New Mexico Independent and Public Adjuster Bonds
New Mexico Independent or Public Adjuster Bond Information
Licensed public and independent insurance adjusters in New Mexico are required to furnish a $10,000 surety bond to the State of New Mexico, Division of Insurance, Producer Licensing Bureau. The surety bond is conditioned upon the independent or public adjuster complying with the applicable provisions of the New Mexico Insurance Code and all related rules and regulations set out by the Division. Furthermore, the surety bond authorizes recovery by the Division of Insurance of damages sustained in situations where the licensee violates the rules, regulations or laws of the state of New Mexico. The surety bond must remain in effect for the duration of the license, or until cancelled by the surety company and released from liability by the superintendent. The surety company is authorized to cancel the bond by giving thirty days written notice to the superintendent.
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What Does an Adjuster Bond Protect Against?
This independent adjuster surety bond is written for the benefit of the New Mexico Division of Insurance and recovery is authorized against the surety bond by the Division for financial damages sustained when licensee is guilty of law violations or unfair practices, or other infractions in connection with his or her business as an Independent Adjuster. The aggregate liability to the surety company is limited to the penal sum of the bond and the bond may be cancelled by the surety company with 30 days written notice to the Agent Licensing Bureau of the New Mexico Insurance Division.
The public adjuster bond is conditioned upon the licensed as public adjuster's compliance with the provisions of the New Mexico Insurance Code pertaining to insurance adjusters. This surety bond is written in favor of the Division and specifically authorizes recovery by the Division for any damages sustained in the event the licensee is guilty of violations of law or unfair practices in connection with business conduct as a public adjuster.
Getting Your New Mexico Business License or Registration
No person is permitted to act as, or hold himself out to be, an adjuster in the state of New Mexico unless properly licensed as such by the superintendent under the New Mexico Insurance Code. The superintendent licenses adjuster's only who are in compliance with this article and Article 11 [Chapter 59A Article 11 NMSA 1978] (licensing procedures) of the Insurance Code. The following requirements generally must be met by the adjuster applicant;
- At least 18 years of age
- New Mexico resident of this state or country that permits residents of this state to act as adjusters
- Demonstrated a good business reputation and intentions to conduct business of adjusting insurance claims
- At least one year's experience or special education or training in handling of losses or claims under insurance contracts to demonstrate applicant's competence to fulfill the responsibilities of an adjuster
- Has filed the surety bond required under Section 233 [ 59A-13-5 NMSA 1978] and described above