N.M. Admin. Code § 16.61.5.8

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.5.8 - GROUP ERRORS AND OMISSIONS INSURANCE POLICY

Effective January 1, 2002 every active New Mexico real estate broker shall have in effect a policy of errors and omissions insurance. The commission shall enter into a contract with a qualified insurance carrier or its agent or broker to make available to all New Mexico real estate brokers and broker applicants a group policy of insurance under the following terms and conditions:

A. the insurance carrier is licensed and authorized by the New Mexico department of insurance to write policies of errors and omissions insurance in New Mexico;

B. the insurance carrier maintains an A.M. Best rating of "B" or better;

C. the insurance carrier will collect premiums, maintain records and report names of those insured and a record of claims to the commission on a timely basis and at no expense to the state;

D. the insurance carrier has been selected through a competitive bidding process;

E. the contract and policy are in conformance with Part 5 and all relevant New Mexico statutory requirements.

N.M. Admin. Code § 16.61.5.8

16.61.5.8 NMAC - N, 1-1-2002; A, 1-1-2006