January 30, 2002
Mr. President:
Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom has been referred
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 10, between lines 3 and 4, insert the following new section:
"Section 2. Section 59A-11-8 NMSA 1978 (being Laws 1984, Chapter 127, Section 187) is amended to read:
"59A-11-8. 187. ISSUANCE, REFUSAL OF LICENSE [REFUNDABILITY
OF FEES].--[A.] If the superintendent finds that the application
is complete, that the applicant has passed all required
examinations and is otherwise qualified for the license applied
for, he shall promptly issue the license. Otherwise, the
superintendent shall refuse to issue the license and promptly
notify the applicant and the appointing insurer, employer, or
principal where applicable, of such refusal and stating the
grounds therefor.
[B. If the license is refused, the superintendent shall
refund any applicable appointment fee tendered with the
application for license. The fee for filing application for
license or for examination shall be deemed earned when paid and
shall not be refundable.]"".
2. On page 10, between lines 22 and 23, insert the following new section:
"Section 4. Section 59A-12-26 NMSA 1978 (being Laws 1984, Chapter 127, Section 227, as amended by Laws 1999, Chapter 272, Section 16 and also by Laws 1999, Chapter 289, Section 17) is amended to read:
"59A-12-26. CONTINUED EDUCATION.--
A. For protection of the public and to preserve and improve competence of licensees, the superintendent may in his sole discretion require as a condition to continuation of license as agent, solicitor or broker under this article that during the twelve months next preceding expiration of the current license period the licensee has attended the minimum number of hours of formal class instruction, lectures or seminars required and approved by the superintendent covering the kinds of insurance for which licensed.
B. Such instruction shall be designed to refresh the licensee's understanding of basic principles and coverages involved, recent and prospective changes therein, applicable laws and rules and regulations of the superintendent, proper conduct of the licensee's business and duties and responsibilities of the licensee.
C. The superintendent may permit licensees who because of remoteness of residence or business cannot with reasonable convenience attend such formal instruction sessions to take and successfully complete an equivalent course of study and instruction by mail.
D. The superintendent shall promulgate rules and regulations for effectuation of the purposes and requirements of this section and may impose a penalty not to exceed fifty dollars ($50.00) for a licensee's failure to timely report continuing education credits.
E. For the purposes of this section, the superintendent
shall charge, at the time of certifying each licensee's continuing
education credits as a condition of continuation of license, a fee
of [five dollars ($5.00)] one dollar ($1.00) per credit hour of
continuing education; provided that the superintendent may
contract with an established and experienced independent agency to
receive and review continuing education compliance reports and, in
such a case, the fee shall be a reasonable amount, fixed by the
superintendent and payable to the contracting agency.
F. This section shall not apply to holders of limited license issued under Section 59A-12-18 NMSA 1978."".
3. Renumber all sections accordingly.
4. On page 12, line 18, strike "the" and after "benefits" insert "of that type".,
and thence referred to the FINANCE COMMITTEE.
Respectfully submitted,
__________________________________
Roman M. Maes, III, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 5 For 0 Against
Yes: 5
No: 0
Excused: Aragon, Leavell, Robinson, Snyder
Absent: None
S0235CT1 .140604.2