The bill amends the New Mexico Insurance Code to update licensing fees, time frames, and requirements for insurance-related entities. 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 continuation fee at 150% of the standard fee. Additionally, it mandates that insurance producers renew their appointments annually by March 1 and maintain updated contact information with the superintendent, including residential, business, or email addresses, with a penalty of $50 for non-compliance.

The bill also imposes new requirements on insurers regarding the submission and maintenance of contact information related to statutory deposits, fees, and assessments. Insurers must file the name, phone number, and email address of the responsible individual using a form provided by the superintendent and update this information within thirty days of any changes. Furthermore, insurers are required to submit documentation of any amendments to their certificate of authority within thirty days, with potential administrative penalties for failure to comply. Overall, the bill aims to streamline the licensing process and enhance regulatory compliance within the insurance industry.

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