New Mexico Independent Adjuster Bond
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The New Mexico Independent Adjuster Bond requirement was repealed effective June 17th 2023.
The New Mexico Office of the Superintendent of Insurance no longer enforces this bond requirement. New Mexico Governor Lujan-Grisham signed House Bill 229 on April 5th, 2023, which removed the Surety bond requirement for the state's independent adjuster licensees.
On April 12, 2023, the New Mexico Office of Superintendent of Insurance issued Bulletin 2023-007 explaining that effective June 16th, 2023, only public adjusters will be required to provide a surety bond to obtain and maintain state-issued licensure.
If you work as a public insurance adjuster in New Mexico, you can buy your New Mexico public insurance adjuster bond online 24/7. SuretyBonds.com offers dozens of New Mexico surety bonds for other licensing requirements enforced across the state. If you work as an insurance adjuster in other states, we also offer insurance adjuster bonds nationwide.
How much does a New Mexico independent adjuster bond cost?
New Mexico independent adjuster surety bonds previously cost $100 annually. Multi-year-discounts were available for adjusters who chose to purchase an extended bond term.
How can you get a New Mexico independent adjuster bond?
To get a New Mexico independent adjuster surety bond before the requirement was repealed, you would select your preferred term length and provide your licensee name, residential address, and National Producer Number (NPN) to buy your bond securely online in minutes. Once your payment was received, your official bond documents were delivered to your email instantly.
How fast can I get an independent insurance adjuster bond in New Mexico?
SuretyBonds.com previously offered instant New Mexico independent adjuster surety bond delivery 24/7. Independent adjusters could receive their official New Mexico surety bond delivered in minutes by email.
What is a New Mexico independent adjuster bond?
NMSA 1978 Section 59A-13-NMSA 1978 previously required the state's independent insurance adjusters to file a $10,000 surety bond before they could be licensed with the Office of the Superintendent of Insurance.
Why do you need the New Mexico independent adjuster bond?
This bond previously ensured that licensees comply with New Mexico Insurance Code provisions pertaining to independent insurance adjusters. If they failed to do so, a claim could be made against the bond. The bond could then provide reparation for damages if the licensee was found guilty of law violations or unfair practices while working as a licensed independent adjuster.
How do I update or change my independent adjuster bond form?
If the New Mexico Office of the Superintendent of Insurance requires your surety bond documentation to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes for these bonds include:
- independent adjuster's name
- independent adjuster's home and/or business address
- independent adjuster's National Producer Number (NPN)
How do I renew my independent adjusters bond in New Mexico?
With the repeal of this surety bond requirement, you no longer need to renew your current/existing New Mexico independent adjuster surety bond.
How do you get your adjusters license in New Mexico?
Applicants must meet the following licensing requirements established by the Office of the Superintendent:
- Be at least 18 years old
- Reside in New Mexico
- Complete your license application
- Pay your$30 license fee