RESIDENT PRODUCER LICENSE RESIDENCY REVIEW

STATE OF NEW MEXICO OFFICE OF SUPERINTENDENT OF INSURANCE SUPERINTENDENT OF INSURANCE Russell Toal DEPUTY SUPERINTENDENT Jennifer A. Catechis Main Office: 1120 Paseo de Peralta, Room 428, Santa Fe, NM 87501 Satellite Office: 6200 Uptown Blvd NE, Suite 400, Albuquerque, NM 87110 Main Phone: (505) 827-4601 | Satellite Phone: (505) 322-2186 | Toll Free: (855) 4 - ASK - OSI www.osi.state.nm.us BULLETIN 2022-009 MAY 27, 2022 TO: EVERY BUSINESS ENTITY AND INSURANCE PRODUCER INDICATING NEW MEXICO IS ITS RESIDENT STATE. RE: RESIDENT PRODUCER LICENSE RESIDENCY REVIEW The purpose of this bulletin is to advise applicants for an Insurance Producers License of the residency requirements for obtaining a resident license in New Mexico. 13.4.2.7, NMAC defines a “resident of the state” as "an individual who maintains a principal home in New Mexico and holds no active resident insurance license in another state". The general licensing requirements for individuals and business entities are specified in 13.4.2.9(A)&(B) and 13.4.2.10(A)&(B), NMAC respectively. The contents of the application form are described in 13.4.2.9(B) and 13.4.2.10(B), NMAC. Special licensing requirements applicable to individuals is specified in 13.4.2.9(F), NMAC. The Office of Superintendent of Insurance (“OSI”) has reason to believe that there may be applicants for a New Mexico Resident Insurance Producer License who do not meet residency requirements. In the event the OSI forms a reasonable belief after a review of the information required of an applicant that New Mexico is not the applicant’s principal place of residence or principal place of business, the OSI will request such other additional pertinent information and documentation as the Superintendent may reasonably deem necessary to make a determination of residency. Examples of documents that may be requested can be found at https://a.storyblok.com/f/132761/x/eceb27ebe7/required-resident-documents-5-2022.pdf. Failure to provide the additional documents or other information can result in the suspension, revocation, or refusal of a Resident Insurance Producer License. Please direct all inquiries to agents.licensing@state.nm.us or (855) 4-ASK-OSI. B U L L E T I N 2 0 2 2 - 0 0 9 P a g e | 2 Main Office: 1120 Paseo de Peralta, Room 428, Santa Fe, NM 87501 Satellite Office: 6200 Uptown Blvd NE, Suite 400, Albuquerque, NM 87110 Main Phone: (505) 827-4601 | Satellite Phone: (505) 322-2186 | Toll Free: (855) 4 - ASK - OSI www.osi.state.nm.us Thank you for your cooperation. ISSUED this 27th day of May, 2022. ____________________________ RUSSELL TOAL SUPERINTENDENT OF INSURANCE