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