Alyssa Lane
To become an insurance agent in New Mexico, you must obtain a New Mexico insurance license. This involves a few key steps, including deciding on the type of insurance policies you want to sell, completing any required pre-licensing education, passing the state licensing exam, undergoing a background check and fingerprinting, and submitting your license application. The specific process and requirements may vary depending on the type of insurance you want to specialize in, such as property and casualty, life and health, or a combination of these lines. It is important to carefully review the requirements and prepare for the licensing exam to increase your chances of success in becoming an insurance agent in New Mexico.
| Characteristics | Values |
|---|---|
| License | New Mexico insurance license |
| Exam | Property and Casualty, Life and Health, Adjuster |
| Exam fee | $75 |
| Processing fee | $30 |
| Fingerprinting fee | $59 |
| Exam provider | Prometric, PSI |
| Exam preparation | Kaplan, Xcel, ABTrainingCenter, All-Lines Training |
| Exam registration | Online |
| Exam duration | 1 day |
| Exam questions | 150 |
| Exam pass rate | 93% |
| Exam reschedule | 48 hours before |
| Exam requirements | State ID, webcam, microphone |
| Background check | Fingerprinting |
| License application | NIPR website |
| License issuance | Within 10 working days |
| License renewal | Every 2 years |
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![Insurance Laws of the Territory of New Mexico. Comp. 1909. Jacobo Chavez, Superintendent of Insurance, Santa Fe, New Mexico 1909 [Leather Bound]](https://m.media-amazon.com/images/I/617DLHXyzlL._AC_UY218_.jpg)
What You'll Learn
Choose the type of insurance you want to sell
To become an insurance agent in New Mexico, you must obtain a New Mexico insurance license. The type of insurance you want to sell will dictate the type of license you need.
The most common types of insurance licenses in New Mexico are Property and Casualty (P&C) and Life and Health. A P&C license will enable you to sell auto, home, or business insurance. Life and Health agents advise clients on policies such as life, disability, long-term care, and Medicare, tailoring policies to fit their clients' requirements. Many agents opt to obtain both licenses to offer a wider range of products to their clients.
If you are interested in selling advanced life insurance products, you will need to pass the Securities Industry Essentials (SIE) exam and obtain relevant securities licenses.
There are also additional requirements for selling certain products, such as annuities, long-term care, and flood insurance. For example, New Mexico requires workers' compensation insurance for businesses with three or more employees, and commercial auto insurance for business-owned vehicles.
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Complete pre-licensing education
To become an insurance agent in New Mexico, you must obtain a New Mexico insurance license. While the state does not require pre-licensing education, it is highly recommended that you complete a pre-licensing education course to prepare for the exam.
Pre-licensing education courses are offered by several reputable insurance education providers, such as Kaplan, Xcel, and AB Training Center. These providers offer comprehensive online training courses, classroom settings, seminars, and webinars to cater to different learning preferences. The courses cover the complexities of insurance policies, detailed product information, and state statutes.
It is important to choose a state-approved course to ensure it meets New Mexico licensing requirements. For example, if you want to become a Property and Casualty insurance agent, you must complete a minimum number of pre-licensing education hours as mandated by the New Mexico Department of Insurance.
Kaplan's exam prep content is based directly on the New Mexico licensing exams, increasing your chances of passing on your first attempt. Their online courses have a 93% pass rate. You can also take multiple insurance license sample practice exams offered by AB Training Center to prepare for the test.
While pre-licensing education is not mandatory in New Mexico, it is a valuable investment that will enhance your understanding of the insurance industry and improve your chances of passing the licensing exam.
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Register and pass the state licensing exam
To register for the state licensing exam, you must first meet any state requirements such as age and passing a background check. You will also need to pay a \$30 processing fee for submitting your application, a \$75 exam fee, and a \$59 fee for the state-required fingerprinting. The state of New Mexico has contracted the company PSI to administer all licensing exams. You can schedule your exam through PSI, and the exam can be taken in person or remotely.
