The bill amends the New Mexico Insurance Code to revise licensing fees, renewal time frames, and requirements for insurance producers and adjusters. 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 renewal period for individual licenses is changed to a biennial basis aligned with the licensee's birth month, while business entity licenses will renew biennially on March 1, with some exceptions for annual renewals. Additionally, the bill enhances requirements for maintaining current contact information with the superintendent and imposes penalties for failing to notify changes within specified time frames.

Moreover, the bill mandates 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 update this information within thirty days of any changes or upon request from the superintendent, with non-compliance potentially resulting in administrative penalties. The bill also establishes a new requirement for insurers to submit documentation to the superintendent within thirty days of any amendments to their certificate of authority, with similar penalties for failure to comply. Overall, the bill aims to streamline the licensing process and enhance regulatory compliance.

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