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As of September 2017, The New Mexico Division of Insurance no longer requires non-resident insurance brokers to be bonded.
How much does a non-resident insurance broker bond cost in New Mexico?
Non-resident insurance brokers are required to post a surety bond by the Insurance Division of the New Mexico Public Regulation Commission. The required amount of this bond varies.
New Mexico non-resident insurance broker bonds can be issued instantly issues for just $100 - no credit check required.
Why do I need this bond?
New Mexico non-resident insurance broker bonds ensure that principals (non-resident insurance brokers) act in good faith and comply with the provisions of the New Mexico Insurance Code. Should the principal breach the regulations outlined in the code, a claim can be filed against the bond for potential losses or damages. Violations include:
- operating without a license
- failing to notify the superintendent of a business address change
- refusing a request to obtain premiums collected by insurance other than life
- failing to maintain the minimum required credit hours annually for continued education (15)
- participating in fraudulent or discriminatory practices
What’s the fine print?
The Insurance Division of the New Mexico Public Regulation Commission mandates that all non-resident insurance brokers working for the state secure a surety bond. These bonds remain valid for 1 year before they must be renewed. If the surety wishes to terminate the bond, it must provide a 30-day written notice of cancellation to the Superintendent of Insurance. During this period, the surety remains liable for all claims filed against the bond.
How to become a non-resident insurance broker in New Mexico
To work as a non-resident insurance broker for New Mexico, you must receive an approved license from the Office of Superintendent of Insurance. You must be 18 years of age, pass an exam required to establish your competency in the field and be a trustworthy and financially-responsible individual. The following information must be provided in the application:
- demographic information
- insurance agency affiliations
- employment history (past 5 years)
- jurisdiction and type of license requested
- background information
- application fee ($30)
Non-resident insurance broker licenses expire April 30 every year. Renewals begin on March 1.