SENATE BILL 993

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Carroll H. Leavell

AN ACT

RELATING TO INSURANCE; PROVIDING FOR TRAINING OF A LICENSEE'S EMPLOYEES; PROVIDING FOR CONDUCT ATTRIBUTABLE TO THE LICENSEE.

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 [therefor under] 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, [and] provided that the license is limited to that insurance [so transacted]; or [to]

                (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 [and] insurance or health [insurances, or either] insurance under individual policies is customarily required of or offered to the purchaser or borrower, covering only [such] that credit life and health insurance.

          B. The superintendent may issue a limited agent's license to applicants who are [employees, agents or authorized representatives of] 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. [Licensees pursuant to this subsection shall receive initial training from, and shall be under the oversight of, a general lines agent licensed pursuant to Chapter 59A, Article 12 NMSA 1978.] 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 this section shall concurrently be otherwise licensed

under the Insurance Code."

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