The New Mexico Insurance Finance Bond is required by the Superintendent of Insurance in the amount of $10,000. The bond states that the bondholder shall faithfully perform all of its obligations under the terms of its financing agreements. In addition, the bondholder shall comply with all provisions of the New Mexico Insurance Premium Financing Act.
What is Premium Financing?
Premium Finance is lending of funds to a person or company to cover the cost of an insurance premium. The most common form is in the financing of life insurance.
The Insurance Finance Bond is one of the licensing requirements for insurance premium companies to conduct business in New Mexico.
With Surety1, you will get the best rate possible for your Insurance Finance Bond. Through our partnership with many A-rated surety companies, we are able to offer the lowest rates in the market today.
What are other licensing requirements for Insurance Finance Companies in New Mexico?
- Payment of the $100 non-refundable application fee
- Application for Insurance Premium Finance Licence
- Articles of Incorporation
- Certificate of Compliance
- Certificate of Good Standing
- Insurance Premium Finance Agreement
- Contact Processing Form
What is the process for getting a New Mexico Insurance Finance Bond from Surety1?
First, start the process by using our easy to navigate, free online application form to complete your application. After that, one of our surety agents will contact you with a no-obligation quote on the bond premium. Once you are ready to move forward, you need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee
Surety1 has been writing Surety Bonds since 2003 and we are licensed in every state. Our excellent service has led us to an A+ rating from the Better Business Bureau.
Call us toll free at 877-654-2327. We have live surety bond agents available Monday – Friday, 8:00 – 4:30 PST. We’re glad to help.