Producer Licensing Bureau

Producer Licensing Bureau

The Producer Licensing Bureau is responsible for the licensing and regulation of individuals and businesses who conduct insurance business in the state of New Mexico. To protect insurance consumers the bureau determines the qualifications and eligibility of applicants and processes license applications, company appointments by insurers, renewals, banking of continuing education credits, and approval of pre-licensing and continuing education courses.

Effective 7/1/2019 Self Service Storage Insurance Producer License

In 2016 the New Mexico Legislature enacted new laws that make significant changes to the way individuals and business will be licensed in New Mexico. The new laws and conversion to a new licensing system, State Based Systems (SBS), are intended to streamline the licensing process. July 1, 2017, is the effective date for the new laws to take effect and the conversion to the new licensing system.

The information provided below is intended to assist licensees by providing information and guidelines regarding the new licensing laws. You are urged to familiarize yourself with the new laws and licensing procedures.

Going Live with NAIC’s State Based Systems!

What does this mean for you?
The New Mexico Office of the Superintendent of Insurance will go live with a new back-office software solution, State Based Systems (SBS), on July 10, 2017

Click NM Implementation Flyer for further information.

Summary of Upcoming Changes to the New Mexico Insurance Code

The following summarizes the major statutory changes resulting from legislation passed during the 2016 and 2017 legislative sessions that may affect the Producer Licensing Bureau of the New Mexico Office of Superintendent of Insurance and its licensees. All laws shown are effective on July 1, 2017.

This summary is for informational purposes only and is not intended to be an exhaustive analysis of the statutory changes to the insurance code. Other statutory changes may indirectly impact insurance producers and their work. Please review New Mexico’s insurance laws carefully to assure your compliance when transacting insurance business in New Mexico. Statutory references have been provided where available.

Where compilation is pending, the reference is to the session bill.

Click Summary of Upcoming Change July 2017 to continue reading.

The Offerings sections for NRR and RLR have been updated. License type Agent was included in the pre-conversion offerings incorrectly. Missing partial renewal rule has been added to the NRR business rules section. Solicitor has been removed from affiliation requirement for NRL and NRR, NUQ from NRL, and offerings from NRR. NUQ Key values have been updated from 2 and 2a-2e to 7 and 7a-7e.

Additional clarification has been added to the Title NUQ and the date format has been updated to YYYYMMDD. Pharmacy Benefit Mgr LOA has been corrected from TPA Rx (exclusively) to None. The affiliate fee for
Business Entity Insurance Consultants during the late renewal grace period has been corrected from 20 to 30.

Click SBS Conversion Notification to continue reading.

Lines of Authority

Article 7 – Kinds of Insurance
To bring New Mexico into conformity with national uniform standards and to
streamline processes, New Mexico will now have six major lines of authority and four limited lines. The major lines of authority are Life and Annuity, Accident and Health or Sickness, Property, Casualty, Variable Life and Variable Annuity, and Personal Lines. The limited lines of authority areLines of Authority beginning July 2017 Credit, Crop, Travel, and Title.
Descriptions of the lines have been replaced in the statute by a list of those types of insurance that fall under each of the six lines of authority. See §59A-7-1 through 7-9 NMSA 1978.

License Offerings Effective July 1, 2017

Due to changes in the law and conformity with national uniformity standards, some of our current license types will be converting to the new license types  License Types Effective July 2017

Exam Procedures

Office of Superintendent of Insurance has contracted with PSI to conduct its examination program. PSI provides computerized testing through the multistate PSI Testing Network. For more details please visit PSI website.

Before you can test, you must complete the following steps with PSI:
Complete and submit the registration form, and all fees to PSI’s New Mexico Processing Center.
Once you have received approval, contact PSI to schedule an appointment to take your exam. If you require ADA
accommodation or ESL additional time, see “Special test considerations” on Page 7 before registering.
If you do not take your exam within six months of receiving notification of approval, you will need to reapply in order
to take your exam. Fees are not refundable or transferable.

Registering and scheduling exams

Scheduling
Once PSI has received and processed your exam registration, you will need to schedule an appointment to take your
exam. You are encouraged to schedule your exam using the PSI Internet scheduling system. Scheduling is also
available by phone.

Licensing Process

All candidates must submit a completed application within 30 days of passing their exam. Applications must be
submitted online at National Insurance Producer Registry Applicants who are unable to submit an online application may contact the
Producer Licensing Bureau for assistance at the following address.

Producer Licensing Bureau
NM Office of Superintendent of Insurance
PO Box 1689
Room 331
Santa Fe, NM 87504

Please click the Provider and course requirements link for further information.

2018 RENEWAL NOTICE

All licensees (individual and business entities) licensed prior to July 1, 2017, and whose license expires on April 30, annually, are required to renew their license. Renewals must be completed online. Renewal notices will no longer be mailed out to the licensees.

Important Notices(s)
Renewal Instructions
Individual License Renewal

Renewal Notice

Company Appointment Renewals
  • Click here for appointment renewals
Business Entity Renewal Information
FAQs
  • What is the difference between an Agent and a Broker?

An Agent represents an insurer and a Broker represents an insured.

  • What is the difference between an Agent and a Solicitor?

An Agent is sponsored/appointed by an insurer. A Solicitor is sponsored/appointed by an Agent.

  • What is the difference between a Broker and an Adjuster?

An Adjuster settles claims for an insurer. A Broker represents an insured usually by procuring tailored specific insurance coverages.

  • When are Renewals due each year?

All Renewals are due by April 1st except for Motor Club Renewals, which are due December 31st.

  • When is Continuing Education due each year?

All Continuing Education is due by September 30th. This only applies to Resident Agents. Non-Resident Agents are exempt from this requirement.

  • Do Corporations/Partnerships have to register with the New Mexico Secretary of States Office prior to being licensed with Agents Licensing?

Yes.

  • Do Resident Agents switching from a Non Resident license to a Resident license have to take the New Mexico Insurance Examination?

Yes.

  • Does a Third Party Administrator have to be licensed in the State of New Mexico if the entity only handles a limited portion of the claims process?

Yes.

  • Does an individual applying for a Resident Agent license with a CLU designation have to take the New Mexico Insurance Examination?

No.

  • If a Producer/Agent assigns his commissions to an Agency, does the Agency need to be licensed in the State of New Mexico as well?

Yes

  • For an Agency Name Change or Change of Federal ID Number, do you have to make changes with the Secretary of States Office first prior to submitting paperwork to Agents Licensing?

Yes

  • Are Viatical Brokers regulated and have existing license requirements?

Yes

  • Does the Life License qualify for Viatical Broker Licensure? Or is there a specific license type?

Yes, however, if you are not licensed for Life, you must take the Life Examination.

Additional Resources

 

Contact the Producer Licensing Bureau

Mailing Address:

Producer Licensing Bureau,
PO Box 1689,
Santa Fe, NM 87504

Overnight Deliveries:

Producer Licensing Bureau,
1120 Paseo de Peralta, RM 331
Santa Fe, NM 87501

Submit a direct query

Need further assistance, reach us here!
Phone:505-827-4349