Qualifications for license as adjuster.

A. The superintendent shall license as an adjuster only an individual who is otherwise in compliance with Chapter 59A, Articles 11 and 13 NMSA 1978 and who has furnished evidence satisfactory to the superintendent that the applicant for license: (1) is not less than eighteen years of age; (2) is a bona fide resident of this state, or of a state or country that permits residents of this state to act as adjusters therein, except that under circumstances of necessity the superintendent may waive the requirement of reciprocity; (3) can demonstrate a good business reputation, and intends to engage in a bona fide manner in the business of adjusting insurance claims; (4) has passed any examination required for licensing; and (5) has filed the bond required under Section 59A-13-5 NMSA 1978. B. Paragraphs (2) and (5) of Subsection A of this section shall not apply as to staff adjusters. C. Individuals holding licenses as adjusters on the effective date of the Insurance Code [Chapter 59A NMSA 1978] shall be deemed to meet the qualifications for the license except as provided in Chapter 59A, Articles 11 and 13 NMSA 1978. D. A business entity applying for an independent adjuster license for the purposes of portable electronics insurance in New Mexico shall submit the names, addresses, social security numbers or individual taxpayer identification numbers, criminal and administrative histories, background checks, biographical statements and fingerprints of all executive officers and directors of the applicant and of all executive officers and directors of entities owning and any individuals owning, directly or indirectly, fifty-one percent or more of the outstanding voting securities of the applicant. Any nonresident business entity applicant whose resident state has enacted into law provisions that are substantively duplicative of the provisions of this subsection shall not be required to submit criminal histories, background checks, biographical statements and fingerprints for its executive officers, directors and owners of outstanding voting securities.