New Mexico § 59A-20A-4 License denial, suspension, revocation or refusal to

New Mexico Statutes

§ 59A-20A-4 — License denial, suspension, revocation or refusal to

New Mexico·Ch. 59A Insurance Code·Art. 20A Viatical Settlements

renew. A. The superintendent may deny, suspend, revoke or refuse to renew the license of a provider or broker if the superintendent finds that:

(1)there was any material misrepresentation in the application for the license;

(2)the licensee, including any officer, partner, member, key management personnel or representative of the licensee, has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;

(3)the licensee has pleaded guilty or nolo contendere, or been found guilty of, any felony or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

(4)the licensee no longer meets the requirements for initial licensure; (5

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renew. A. The superintendent may deny, suspend, revoke or refuse to renew the license of a provider or broker if the superintendent finds that: (1) there was any material misrepresentation in the application for the license; (2) the licensee, including any officer, partner, member, key management personnel or representative of the licensee, has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent; (3) the licensee has pleaded guilty or nolo contendere, or been found guilty of, any felony or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court; (4) the licensee no longer meets the requirements for initial licensure; (5) the licensee has performed any act prohibited by the Viatical Settlements Act; (6) the provider demonstrates a pattern of unreasonable payments to viators; (7) the provider has entered into a viatical settlement contract that has not been approved in accordance with the Viatical Settlements Act; (8) the provider has failed to honor contractual obligations set out in a viatical settlement contract; or (9) the provider has assigned, transferred or pledged a viaticated policy to a person other than another provider licensed in New Mexico or a financing entity. B. Before the superintendent suspends, revokes or refuses to renew the license of a provider or broker, the superintendent shall conduct a hearing in accordance with Chapter 59A, Article 4 NMSA 1978. C. Any person aggrieved by denial of an application may request a hearing before the superintendent in accordance with the provisions of Chapter 59A, Article 4 NMSA 1978.

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