insurer as to the insurance or for any other cause. B. Each unauthorized insurer assuming a surplus lines risk under Chapter 59A, Article 14 NMSA 1978 shall be deemed thereby to have subjected itself to the terms of this section. Laws 1984, ch. 127, § 253; 1991, ch. 125, § 19.

NMSA 1978, § 59A-14-16 Legal process against surplus line insurer; venue

59A-14-16. Legal process against surplus line insurer; venue A. An unauthorized insurer shall be sued, upon any cause of action arising in this state under any surplus line insurance policy issued by it, in the district court of the county in which the cause of action arose. B. Service of legal process against the insurer may be made in any such action by service upon the superintendent as provided for in Section 99 [59A-5-32 NMSA 1978] of the Insurance Code. C. Each surplus line insurer may file with the superintendent designation in writing of the name and address of the person to whom the superintendent shall forward legal process served upon him as process attorney for the insurer. The insurer may change such designation by filing a new designation with the superintendent. The surplus line broker placing surplus line insurance with an unauthorized insurer shall take reasonable steps to inform the insurer of its right to file such designation. D. Upon receipt of such process the superintendent shall promptly mail one copy thereof, by certified or registered mail with return receipt requested, to the person currently designated by the insurer pursuant to Subsection C, above; and if no such designation has been made or is not currently in force, the process shall be so mailed addressed to the insurer at its home office last of record with the superintendent, wherever located. The insurer shall have thirty (30) days from date of service upon the superintendent within which to plead, answer or otherwise defend the action. Upon service of process upon the superintendent and mailing in accordance with this provision the court shall be deemed to have jurisdiction in personam of the insurer. E. An unauthorized insurer issuing the policy shall be deemed thereby to have authorized service of process against it in the manner and to the effect as provided in this section. Any such policy shall contain a provision stating that service of process against it may be made upon the superintendent as in this section provided. Laws 1984, ch. 127, § 254.

NMSA 1978, § 59A-14-17 Certain other provisions applicable

59A-14-17. Certain other provisions applicable In addition to provisions generally applicable, the following provisions of the Insurance Code shall also apply as to surplus line brokers: A. Section 210 [209] [59A-12-8 NMSA 1978[repealed]] (controlled business); B. Section 218 [59A-12-17 NMSA 1978] (scope of license); and C. Section 223 [59A-12-22 NMSA 1978] (fiduciary funds). Laws 1984, ch. 127, § 255.

NMSA 1978, § 59A-14-19 National database; participation required

59A-14-19. National database; participation required No later than July 21, 2012, the superintendent shall participate in the national insurance producer database of the association, or any other equivalent uniform national database, for the licensure of surplus lines brokers and the renewal of the licenses. Laws 2011, ch. 156, § 10.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18562/index.doFetched: 10/20/2026