Unraveling The Path To Becoming An Insurance Adjuster In New Mexico

To become an insurance adjuster in New Mexico, you must obtain a New Mexico adjuster license. This process involves several steps, including completing an adjuster pre-exam course, taking and passing the New Mexico insurance adjuster exam, undergoing fingerprinting and a background check, and submitting a licensing application.

It is important to note that New Mexico has specific requirements for individuals seeking to obtain their adjuster license, such as being at least 18 years old and being able to demonstrate a good business reputation. Additionally, non-U.S. citizens must provide proof of their legal status, and all applicants must provide a valid residence address.

Meet basic requirements, e.g., age, reputation, address

To meet the basic requirements to become an insurance adjuster in New Mexico, you must:

• Be at least 18 years old.
• Be a bona fide resident of New Mexico, or of a state or country that permits New Mexico residents to act as adjusters.
• Be able to demonstrate a good business reputation and intend to engage in a bona fide manner in the business of adjusting insurance claims.
• Have at least one year's experience or special education or training in handling claims under insurance contracts. This experience, education, and training must be sufficient to demonstrate the applicant's competence to fulfil the responsibilities of an adjuster.
• Have a valid residence address that is not a P.O. Box.
• Non-U.S. citizens must provide proof of Visa, Work Permit, or Green Card to the state of New Mexico.

Prepare for and pass the New Mexico Adjuster Exam

The New Mexico Adjuster Exam is challenging, especially if you don't have prior claims adjuster training. To give yourself the best chance of passing, it is highly recommended that you take a prep course. AdjusterPro offers an online course that covers the material for the New Mexico 18-40 (staff or independent) adjuster exam. The course includes printable reference materials, practice tests, and quizzes to help you prepare.

The exam itself is administered by Prometric New Mexico and costs $75. It consists of 50 questions, and you will be given 1 hour to complete it. A score of 70% or above is needed to pass. It is a proctored test, meaning you will be in a controlled environment with a person overseeing you as you take the exam. You can register for the exam online or by calling Prometric at (800) 853-5448.

Remember to work on your timing and nerves before the exam, and good luck!

Submit fingerprints and pass background check

To become an insurance adjuster in New Mexico, you must submit your fingerprints electronically and pass a background check. Here is a step-by-step guide on how to do this:

Step 1: Register for Fingerprinting

First, you need to register for fingerprinting at an authorized fingerprint location. You can find a list of locations on the New Mexico Department of Public Safety website: https://www.dps.nm.gov/law-enforcement-records-bureau/fingerprinting-and-background-checks/. Select a location and date that works for you, and make sure to bring your appointment confirmation printout and an acceptable form of identification.

Step 2: Submit Fingerprints

On the day of your appointment, go to the selected fingerprint location and submit your fingerprints. This will initiate a background check. The fee for fingerprinting services is typically $44.

Step 3: Wait for Background Check Results

After submitting your fingerprints, the New Mexico Department of Public Safety will conduct a background check. This process typically takes 24-48 hours for the state-level background check and 48-72 hours for the FBI background check.

Step 4: Address any Issues

If there are any issues or concerns that arise from your background check, the New Mexico Office of Superintendent of Insurance may contact you for more information or context. Be prepared to provide additional documentation or explanations if necessary.

Step 5: Pass Background Check

Once your background check is complete and you have addressed any issues, you have passed the background check requirement for becoming an insurance adjuster in New Mexico. Congratulations! You are now one step closer to obtaining your license.

Execute Surety Bond and submit application

Once you have passed your exams and fingerprinting, you are now ready to apply for your New Mexico adjuster license.

Firstly, you must obtain and submit a bond in the penal sum of $10,000 executed by a New Mexico-admitted surety and signed by the principal and the Attorney-in-Fact. This bond must be submitted to the State of New Mexico Office of Superintendent of Insurance. The state must receive this document within ten days from the date of your application.

Next, submit your application for a New Mexico adjuster license at the National Insurance Producer Registry (NIPR). The fee for an online application is $30.

If you are affiliated with an adjusting firm, you must complete the State of New Mexico Independent Adjuster Affiliation Form and mail the form, along with the affiliation fee check for $20, to the following address:

Office of Superintendent of Insurance

1120 Paseo de Peralta

Santa Fe, NM 87501

United States

After submitting your application and completing all other requirements, your New Mexico license application will be reviewed by the state. This process generally takes about ten business days. Depending on the results of your background check, the Department of Insurance may request more information or documentation. Once the review is complete, you will receive an email from NIPR regarding the status of your license.

Complete continuing education and renew license

To complete continuing education and renew an insurance adjuster license in New Mexico, the following steps must be taken:

Continuing Education:

• Complete 24 hours of continuing education (CE): Every two years, resident New Mexico adjusters must finish 24 hours of CE, including at least three hours of ethics. The courses can be taken online or in person, with the former being the most common option nowadays.
• Avoid repeating courses: New Mexico adjusters cannot receive CE credit for completing the same approved course more than once in a two-year compliance cycle. Excess CE credits also cannot be carried over to the next cycle.
• Complete classroom or live webinar courses: A minimum of three hours of the total 24 hours must be completed in a classroom or live webinar setting.
• Flood insurance CE: If you handle flood claims, you must take a one-time, three-hour course on NFIP Flood Insurance Certification Training.
• Long-term care CE: If you sell, solicit, or negotiate long-term care products/policies, you must complete an initial eight-hour Long-Term Care (LTC) Certification Training and then a four-hour ongoing LTC training every renewal period.

License Renewal:

• Renewal period: The renewal period for insurance licenses in New Mexico is every two years, ending on the last day of the producer's birth month. For example, if you were born in an even-numbered year, you would renew your license in even-numbered years, and vice versa for odd-numbered years.
• Renewal fee: There is a $60 renewal fee per line of authority.
• Renewal application: To renew your license, you must submit a renewal application through the National Insurance Producer Registry (NIPR). NIPR charges a $5.60 processing fee.
• Avoid late fees: To avoid late fees, complete your CE hours and submit your renewal application at least 30 days before your license expires. Late renewal fees can be as high as $120 per line of authority.
• Renewal grace period: If you miss the renewal deadline, there is a 31-day to one-year late renewal period with a $120 late fee. There is also a late renewal grace period of one to 30 days past the license expiration, with a $150 grace fee.

Frequently asked questions