The bill amends the New Mexico Insurance Code to revise licensing fees, renewal time frames, and requirements for insurance producers and adjusters. It introduces new fees 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 appointments for insurance producers be renewed annually by March 1 and imposes penalties for failing to notify the superintendent of address changes.

Moreover, the bill enhances requirements for insurers to maintain current contact information with the superintendent, necessitating the submission of the name, phone number, and email address of individuals responsible for statutory deposits, fees, and assessments. Insurers must update this information within thirty days of any changes or upon request, with non-compliance resulting in administrative penalties. The bill also requires insurers to submit documentation of any amendments to their certificate of authority within thirty days, further emphasizing accountability and timely communication with regulatory authorities.

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