A. The superintendent shall issue a license as an insurance consultant to a person who:
(1) has reached the age of majority;
(2) files a written application in the manner and form prescribed by the superintendent, stating the lines of insurance for which the applicant desires a license;
(3) passes an examination as provided in Subsection B of this section;
(4) pays an application fee and an examination fee as specified in Section 59A-6-1 NMSA 1978; and
(5) satisfies the superintendent that the person is competent, financially responsible and of good moral character.
B. The superintendent shall examine all initial applicants for a license as an insurance consultant in the manner and form that the superintendent prescribes. The examination shall be of sufficient scope to demonstrate a broad knowledge of insurance contracts and the practices of the insurance industry in the lines of insurance for which the applicant desires a license. However, the superintendent may waive the requirement for the examination for:
(1) property and casualty insurance in the case of an applicant who has been awarded the professional designation of chartered property and casualty underwriter or certified insurance counselor in the property and casualty line;
(2) life and accident insurance in the case of an applicant who has been awarded the professional designation of chartered life underwriter; and
(3) all lines of insurance in the case of an applicant who has been awarded the professional designations of chartered property and casualty underwriter and chartered life underwriter.
C. If an applicant fails an examination, the applicant may be reexamined upon payment of a ten-dollar ($10.00) examination fee for each reexamination.
D. The license as an insurance consultant shall be issued for two years. The license may, at the discretion of the superintendent, be renewed biennially upon application and payment of a fee as specified in Section 59A-6-1 NMSA 1978.
History: Laws 1989, ch. 97, § 3; 2011, ch. 127, § 7.
The 2011 amendment, effective July 1, 2011, imposed the license fees specified in Section 59A-6-1 NMSA 1978.
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