N.M. Admin. Code § 13.4.8.8

Current through Register Vol. 35, No. 17, September 10, 2024

Section 13.4.8.8 - LICENSE REQUIRED

A. No individual or business entity shall act as or make any representation as being an adjuster unless licensed as such by the superintendent, nor shall such person accept a commission, service fee or other valuable consideration for investigating or settling claims in New Mexico if that person is required to be licensed and is not so licensed.

B. No person, regardless of location, shall act as, or make any representation as being, an adjuster with respect to workers' compensation claims of claimants resident or located in New Mexico unless licensed as such by the superintendent. Pursuant to Section 59A-13-11 NMSA 1978, each workers' compensation insurer shall have at least one claims representative within New Mexico, licensed as an adjuster, to pay workers' compensation claims of claimants resident or located in New Mexico. Such claims shall be paid promptly through such representatives from accounts in financial institutions located within New Mexico.

C. A business entity may not be licensed as an adjuster unless at least one officer, active partner, or other managing individual of the business entity, and each individual performing acts of an insurance adjuster on behalf of the business entity in this state, are individually licensed by the superintendent separately from the business entity. The business entity shall designate a licensed adjuster responsible for the business entity's compliance with the insurance laws, rules and regulations of this state.

D. Each license shall contain:

(1) the name of the insurance adjuster;

(2) the date of issuance and the date of expiration of the license; and

(3) if applicable, the name of the firm with which the insurance adjuster is employed at the time the license is issued.

E. An individual may be licensed as both an independent and staff adjuster, but must apply separately for each.

F. Each licensee who is a resident of this state or a business entity organized under the laws of this state shall:

(1) maintain a place of business in this state which shall be easily accessible to the public and is the place where the adjuster principally conducts transactions under the license;

(2) maintain in the place of business the required records; and

(3) notify the superintendent of any change in the address of the licensee's place of business within 20 days or be subject to a penalty of fifty dollars ($50).

G. No later than 30 days after moving within a state or from one state to another state, a nonresident adjuster's licensed in this state shall file with the superintendent:

(1) the licensee's new address, and

(2) proof of authorization to act as an insurance adjuster in any new state of residence if that state requires licensure of insurance adjusters.

N.M. Admin. Code § 13.4.8.8

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