Before scheduling your remote licensing exam, you must test the compatibility of your computer, webcam, and microphone. PSI Bridge requires a Google Chrome browser, and you must download PSI Bridge before your exam—this can take up to 30 minutes, so it is recommended that you do this before the day of your test. Log in to the testing platform 30 minutes before your exam reservation time, and present a state or government ID to verify your identity. Military IDs are not accepted as valid forms of identification for remote exams.
The exam will include detailed product information and state statutes, so it is important to use a pre-licensing education and exam prep course to prepare for the exam. Kaplan offers exam prep courses with a 93% pass rate. You should dedicate two to six weeks of study for each exam, and take as many practice exams as possible.
Each major insurance line examination is made up of multiple-choice questions and includes both general and state-specific material. The general questions test your federal insurance product and agent knowledge, whereas the state-specific questions test your knowledge of New Mexico insurance regulations and laws. The Property and Casualty exam, for example, consists of 150 scored questions. The Life, Accident and Health or Sickness exam, and the Property and Casualty exam are 150 minutes long. Single-line exams are shorter, ranging between 60 and 120 minutes.
You will need to pass the state licensing exam for each desired line of authority. You can sit for more than one exam at a time, but this is not recommended as passing the exam is difficult. You can take the exam up to four times to pass. After you complete your exam, you will receive a score report via email, including your overall score, the numerical percentage of questions answered correctly, and whether you passed or failed. A score of 70% or higher is needed to pass.
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Submit your license application
To become a licensed insurance agent in New Mexico, you must submit your license application through the National Insurance Producer Registry (NIPR) website. This is the official method to request authorization to operate as an insurance agent in the state.
Before submitting your application, you must pay a $30 processing fee, a $75 exam fee, and a $59 fee for the state-required fingerprinting. You must also pass the relevant state licensing exam and undergo a background check.
To prepare for the exam, it is recommended that you take an online course or get a textbook, and take as many practice exams as possible. The exams are administered by Prometric and cost $75 per registration. You can take more than one exam at a time, but this is discouraged due to the risk of confusion.
Once you have passed your exam, you are ready to submit your license application. Your license should be issued within 10 working days from the date you pass, as long as the Office of the Superintendent of Insurance receives all the necessary information. You are required to be appointed by an insurance company within 60 days of the date your license is issued.
To maintain your license, you must complete Insurance Continuing Education (CE) requirements for renewal. This is generally 24 hours every 2 years, including 3 hours of ethics training.
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Adhere to continuing education requirements
To adhere to continuing education requirements as an insurance agent in New Mexico, you must complete 24 hours of continuing education (CE) every 2 years, including 3 hours of ethics training. This applies to both resident and non-resident license holders.
Resident insurance agents and adjusters must complete at least 3 hours in a classroom or live webinar course. There are additional requirements to sell certain products, such as annuities, long-term care, and flood insurance. Non-resident license holders must adhere to the continuing education requirements of their home state or any other reciprocal jurisdiction.
Licensees will also be required to complete a new background check when renewing their license, and additional late renewal penalties will be applied to the renewal application.
You can stay up-to-date with any changes to New Mexico's continuing education requirements by visiting the New Mexico OSI website.
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Frequently asked questions
To become a licensed insurance agent in New Mexico, you must be legally allowed to work in the U.S., pass a background check, complete any state-required pre-licensing courses, and pass the state licensing exam.
There is a USD 30 processing fee for submitting your application, a USD 75 exam fee, and a USD 59 fee for the state-required fingerprinting.
First, decide what type of insurance policies you want to sell, as this will dictate the type of license you need. Next, complete a pre-licensing education course and pass the state licensing exam. Then, undergo a background check and submit your license application through the NIPR website.
It is recommended to take your studies seriously and either take an online course or get a textbook before attempting the test. You can also take multiple insurance license sample practice exams. Providers such as Kaplan, Xcel, and All-Lines Training offer comprehensive online training courses, study guides, and exam prep materials.
