New Mexico Statutes 59A-12B-3. Licensure
A. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless such person is a licensed agent or broker in this state.
Terms Used In New Mexico Statutes 59A-12B-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
B. No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as an agent or broker in this state pursuant to the provisions of the Managing General Agents Law.
C. The superintendent may require a bond in an amount acceptable to him for the protection of the insurer.
D. The superintendent may require the managing general agent to maintain an errors and omissions policy.