Key Takeaways
- The Superintendent of Insurance is APPOINTED by a 9-member Nominating Committee (not elected or Governor-appointed)
- OSI became an independent agency in 2013 after voters approved Constitutional Amendment 4
- New Mexico does NOT require pre-license education
- PSI Services LLC administers New Mexico insurance licensing exams (as of October 2024)
- Fingerprinting and background check are required for first-time candidates
New Mexico Office of Superintendent of Insurance (OSI)
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The Office of Superintendent of Insurance (OSI) serves as the primary regulatory agency for insurance in New Mexico.
Office of Superintendent of Insurance (OSI)
The OSI is responsible for:
- Licensing and regulating insurance producers
- Monitoring insurer solvency and financial condition
- Reviewing rates and policy forms
- Investigating consumer complaints
- Enforcing insurance laws
- Overseeing continuing education compliance
OSI Leadership - Unique Selection Process
The Superintendent of Insurance is selected through a unique process:
| Detail | Information |
|---|---|
| Selection | Appointed by 9-member Nominating Committee |
| Not | Elected by voters or appointed by Governor |
| Committee Makeup | 4 by Governor, 4 by Legislative Council, 1 by others |
| Independent Agency | Since 2013 (Constitutional Amendment 4) |
Exam Tip: New Mexico's Superintendent is NOT appointed by the Governor like most states. A 9-member Nominating Committee makes the selection - this is unique among U.S. states!
Constitutional Background
| Year | Event |
|---|---|
| 2012 | Voters approve Constitutional Amendment 4 |
| 2013 | OSI becomes an independent agency |
| Present | Superintendent selected by Nominating Committee |
The OSI's authority comes from:
- Article XI, Section 20 of the New Mexico Constitution
- New Mexico Insurance Code
OSI Authority and Powers
The Superintendent of Insurance has broad authority under NMSA Chapter 59A:
| Power | Description |
|---|---|
| Rulemaking | Adopt rules to implement insurance laws |
| Licensing | Issue, renew, suspend, and revoke producer licenses |
| Examinations | Conduct financial examinations of insurers |
| Investigations | Investigate complaints and violations |
| Enforcement | Impose fines, penalties, and cease-and-desist orders |
| Rate Review | Approve or disapprove insurance rates |
| Form Approval | Review and approve policy forms |
OSI Divisions
| Division | Function |
|---|---|
| Producer Licensing | License applications, renewals, appointments |
| Company Licensing | Insurer licensing and financial oversight |
| Market Regulation | Consumer complaints, market conduct |
| Legal | Enforcement actions, administrative hearings |
| Health Insurance | ACA compliance, rate review |
Contact Information
- Address: P.O. Box 1689, Santa Fe, NM 87504-1689
- Physical: 1120 Paseo de Peralta, Santa Fe, NM 87501
- Phone: (855) 427-5674
- Website: osi.state.nm.us
Consumer Complaint Process
New Mexico residents can file complaints with OSI:
- Online: File through the OSI website portal
- Phone: Call (855) 427-5674
- Mail: Send written complaint to OSI
- Response Time: OSI must acknowledge within 10 business days
- Investigation: OSI investigates and responds within 60 days
Important: Producers should know that consumer complaints are tracked and can affect licensing status.
How is the New Mexico Superintendent of Insurance selected?
When did the New Mexico OSI become an independent agency?
What is the name of the agency that regulates insurance in New Mexico?