This licensing information is designed to provide a summary of the New Mexico insurance license requirements established by the New Mexico Office of the Superintendent of Insurance. We recommend you contact the New Mexico Office of the Superintendent of Insurance for more detailed information or changes.
Step 1: Complete a New Mexico insurance pre-licensing course
To sell insurance in New Mexico, you must complete an approved pre-licensing education course. All insurance pre-licensing courses provided by Insurance License Express are approved by the New Mexico Office of the Superintendent of Insurance.
Once you have completed your New Mexico insurance pre-licensing course, you will receive a Certificate of Completion. The course is valid for one year from your date of completion. Within one year of completing the course, you must pass your New Mexico insurance license exam.
Step 2: Apply for New Mexico insurance license
Complete and send your New Mexico insurance license application form, examination registration form, fees, and any other required documentation to:
- New Mexico PSI Processing Center, PO Box 28909, Santa Fe, NM 87592
You can find a copy of the New Mexico application form at www.osi.state.nm.us/agent-licensing/forms-applications.html#instructions.
After your application is approved, you will receive an email that confirms your eligibility and provides instructions for how to schedule your New Mexico insurance license exam. Your application is valid for six months. If you fail, you will need to retake your exam within the six-month time frame. You will need to submit a new application and registration form and pay the fees again.
Step 3: Pass a New Mexico insurance licensing exam
Make an exam reservation
Your exam is provided by PSI Services. When you make your reservation, you will be required to pay the exam fee using a credit card, debit card, voucher, or electronic check. You can make an exam reservation online or by phone, fax, or mail:
- Online: Visit www.psiexams.com.
- Phone: Call (800) 733-9267.
What to bring to your exam
You are required to bring two forms of current signature identification, including:
- A primary ID, such as a driver’s license, passport, or military ID that contains a photograph and signature. The ID cannot be expired.
- A secondary ID, such as a debit or credit card that contains your signature and has not expired.
You should arrive at your test center 30 minutes prior to the exam so that you have plenty of time to verify your identification and have your photograph taken.
Special PSI rules you should know
- Talking to other candidates, exiting the building during the exam, smoking, eating, and drinking are prohibited.
- Children are not allowed in the testing room.
- Jackets, coats, and hooded clothing are prohibited, and you will be asked to empty your pockets before entering the exam.
New Mexico insurance license exam format
- Each major line exam is given in a multiple-choice format.
- The exam consists of a general section that covers basic insurance product knowledge and a state section that covers the insurance laws, regulations, rules, and practices of New Mexico.
- The passing score required on the exam is 70. As soon as you complete the exam, you will receive your score report that indicates whether you passed or failed. If you pass, you will receive an exam results letter that provides you with a performance summary. Should you fail, you will receive a diagnostic report that shows you where you did well and where you fell short on each section of the exam.
Note: Each exam includes a mix of “pretest” questions and scored questions. The pretest questions are not identified throughout the exam, and the answers may not have been discussed in your education course. Answers to pretest questions will not affect your score.
Step 4: Receive your New Mexico insurance license
Once you’ve passed your exam, your score will be sent electronically to the Office of the Superintendent of Insurance. Ten days after you pass your exam, your license will be issued. You must become appointed within 60 days of receiving your New Mexico insurance license.
For more information regarding New Mexico insurance license requirements, contact the New Mexico Office of the Superintendent of Insurance.
Securities License Requirements
Any securities professional associated with a member firm-including partners, officers, directors, branch managers, department supervisors, and salespersons-must register with the Financial Industry Regulatory Authority (FINRA). The registration application requires information about the individual's prior employment and disciplinary history. FINRA prescribes two levels of qualification and registration:
Registered representatives, generally sales personnel
Principals, generally officers of the firm and other management personnel involved in the day-to-day operation of the firm's investment banking or securities business