Company Licensing Bureau

Company Licensing is responsible for the review and processing of all applications submitted by insurance companies seeking admission to transact insurance business in the State of New Mexico. We utilize the NAIC UCAA (Uniform Certificate of Authority Application) for insurance companies seeking admission to transact title, property, marine & transportation, casualty, surety, vehicle, life, and health insurance. The application can be found on the NAIC web site at www.naic.org/ucaa. We utilize the Office of Superintendent of Insurance’s applications for other kinds of insurance and you can find the applications on our web site. In addition, this section also processes name changes, re-domestications, mergers, acquisitions, renewals, etc. regarding any entity licensed through our section.

Customers making payments to the OSI:

When you provide a check as payment, you authorize the State of New Mexico to either use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.

Annual Continuation of Certificate of Authority – Due March 1, 2019

Applications

Click here to access Contact Processing Form.

Click here to access Biographical Affidavits form.

Securities

The instructions and forms for securities can be obtained from the custodial bank’s web site at Centurynetbank – nmforms The custodial bank also has available the Form for Verification of Name and Address and W-9.

Surety Bonds

Other Surety Bonds Required

Renewal Information

Renewals for Insurance Premium Finance Companies and Advisory Organizations are mailed out in April and are due on May 1st of every year. Viatical Settlement Providers are required to renew their license annually on the original issue date. Notice will be mailed.

Service Contract Providers are required to renew their registration annually on the original issue date. Notice will be mailed.

Annual Renewal Requirements
Company Licensing Renewals

Payment for The Annual Continuation of Certificate of Authority Renewal Fee will be acceptable by a check only; an ACH credit will not be accepted and will be returned to the company.

 

Customers making payments to the OSI:

When you provide a check as payment, you authorize the State of New Mexico to either use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.

 

All Property and Casualty Companies
  • Renewal Invoice along with the fee
  • Certificate of Compliance certified by the state of domicile
  • Certificate of Deposit certified by the state of domicile
  • Contact Process Form
  • All the above are due on or before 3/1/19
All Life and Health Companies
  • Renewal Invoice along with the fee
  • Certificate of Compliance certified by the state of domicile
  • Certificate of Deposit certified by the state of domicile
  • Certificate of Valuation or a statement indicating when received will forward to our office
  • Contact Process Form
  • All the above are due on or before 3/1/19
All Fraternal Benefit Societies
  • Renewal Invoice along with the fee
  • Certificate of Compliance certified by the state of domicile
  • Contact Process Form
  • All the above are due on or before 3/1/19
All Pre-Paid Groups
  • Renewal Invoice along with the fee
  • Certificate of Compliance certified by the state of domicile
  • Contact Process Form
  • All the above are due on or before 3/1/19
All Motor Clubs

In accordance with NMSA Section 59A-50-4 (B-5) and 59A-50-5 (C) as amended, you are hereby notified that the Motor Club must submit to our Division:

  • Renewal Invoice along with the fee; due on or before 3/1/19.
  • Contact Processing Form
  • A financial statement, certified by a registered or certified public accountant, or a financial statement signed by the accounting firm, within the previous twelve (12) months in accordance.
  • A statement indicating the amount of annual membership fees collected from residents of the State of New Mexico for the period of January 1 through December 31, each year, due no later than May 1, 2019. The amount of surety bond must be based upon the annual membership fees collected in New Mexico in accordance with Section 59A-50-4 (B-5).
All Purchasing Groups
  • Renewal Invoice along with the fee
  • NAIC Form 12 – per Statue 59A-55-19 (B)
  • Updated list of Insurance Companies and Agencies/Agents/Broker doing business for the Purchasing Group
  • All the above are due on or before 3/1/19
All Risk Retention Groups
  • Renewal Invoice along with the fee
  • NAIC Form 12 – per Statue 59A-55-5 (4)
  • Certificate of Compliance certified by the state of domicile
  • All the above are due on or before 3/1/19
All Surplus Line Insurers
  • Certificate of Compliance certified by the state of domicile
  • Certificate of Deposit certified by the state of domicile
  • NAIC Form 12 – per Statue 59A-14-16 (C)
  • Contact Process Form
  • All the above are due on or before 3/1/19
Renewals (Purchasing Groups)
  • Purchasing Groups are required to renew their registration every March 1st. Notice of the fee and documentation required will be available online in the first part of January.
  • Liability Risk Retention Act of 1986
Renewals (Risk Retention Groups)

 

  • Risk Retention Groups are required to renew their registration every March 1st. Notice of the fee and documentation required will be available online in the first part of January.
  • Liability Risk Retention Act of 1986
FAQ's
  • How do we change the contact person designated to receive any service of process sent to the Superintendent of Insurance on behalf of a licensed insurance company?

You must complete the NAIC Form 12 (Uniform Consent to Service of Process) and mail it to 

Office of Superintendent of Insurance,
Company Licensing Bureau
PO Box 1689
Santa Fe, NM 87504-1689.
The form can be found on the NAIC web site www.naic.org/industry_ucaa.htm.

