A. A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this section shall include the following:

(1) the name of the insured;

(2) the date, location and amount of the loss;

(3) a copy of the contract between the public adjuster and the insured;

(4) the name of the insurer, amount, expiration date and number of each policy carried with respect to the loss;

(5) an itemized statement of the insured's recoveries;

(6) an itemized statement of all of the compensation received by the public adjuster, from any source whatsoever, in connection with the loss;

(7) a register of all of the money received, deposited, disbursed or withdrawn in connection with a transaction with an insured, including fees, transfers and disbursements from a trust account and all transactions concerning all interest-bearing accounts;

(8) the name of the public adjuster who executed the contract; and

(9) the name of the attorney representing the insured, if applicable, and the name of the claims representatives of the insurance company.

B. Records shall be maintained for at least five years after the termination of the transaction with an insured and shall be open to examination by the superintendent at all times.

C. Records submitted to the superintendent pursuant to this section that contain information identified in writing as proprietary by the public adjuster and accepted as confidential by the superintendent shall be treated as confidential by the superintendent, shall not be subject to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978], shall not be subject to subpoena and shall not be subject to discovery or admissible as evidence in any private civil action.

History: Laws 2017, ch. 76, § 11.

Effective dates. — Laws 2017, ch. 76 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.