SB 993

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AN ACT

RELATING TO INSURANCE; PROVIDING FOR TRAINING OF A LICENSEE'S

EMPLOYEES; PROVIDING FOR CONDUCT ATTRIBUTABLE TO THE

LICENSEE; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 59A-12-18 NMSA 1978 (being Laws

1984, Chapter 127, Section 219, as amended by Laws 2002,

Chapter 24, Section 1 and by Laws 2002, Chapter 87, Section

1) is amended to read:

"59A-12-18. LIMITED LICENSE.--

A. The superintendent may issue a limited agent's

license to:

(1) individual applicants qualified pursuant

to Chapter 59A, Article 12 NMSA 1978 and employed as

transportation ticket sellers by public carriers, who in the

course of such employment solicit or sell insurance

incidental to transportation of persons or storage or

transportation of baggage, provided that the license is

limited to that insurance; or

(2) individual applicants employed full time

by a vendor of merchandise or other property or by a financial

institution making consumer loans, on terms with respect to

which credit life insurance or health insurance under

individual policies is customarily required of or offered to

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the purchaser or borrower, covering only that credit life and

health insurance.

B. The superintendent may issue a limited agent's

license to applicants who are retail vendors or lessors of

communication equipment or services. The license shall

authorize the licensee, in connection with the lease, retail

sale or provision of communication equipment or communication

services for communication equipment, to sell insurance

covering the loss, theft, mechanical failure or malfunction

of or damage to the communication equipment. The licensee

shall provide for the training of its employees who are

authorized to sell that insurance. The conduct of the

licensee's business under the limited license by its

employees shall be attributed to the licensee. As used in

this subsection, "communication equipment" means handsets,

pagers, personal digital assistants, portable computers,

automatic answering devices, batteries and other devices or

their accessories used to originate or receive communication

signals or service, and includes services related to the use

of such devices such as access to a network.

C. No holder of a limited license issued pursuant

to Subsection A of this section shall concurrently be

otherwise licensed under the Insurance Code."

Section 2. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

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immediately.