  • If an insurance company amends its Articles of Incorporation or its By-Laws, does it need to file with Office of Superintendent of Insurance?

All insurance companies that hold a Certificate of Authority issued by Office of Superintendent of Insurance must file a copy of the Amended Articles of Incorporation certified by the state of domicile.
They must also file a copy of the Amended By-Laws certified by the state official holding custody of the original or by the company’s corporate secretary with the company’s corporate seal affixed to the certification.
There is a 10.00 filing fee for each amendment in accordance with NMSA Section 59A–6–1B.
Make check payable to Office of Superintendent of Insurance.

  • What is the rating for an insurance company?

Office of Superintendent of Insurance does not rate insurance companies. However, should you require a rating on an insurance company, you can contact A.M. Best Company, Inc. at (908) 439-2200 Customer Service Department ext. 5742.

Service Contract Regulation Act FAQs
  • When did the Service Contract Regulation Act become effective in New Mexico?
    The Service Contract Regulation Act went into effect on July 1, 2002.
  • What is the legal citation of the Service Contract Regulation Act in the New Mexico Insurance Code?
    The Service Contract Regulation Act is cited as NMSA 1978, §§ 59A-58-1 et seq. of the New Mexico Insurance Code.
  • Who does the Service Contract Regulation Act apply to?
    The Service Contract Regulation Act applies to all providers of service contracts and prohibits any person from conditioning the approval of a loan or the purchase of property on the purchase of a service contract.
  • What is a service contract?
    A contract where a provider, in exchange for separately stated consideration, is obligated for a specified period to a holder to repair, replace or perform maintenance on, or indemnify or reimburse the holder for the costs of repairing, replacing or performing maintenance on, property that is described in the service contract and that has an operation or structural failure as a result of a defect in materials, workmanship or normal wear and tear including: (1) a contract that includes a provision for incidental payment of indemnity under limited circumstances, including towing, rental and emergency road service and food spoilage; and (2) a contract that provides for the repair, replacement or maintenance of property for damages that result from power surges or accidental damage from handling
  • What is not subject to the Service Contract Regulation Act?
    Be sure to consult with your legal counsel to determine whether the service contract that you provide meets the Service Contract Regulation Act’s defined exclusions.  As defined by the Service Contract Regulation Act, this law does not apply to a warranty; a maintenance agreement; a service contract provided by a public utility on its transmission device if the service contract is regulated by the Office of Superintendent of Insurance; a service contract sold or offered to a person other than a consumer; or a service contract for property costing less than $250.00 in which the consideration for the service contract is less than $25.00.
  • How does the Service Contract Regulation Act define a maintenance agreement?
    A maintenance agreement is a contract for a limited period that provides only for scheduled maintenance.
  • How does the Service Contract Regulation Act define a ’warranty?’
    A warranty is a contract solely provided by a manufacturer, importer, or seller of property for which the manufacturer, importer or seller did not receive separate consideration and that: (1) is not negotiated or separated from the sale of the property; (2) is incidental to the sale of the property; and (3) guarantees to indemnify the consumer for defective parts, mechanical or electrical failure, labor or other remedial measures required to repair or replace the property.
  • What does the Service Contract Regulation Act require?
    The law requires that all service contract providers register with the Office of Superintendent of Insurance, prior to issuing, selling or offering for sale a service contract in New Mexico. Furthermore, the Service Contract Regulation Act mandates that certain consumer protection requirements be made part of the service contract.
  • How does a service contract provider register with the Superintendent?
    In order to properly register under the law, a service contract provider must:
    Complete the standard registration application;
    • Post security (e.g., surety bond, securities, cash or clear & irrevocable letter of credit) in the amount of $50,000.00 except where the service contract covers a motor vehicle or mechanical, plumbing, electrical systems and appliances sold in connection with the sale of residential dwelling, then a $100,000.00 security is required to be posted;
    • Provide the name, address and telephone number of each administrator with whom the provider intends to contract with; and
    • Pay a filing and registration fee of $500.00. 
  • Where does a service contract provider submit the registration forms, security and fees?
    Completed forms, security postings and fees must be submitted to following address in the manner described below:Office of Superintendent of Insurance
    Company Licensing Bureau
    Service Contract Regulation Act Registration
    PO Box 1689
    Santa Fe, NM 87504-1689
  • Are the registration and security requirements applicable to major manufacturing company service contracts?
    The registration and security requirements are not applicable to service contracts provided by a major manufacturing company , which is a person who manufactures or produces and sells product under its own name or label or is a wholly owned subsidiary of the person who manufactures or produces products and maintains or its parent company maintains a net worth or stockholders’ equity of at least $100,000,000.00.
  • How long will a registration be valid?
    A registration is valid only for one year.
  • How often will a registration need to be renewed?
    Service contract providers must renew their registration annually.
  • What consumer protection requirements are required by the Service Contract Regulation Act to be part of the service contract?
    The Service Contract Regulation Act requires that the following consumer protections be made part of every service contract:
    • Right of Return Provision: A service contract must clearly state that the holder has the right to return the service contract for refund of the purchase price if the holder has not made a claim under the service contract and the holder returns the service contract within 20 days after the provider mails a copy of the service contract; within 10 days if the provider furnishes a copy of the contract at the time of purchase; or within a longer period specified in the service contract.
