HOUSE BILL 681

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Zachary J. Cook

AN ACT

RELATING TO INSURANCE; INCREASING THE TYPES OF INSURANCE THAT MAY BE SOLD UNDER A LIMITED AGENT'S LICENSE; RECONCILING MULTIPLE AMENDMENTS TO THE SAME SECTION OF LAW IN LAWS 2007.

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 2007, Chapter 282, Section 7 and by Laws 2007, Chapter 283, 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] lending institution making consumer loans, on terms with respect to which [credit life insurance or health insurance under individual policies] limited line credit insurance is customarily required of or offered to the purchaser or borrower, [covering only that credit life and health insurance] including credit life, credit accident and health, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage accident and health, guaranteed automobile protection insurance and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing the credit obligation that the superintendent determines should be a designated form of limited line credit 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."

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