Insurance Bureaus >> Agent Licensing Bureau >> Agent Licensing Frequently Asked Questions

Agent Licensing Frequently Asked Questions

1. What is the difference between an Agent and a Broker?
   An Agent represents an insurer and a Broker represents an insured.
   
   
2. What is the difference between an Agent and a Solicitor?
   An Agent is sponsored / appointed by an insurer. A Solicitor is sponsored / appointed by an Agent.
   
   
3. 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.
   
   
4. When are Renewals due each year?
   All Renewals are due by April 1st except for Motor Club Renewals, which are due December 31st.
   
   
5. When is Continuing Education due each year?
   All Continuing Education is due by September 30th. This only applies to Resident Agents. Non Resident Agents are exempt from this requirement.
   
   
6. Do Corporations/Partnerships have to register with the New Mexico Corporations Bureau prior to being licensed with Agents Licensing?
   Yes
   
   
7. Do Resident Agents switching from a Non Resident license to a Resident license have to take the New Mexico Insurance Examination?
   Yes
   
   
8. 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
   
   
9. Does an individual applying for a Resident Agent license with a CLU designation have to take the New Mexico Insurance Examination?
   No
   
   
10. 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
    
    
11. For an Agency Name Change or Change of Federal ID Number, do you have to make changes with the New Mexico Corporations Bureau first prior to submitting paperwork to Agents Licensing?
    Yes
    
    
12. Are Viatical Brokers regulated and have existing license requirements?
    Yes
    
    
13. 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.