A. No administrator shall perform or provide any service, function, duty or activity respecting any insurance, plan, self-insurance or alternatives to insurance in an administrative or management capacity in this state or with respect to risks located or partially located in this state or on behalf of persons in this state unless licensed as an administrator under the Insurance Code.
B. Licensing procedures for administrators shall be in accordance with Chapter 59A, Article 11 NMSA 1978.
C. In addition to any applicable denial, suspension or revocation of a license, refusal to continue license or administrative fine, violation of this section shall be a misdemeanor punishable by a fine not to exceed one thousand dollars ($1,000) and by forfeiture to the state of an amount equal to all compensation for services as administrator received or to be received by the violator by reason of the prohibited transactions.
History: 1978 Comp., § 59A-12A-3, enacted by Laws 1989, ch. 374, § 3; 2016, ch. 89, § 50.
The 2016 amendment, effective July 1, 2017, removed the superintendent's authority to waive examination requirements for certain administrators, and removed the requirement that every corporation or partnership licensed as an insurance administrator have each of its officers, managers and partners individually licensed as insurance administrators; in Subsection A, after "alternatives to insurance in", deleted "any" and added "an"; in Subsection B, after "Licensing", deleted "and examination", and after "Article 11 NMSA 1978", deleted "except that the superintendent may, in his discretion, waive the examination requirements for administrators who are operating in New Mexico prior to the effective date of Chapter 59A, Article 12A NMSA 1978"; and deleted former Subsection C and redesignated Subsection D as Subsection C.
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
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