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FAQ's

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       4-2-2018UpdatedLicensingRegulation.pdf

  • What is the difference between an Agent and a Broker?
    An Agent represents an insurer and a Broker represents an insured.

  • What is the difference between a Broker and an Adjuster?
    An Adjuster settles claims for an insurer. A Broker represents an insured usually by procuring tailored specific insurance coverages.

  • Do Resident Agents switching from a Non Resident license to a Resident license have to take the New Mexico Insurance Examination?
    Yes

  • Does a Third Party Administrator have to be licensed in the State of New Mexico if the entity only handles a limited portion of the claims process?
    Yes

  • Does an individual applying for a Resident Agent license with a CLU designation have to take the New Mexico Insurance Examination?
    No

  • If a Producer/Agent assigns his commissions to an Agency, does the Agency need to be licensed in the State of New Mexico as well?
    Yes

  • For an Agency Name Change or Change of Federal ID Number, do you have to make changes with the New Mexico Secretary of State's Office first prior to submitting paperwork to Agents Licensing?
    Yes

  • Do Corporations/Partnerships have to register with the New Mexico Secretary of State's Office prior to being licensed with Agents Licensing?
    Yes
  • Are Viatical Brokers regulated and have existing license requirements?
    Yes
  • Does the Life License qualify for Viatical Broker Licensure? Or is there a specific license type?
    Yes, however if you are not licensed for Life, you must take the Life Examination.  


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Contact Info:
Phone 505-843-7231
1511 University Blvd. NE
Albuquerque, NM 87102

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