NEW MANDATORY SURPLUS LINES TAX FILING PROCEDURES FOR NEW MEXICO
Non-OPTins filings will not be accepted after the second quarter of 2014.
New Mexico surplus lines tax is calculated as 3.003% of gross premiums.
2) First-time site visitors, click on “Getting Started” in the upper LH corner and follow directions to register and submit necessary forms (NOTE: The registration process can take up to two weeks.)
3) Once you have registered and submitted all the appropriate forms, you will be assigned a username and password by OPTins.
4) Registered users, click on “Click Here to Login to OPTins” in the upper RH corner, then enter your username and password
5) Follow the prompts to complete your quarterly NM surplus lines tax filing documents and payment.
When filing, you will be asked to provide the following information for each policy reported:
- Name of Insurer, NAIC Company Code
- Policy Number
- Effective and Termination Dates of Policy
- Detailed description of coverage, including reason for endorsement, etc.
- Premium on initial policy
- Additional premium (endorsements, audits)
- Cancellation or Return Premium
- Additional Fees (policy fees, inspection fees, risk purchasing group fee, etc.)
- NM surplus lines tax (3.003% of total gross premium)
- Copy of the required Producing Broker Affidavit.pdf. The licensed individual (not agency) who conducted the diligent search must be named at the top of the form and must sign the affidavit. Notarization is no longer required.
- Copy of the policy documentation (i.e. declarations page, endorsement, audit and/or cancellation) for each of the surplus lines policies being reported. The declarations page must be stamped with the required wording (see below), but an endorsement will be accepted if the required wording will not fit on the declarations page.
Stamping of the Policy Declarations
The New Mexico Surplus Lines Law and Regulation require that all policies delivered in New Mexico contain the following wording stamped, printed, or otherwise displayed on the Declarations Page in BOLD FACE, 10-point or larger type.
“THIS POLICY PROVIDES SURPLUS LINES INSURANCE BY AN INSURER NOT OTHERWISE AUTHORIZED TO TRANSACT BUSINESS IN NEW MEXICO.
THIS POLICY IS NOT SUBJECT TO SUPERVISION, REVIEW OR APPROVAL BY THE SUPERINTENDENT OF INSURANCE. THE INSURANCE SO PROVIDED IS NOT WITHIN
THE PROTECTION OF ANY GUARANTY FUND LAW OF NEW MEXICO DESIGNED TO PROTECT THE PUBLIC IN THE EVENT OF THE INSURER’S INSOLVENCY.”
Forms and Documents
OPTins Technical Support
Victoria A. Baca, Financial Analyst
Company Licensing Bureau
Office of Superintendent of Insurance