N.M. Admin. Code § 13.4.8.7

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

Section 13.4.8.7 - DEFINITIONS

As used in this rule:

A."Adjuster" has the meaning provided in Section 59A-13-2 NMSA 1978.

B."Advertisement" is as set forth in Subsection 19 of this rule.

C."Business entity" has the meaning provided in Section 59A-13-2 NMSA 1978.

D."Catastrophic disaster" means an event that results in large numbers of deaths and injuries; causes extensive damage or destruction of facilities that provide and sustain human needs; produces an overwhelming demand on state and local response resources and mechanisms; causes a severe long-term effect on general economic activity; or severely affects state, local and private sector capabilities to begin and sustain response activities. For purposes of this rule, a catastrophic disaster shall be declared by the president of the United States, the governor of the state, or the superintendent of insurance.

E."Designated home state" is used when the adjuster's home state does not license adjusters and means a state in which an adjuster does not maintain his, her, or its principal place of residence or business, but in which the adjuster is licensed in good standing and has designated as the home state for purposes of compliance with licensing regulations.

F."Home state" means the District of Columbia or any state or territory of the United States which is the principal place of residence or principal place of business for an insurance adjuster and in which the adjuster is licensed to provide services as a resident adjuster.

G."Independent adjuster" means an adjuster who is not a staff adjuster or a public adjuster and includes a representative or an employee of an independent adjuster. An independent adjuster is a professional who conducts investigations, verifications, negotiations, and settling of claims for or on behalf of an insurance company, a self-insured firm, or a government agency, without being under the employment of the company, firm, or agency in question.

H."Insurance" has the meaning set forth in Section 59A-1-5 NMSA 1978.

I."Negotiate" means the act of conferring directly with or offering advice directly to a person whose real or personal property is covered under a policy of insurance regarding a claim or claims for loss or damage with the objective of arriving at a settlement.

J."Nonresident adjuster" means an adjuster who has a current resident license in the adjuster's home state or designated home state, and who has applied for and received a nonresident adjuster's license in this state. A nonresident adjuster may be licensed only for the same type or types of adjuster's license for which the adjuster is licensed in the home state or designated home state.

K."Public adjuster" means an adjuster who, for direct or indirect compensation or any other thing of value on behalf of the insured:

(1) acts or aids, investigates, negotiates, settles, adjusts, advises or otherwise assists an insured with a claim or claims for loss or damage under any policy of insurance covering the insured person's real or personal property, or on behalf of any other public insurance adjuster who is acting on behalf of an insured;

(2) advertises for employment as a public adjuster of insurance claims or solicits business or represents himself or herself to the public as an public adjuster of first-party insurance claims for losses or damages arising out of policies of insurance that insure real or personal property; or

(3) directly or indirectly solicits business, investigates or adjusts losses, or advises an insured about first-party claims for losses or damages arising out of policies of insurance that insure real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy, for the insured.

L."Resident of the state" means an individual who maintains a principal home in New Mexico and holds no active resident insurance license in another state.

M."Resident adjuster" means an adjuster who resides principally in New Mexico and who conducts business primarily in New Mexico or who has designated New Mexico as the home state for purposes of licensing;

N."Staff adjuster" a person who is a salaried employee of an insurer or an affiliate of the insurer, and who is engaged in adjusting insured losses solely for that company or other companies under common control or ownership.

O."Superintendent" means the superintendent of insurance, the office of superintendent of insurance or employees of the office of superintendent of insurance acting within the scope of the superintendent's official duties and with the superintendent's authorization.

N.M. Admin. Code § 13.4.8.7

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