The bill amends the New Mexico Insurance Code to revise licensing fees, time frames, and requirements for insurance-related entities. It introduces a new fee structure for multiple employer welfare arrangements, employee leasing contractors, and professional employer organizations, establishing an initial registration fee of $1,000 and an annual renewal fee of $200. The time frame for license continuation requests is extended from thirty days to one year, contingent upon the payment of a higher continuation fee. Additionally, it mandates that insurance producers renew their appointments annually by March 1 and maintain updated contact information with the superintendent, including their residential, business, or email addresses. A penalty of $50 is imposed for failure to notify the superintendent of any changes within thirty days.

The bill also requires insurers to submit and maintain updated contact information related to statutory deposits, fees, and assessments, including the name, phone number, and email address of the responsible individual. Insurers must file this information using a form provided by the superintendent and update it within thirty days of any changes. Furthermore, insurers are required to submit documentation to the superintendent within thirty days of any amendments to their certificate of authority, such as form A filings or corporate amendments. Noncompliance with these requirements may result in administrative penalties, thereby enhancing the regulatory framework for the insurance industry in New Mexico.

Statutes affected:
introduced version: 59A-6-1, 59A-11-10, 59A-11-12, 59A-12-17, 59A-13-9