To become an insurance agent and sell insurance in New Mexico, you need to get licensed. Our step-by-step guide offers detailed instructions for obtaining and maintaining your license. We’ve also included information on renewal and reciprocity so you’ll have everything you need to start an exciting new career as an insurance agent. Keep reading to learn details on the following steps.
- Prepare for the New Mexico state insurance exam
- Register for and pass the state exam
- Submit application and background check
- Stay compliant and renew your license
Let’s get started!
#1: Prepare for the New Mexico Insurance Agent License State Exam
While the state doesn’t require a pre-licensing course, we highly recommend you take an All-Lines Training New Mexico Insurance Exam Prep Course so you’ll be fully prepared to ace the state exam.
There are many different license options for New Mexico agents. We recommend the New Mexico Property & Casualty insurance license since it covers the most lines of authority.
Every All-Lines course has been rigorously prepared and is regularly updated. Our online classroom allows you to print reference materials, take practice tests, and even create your own quizzes to help with subjects you are struggling with. Once you’re consistently making 90% on your practice tests and passing all the quizzes with flying colors…it’s exam time!
#2: Register for and Pass the New Mexico Insurance Exam
When you’re ready to take the exam, register through PSI. Make sure you register for the exam that corresponds to your exam prep course.
- Detailed information on PSI’s testing policies, procedures, and scoring methods are available in the Candidate Handbook.
#3: Submit Application and Fingerprints for Your New Mexico Agent License
You may apply for your license online through the National Insurance Producer Registry. Make sure you are applying for the insurance license you tested for.
Get a fingerprint background check from IdentoGo
- The ORI Number for the Office of Superintendent of Insurance (OSI) is NM920210Z
You can find step-by-step instructions on the New Mexico Department of Insurance website.
#4: Complete New Mexico’s Insurance Continuing Education and License Renewal Requirements
New Mexico insurance agents must complete 24 hours of continuing education (CE) every two years. You cannot receive credit for any course more than once in a reporting period. Up to 18 hours of excess credits will be applied to your next compliance cycle.
- Three hours must be an Ethics course
New Mexico agent licenses are renewed every two years on the last day of your birthday month. You can renew your license through NIPR.
Additional Information for New Mexico Insurance Agents
Insurance License Lookup: https://sbs.naic.org/solar-external-lookup/
New Mexico Insurance Agent Licensing Fees
- All-Lines Training Exam Prep Course: $179
- Application Fee: $30
- Exam Fee: $75
- Fingerprinting Fee: $59
- Renewal Fee: $60
New Mexico Insurance Agent License Reciprocity
Insurance agent and producer license reciprocity refers to a mutual agreement between states that says an agent holding a license in his or her home state can successfully apply for a license in another state without having to take that state’s exam or pre-licensing course.
As an insurance agent, you can apply for a reciprocal license in any other state as long as the license you are applying for covers the same lines of authority. So if you hold a Personal Lines license, for example, you will not qualify for a Property and Casualty Lines reciprocal license because P&C covers more lines of authority than your current license.
Your home state license needs to be in good standing, and you will need to apply for the license, pay the fees, and register the licenses with NIPR. But holding multiple licenses will allow you to sell insurance policies across state lines, increasing your customer base and your income.
New Mexico Department of Insurance Contact Information
Website: https://www.osi.state.nm.us/pages/bureaus/producers/license-information/individual
Mailing Address:
New Mexico Office of the Superintendent of Insurance
1120 Paseo De Peralta
Santa Fe, New Mexico 87501
Phone: (855) 427-5674
Email: Agents.Licensing@osi.nm.gov
If you have questions, don’t hesitate to contact us. We’re here to help.
