NEW MEXICO ADJUSTER LICENSING INFORMATION
- 1 License Types
- 2 Licensing Requirements
- 3 How to Apply
- 4 Maintaining Your License
- 5 Fees
- 6 Contact
- 7 Information
Independent Adjusters are licensed in New Mexico. License types: Individual, Firm or Corporation
No licensing rules are found for New Mexico
No exclusions are found
- Be 18 years of age or older;
- Be a bona fide resident of this state, or of a state or country that permits residents of this state to act as adjusters therein, except that under circumstances of necessity the superintendent may waive the requirement of reciprocity.
- Be able to demonstrate a good business reputation, and must intend to engage in a bona fide manner in the business of adjusting insurance claims.
- Have at least one year's experience or special education or training in handling claims under insurance contracts. Such experience, education, and training must be of such nature and extent as to demonstrate applicant's competence to fulfill the responsibilities of an adjuster.
- Be bonded in the amount of no less than $10,000.
- Pay the $30 licensing fee.
- Must have and maintain a principal place of business in this state that is easily accessible to the public and is the place where the adjuster principally conducts transactions under the license. The address of the principal place of business shall appear on the application for license and on the license.
• Unless denied a license, a non-resident person shall receive a non-resident license if they:
• Hold a home state license, in good standing.
• Have submitted the proper request for licensure and has paid the required fees.
• Have submitted the original home-state application for licensure to the superintendant or has completed the uniform application.
• Are from a home state that awards non-resident licenses to residents of New Mexico on the same basis.
• Special Notes
• Surety bond required: New Mexico requires all licensed adjusters to post a surety bond with a coverage value of $10,000. The annual premium charged for this bond will vary depending on your credit rating and other factors.
If the state in which you hold a resident license requires CE, then those CE hours are sufficient to satisfy New Mexico's requirements. If the state in which you hold a resident license has no CE requirements, then you must comply with New Mexico's requirement of 15 hours per year.
Requires Adjuster Bond.
Type of Adjuster: Public Adjusters
Bond Expiration information: April 30, Annually
Link to Forms: http://www.osi.state.nm.us/agent-licensing/docs/individual-applications/independent-adjuster-surety-bond.pdf
New Mexico Adjuster Application. Complete theIndependent Adjuster Affiliation Form. Complete the Bond Form. All application and bond forms must be notarized.
New Mexico is not accepting electronic renewals for any adjuster class licenses, even though these license types may display as being available for renewal within the application. Please contact Agents/Producer Licensing Bureau (Tel: (505) 827-4601 or Email: email@example.com) of the Office of Superintendent of Insurance, State of New Mexico, for more details on the renewal of adjuster licenses. The deadline for the New Mexico Application for Annual Continuance of Independent Adjuster License is April 30, 2016. Renewals received after April 30th and before June 1st, will be subject to an additional fee. The fee thereafter is equal to One Hundred Fifty Percent assessment in accordance with Section 59A-11-10(B) NMSA. (Example, $30.00 renewal fee will be $45.00 per licensee, renewal fee plus 50% late Fee, if received after April 30th.) Independent adjuster licenses not continued shall be deemed to have been terminated as of midnight April 30th.
The continuing education requirement for New Mexico adjusters is 15 hours per year, including 1 hour in ethics. This means that, before an adjuster can renew his license every other year, he must complete a total of 30 hours of CE (with 2 of those hours in Ethics) since his last renewal. There is a $50 fee for failing to report the required CE hours in a timely fashion.
As long as a nonresident adjuster satisfies his home state's continuing education requirements, he does not have to complete additional CE for New Mexico, provided his home state treats New Mexico adjusters in the same way.
|Application & Licensing Fee||$30|
|License Renewal Fee||$30|
Agents Licensing Section, P.O. Box 1269, Santa Fe, New Mexico 87504 Phone: (505) 827-1246, Email: firstname.lastname@example.org