New Mexico Insurance Law & Code
This chapter covers the New Mexico statutes that protect policyowners and govern how policies are sold and serviced. It addresses the structure of the state code, required policy protections such as the free-look period, replacement rules, the guaranty association, and the grounds on which the regulator may discipline a license.
The New Mexico Insurance Code
The substantive rules come from the New Mexico Insurance Code (Chapter 59A of the New Mexico Statutes), supplemented by administrative regulations. These provisions define who may transact insurance in the state, the required and prohibited policy provisions, and the enforcement powers of the regulator. They are the New Mexico-specific overlay on the national policy rules covered in the shared base material.
Free-Look and Required Policyowner Protections
New Mexico requires life and health policies to include consumer protections such as a free-look (right-to-examine) period, during which the owner may return the policy for a full premium refund if not satisfied. The code also mandates grace periods, required policy provisions, and clear disclosures so consumers understand their coverage and can reconsider a purchase within the review window.
Replacement, the Guaranty Association, and Discipline
When new coverage replaces existing life insurance or annuities, New Mexico replacement rules require notice, fair comparison, and documentation so the consumer is not harmed. The New Mexico Life and Health Insurance Guaranty Association provides a statutory backstop, within dollar limits, if a member insurer becomes insolvent -- but producers may not advertise it to induce a sale. The code also lists grounds -- fraud, misrepresentation, misappropriating premiums, and code violations -- on which the regulator may suspend or revoke a license.
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State-specific details
State exam facts
- State regulator
- New Mexico Office of Superintendent of Insurance
- Exam vendor
- PSI
- Passing score
- 70%
Who regulates life & health insurance licensing in New Mexico?
The New Mexico Office of Superintendent of Insurance (OSI) licenses producers and has contracted with PSI Services to conduct its examination program.
What score do I need to pass the New Mexico life & health exam?
The Agent's Examination for Life, Accident and Health Insurance requires a passing score of 70%, delivered by PSI in person or via remote proctoring.
Who issues the New Mexico life & health license?
Licenses are granted by the New Mexico Office of Superintendent of Insurance after you pass the exam and complete the application.
Sources: https://www.osi.state.nm.us/en/insurance-professionals/individuals-and-agencies/, https://www.psiexams.com/
In the New Mexico Life & Health Insurance Producer Exam guide: A KEY CONCEPT box, a Common Traps list and a Check Yourself set closing each of the 9 national chapters. Practice here stays free.