    • Refund Provision: The service contract must provide the service contract provider shall refund or credit to the account of the holder the purchase price of the service contract within 60 days after a service contract is returned. Failure to do so will result in a penalty of 10% of the purchase price of the contract for each 30-day period or portion thereof that the refund and any accrued penalties remain unpaid.
    • Provider or Contract Administrator Contact Information: The service contract must include the name, address and telephone number of the provider or the contract administrator.
    • Legibility & Readability: The service contract must be written in language that is understandable and printed in legible typeface.
    • Purchase Price, Description and Deductible: The service contract must include the purchase price and a description of the property. It shall also include the amount, if applicable, of any deductible that the holder is required to pay.
    • Provider’s Duties Provision: The service contract must specify the duties of the provider and any limitations, exceptions or exclusions.
    • Replacement Parts Provision: In contracts involving motor vehicles, the service contract, where applicable, shall indicate whether replacement parts not made for or by the original manufacturer will be used.
    • Transferring or Renewing Provisions: The service contract shall include any restrictions on transferring or renewing the service contract.
    Cancellation Provision: The service contract shall include the terms, restrictions or conditions for canceling the service contract before it expires and the procedure for canceling the service contract. The conditions for canceling the service contract shall include a provision providing that a service contract in effect for at least 70 days may not be cancelled by the provider before the expiration of the agreed term or one year after the effective date of the service contract, whichever occurs first, except for: (1) failure by the holder to pay an amount when due; (2) a conviction of the holder of a crime that results in an increase in the service required under the service contract; (3) discovery of fraud or material misrepresentation by the holder in obtaining the service contract or in presenting a claim for service there under; or (4) discovery of either an act or omission by the holder or a violation by the holder of any condition of the service contract of the following if it occurred after the effective date of the service contract and substantially and material increased the service required under the service contract. Finally, the service contract shall include a provision stating that no cancellation of a service contract may become effective until at least 15 days after the notice of cancellation is mailed to the holder.
    • Holders Duties Provision: The service contract shall include the duties of the holder under the contract, including the duty to protect against damage to the property covered by the service contract or to comply with any instructions included in the owner’s manual for the property.
    • Consequential Damages Provision: The service contract shall include a provision indicating whether the service contract authorizes the holder to recover consequential damages.
    • Existing Defect Provision: The service contract shall state whether any defect in the property existing on the date of the service contract purchase is covered under the service contract.
    • Non-Insurance Statement: The service contract provider must state that a service contract is not a contract of insurance.
  • Does the Service Contract Regulation Act have any restriction on a service contract provider’s name?
    Yes. The Act prohibits a service contract provider from including in the name of his or her business the words insurance, casualty, surety, mutual, or any other word or term that implies that the service contract provider is in the business of transacting insurance or is a surety company.
  • May the approval of a loan or the purchasing of property be conditioned on the purchase of a service contract?
    No. The Service Contract Regulation Act prohibits any person from conditioning the approval of a loan or the purchase of property on the purchase of a service contract.
  • Does the Service Contract Regulation Act have any record-keeping requirements?
    Yes. Service contract providers must keep and maintain transaction records for every type of service contract issued, sold or offered for sale in the State of New Mexico. All books and records will be subject to examination by the Office of Superintendent of Insurance in accordance with the enforcement power contained in Article 4 of the New Mexico Insurance Code.
  • How long will a provider be required to retain records under the Service Contract Regulation Act?
    A provider shall retain all records relating to a service contract for at least one year after the contract has expired.
  • How are records required to be maintained under the Service Contract Regulation Act?
    Records may be stored on a computer disk or other storage device for a computer from which the records can be readily printed.
  • Do the record requirements apply to major manufacturing company service contracts?
    No. Record requirements do not apply to major manufacturing company’s service contracts.
  • What will happen if a service contract provider fails to comply with the Service Contract Regulation Act ?
    Failure to comply with the requirements of the Service Contract Regulation Act may result in penalties such as administrative fines or other action. Article 16 of the New Mexico Insurance Code governing unfair or deceptive trade practices is also applicable to service contracts. Article 16 provides for civil penalties not more than $5,000.00 for each act or violation, not to exceed $100,000 in the aggregate for violations a similar nature of the Service Contract Regulation Act.
  • Are there special requirements for insurance companies that provide service contracts?
    The Service Contract Regulation Act does not make an exception for insurers who also happen to provide service contracts in such specific situations. They would need to register as service contract providers and comply with this law.
Contact Company Licensing Bureau
Mailing Address

Office of Superintendent of Insurance
Company Licensing Bureau
PO Box 1689
1120 Paseo De Peralta
Santa Fe, NM 87504-1689

Physical Address

Office of Superintendent of Insurance
Company Licensing Bureau
Room 439
1120 Paseo De Peralta
Santa Fe, NM 87501

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