N.M. Admin. Code § 13.4.8.15

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.4.8.15 - STAFF ADJUSTERS

A.Description of staff adjusters. A staff adjuster is an employee of an insurance company whose work is to investigate, evaluate, and eventually settle a claim. In certain situations, a staff adjuster may award the claim to the insured (by writing a check in behalf of the company). Evidence of financial responsibility as described in 13.4.8.11 NMAC is not required of licensed staff adjusters.

B.Powers of staff adjusters. A staff adjuster shall have only such powers with respect to claims and losses as granted by the staff adjuster's employer or affiliates of the staff adjuster's employer.

C.Appointment required. A staff adjuster must be appointed by an insurance company in order to be licensed in this state.

(1) If the appointment of a licensed staff adjuster is terminated by an insurance company for any reason, notice shall be provided to the superintendent within 10 days.

(2) After a staff adjuster's appointment by the insurance company is terminated, the staff adjuster's license will terminate automatically if the superintendent is not notified that the staff adjuster has been appointed by another insurance company within 30 days after submission of the initial notice that the appointment has been terminated.

D.Examination requirement.

(1) Although the initial examination requirement is waived for adjusters who were licensed prior to July 1, 2017, the examination waiver is lost if the adjuster's license is terminated for any reason after July 1, 2017, including loss of the staff adjuster's appointment. Once a license is terminated and the waiver is lost, the adjuster must pass the required examination before the license will be reinstated.

(2) The applicant must pass the required examination within one year prior to applying for the license. If a staff adjuster who has passed the required examination is without an appointment or is otherwise unlicensed for more than one year, reexamination will be required before the license can be reinstated.

N.M. Admin. Code § 13.4.8.15

Adopted by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 7/1/2019