Bill > HB369

This bill modifies several provisions related to insurance licensing, fees, and administrative requirements in New Mexico. The bill updates the fee schedule for various insurance-related licenses and services, including increases and additions to existing fees for different types of insurance entities, such as adding a new fee category for multiple employer welfare arrangements, employee leasing contractors, and professional employer organizations. It also changes license renewal and continuation processes, extending the grace period for renewing lapsed licenses from 30 days to one year and standardizing renewal dates for business entity licenses to March 1st. The bill introduces new requirements for insurers to provide and maintain up-to-date contact information, mandating that insurers file contact details for individuals responsible for statutory deposits, fees, and assessments, and update this information within 30 days of any changes. Additionally, the bill requires insurers to submit documentation for certificate of authority amendments within 30 days of changes and allows the superintendent to impose administrative penalties for non-compliance. These modifications aim to streamline insurance licensing processes, ensure better communication with insurance entities, and potentially generate additional revenue through updated fee structures.