What This License Is
The New Mexico Property line of authority covers insurance against direct physical loss to property — dwelling and homeowners physical damage, commercial property, inland marine and related first-party coverages. It is a statutory line at NMSA 1978 §59A-12-17(A)(3).
What it does not cover is liability. Writing auto liability, general liability or workers compensation requires the Casualty line, and most producers end up holding both. If that is your destination, compare this exam against the combined Series 18-31: 150 questions in two and a half hours for the same $75, versus $150 and 200 questions to sit Property and Casualty separately.
There is also a narrower option. Personal Lines (Series 18-38) is its own statutory line of authority covering property and casualty risks sold to individuals and families for primarily noncommercial purposes. If your book will be homes and personal autos rather than commercial property, that licence may fit better than this one.
Property Exam Options in New Mexico
| Route | Exam | Items | Time | Fee |
|---|---|---|---|---|
| Property only | Series 18-28 | 100 (+5-10 unscored) | 2 hr | $75 |
| Property + Casualty together | Series 18-31 | 150 | 2 hr 30 min | $75 |
| Personal Lines instead | Series 18-38 | 100 | 2 hr | $75 |
All three are administered by PSI Services and all three are offered both onsite and by live online proctoring. The passing standard is 70% of scored items — a raw percentage in New Mexico, not a scaled score.
Because the fee is flat at $75 regardless of length, the combined paper is the better economics for anyone who wants both authorities. The argument for sitting Property alone is preparation time, not cost.
Most Tested Topics on the New Mexico Property Exam
New Mexico's property-specific material concentrates in two places: how rates get to market, and what happens when the admitted market says no. From the TESTivity New Mexico regulations curriculum, statute-verified:
| Concept | The New Mexico rule | Cite |
|---|---|---|
| Rate regulation | A competitive market is presumed by statute; a rate filing is deemed effective unless disapproved (a 30-day deemer), and rates must not be excessive, inadequate or unfairly discriminatory | §59A-17-6.1; §59A-17-9 |
| Noncompetitive designations | The Superintendent may find a market noncompetitive after notice and hearing; the last such designation, at 13.8.2.28 NMAC, expired on 1 October 2010 and was never renewed | §59A-17-6.1; 13.8.2.28 NMAC |
| Residual market name | The New Mexico Property Insurance Program - the state's FAIR Plan and insurer of last resort | §59A-29 |
| FAIR Plan limits | Raised in 2025 to $750,000 residential (Protection Classes 1-7; $500,000 for Classes 8-10) and $2,000,000 commercial, driven by wildfire exposure. The Act delegates limits to the plan rather than fixing them | §59A-29-4; OSI/NMPIP |
| Dominant catastrophe peril | Wildfire above all, plus hail, high wind and drought in an arid, inland state | - |
| Surplus lines prerequisite | A surplus lines broker licence from the Superintendent - and under 13.4.2.9(F)(4) NMAC the applicant must actively hold both property and casualty producer licences first | §59A-14-7; 13.4.2.9(F)(4) NMAC |
| Diligent effort requirement | Yes - a diligent search among authorized insurers first; since the 2017 amendment the producing broker documents it with a signed statement to the surplus lines broker, not the former declinations affidavit | §59A-14-3(C)(1); §59A-14-11 |
The FAIR Plan limits are the freshest exam material in this set and the likeliest place national prep is stale. Note the residential figure is banded by fire protection class — $750,000 for Classes 1-7 and $500,000 for Classes 8-10 — so "the residential limit" is not a single number. Note too that §59A-29 itself states no dollar figures; §59A-29-4 delegates the coverage terms to the plan, and the amounts come from the plan's governing committee with the Superintendent's approval.
The other reliable miss is the rate-regulation label. New Mexico is often taught as a prior-approval state, and it is not: §59A-17-6.1 presumes a competitive market unless the Superintendent finds otherwise after notice and hearing, and §59A-17-9 makes a filing effective unless disapproved. The noncompetitive designations that once existed at 13.8.2.28 NMAC expired on 1 October 2010, so there is no live prior-approval list to learn.
New Mexico Test Centres and Scheduling
PSI publishes five New Mexico sites in its candidate bulletin, with full street addresses. For a state this large that is a thin network — Albuquerque and Santa Fe are an hour apart, and the rest of the state is a long drive from anywhere.
| City | Address |
|---|---|
| Albuquerque | 9550 San Mateo Blvd NE, Suite G, Albuquerque, NM 87113 |
| Santa Fe | 4001 Office Court Drive, Suite 301, Santa Fe, NM 87507 |
| Las Cruces | 1001 N. Solano, Suite D, Las Cruces, NM 88001 |
| Farmington | 1307 E. 20th St., Farmington, NM 87401 |
| Roswell | 105 Fifth St., Roswell, NM 88201 |
Scheduling. Book online through the PSI New Mexico portal at test-takers.psiexams.com/nmins, or by phone on 855-560-3714 (Monday to Friday 4:30am–9:00pm, weekends 7:00am–7:00pm Central). You pay the $75 at booking and the fee is valid for one year from the date of payment.
You are not confined to New Mexico. The bulletin notes candidates may search PSI's nationwide site network by postcode, so a candidate in Farmington may find a Colorado or Arizona site closer than Albuquerque. The exam is the same New Mexico paper wherever you sit it.
Arrive 30 minutes early. That is the bulletin's instruction, not a suggestion — the window covers check-in, ID verification and security screening.
Rescheduling. Cancel or reschedule at least two days before the appointment and the fee survives. Inside two days, or as a no-show, the $75 is gone: the bulletin states in capitals that examination fees are not refundable or transferable. Voicemail and email are not accepted as cancellation notice — you must use your online account or reach a person by phone.
What the Property Licence Costs
$75 per exam attempt, $30 for the resident producer licence (NMSA 1978 §59A-6-1), $20 per insurer appointment, and $60 for biennial continuation.
Producers who intend to place surplus lines business should note this licence is not enough on its own: 13.4.2.9(F)(4) NMAC requires both property and casualty producer licences before a surplus lines broker application, and the broker licence carries its own fee and bond.
NIPR's transaction fee and the IdentoGO fingerprint charge are additional and are not published by the state.
Eligibility
At least 18 (§59A-12-12), a pass on Series 18-28, and a state and federal fingerprint background check. No pre-licensing course is required in New Mexico for any producer line.
A Chartered Property and Casualty Underwriter (C.P.C.U.) designation waives the property or casualty examination under 13.4.2.11(B)(3) NMAC. The Life & Health guide covers every waiver route the state recognises.
Apply on NIPR within one year of passing. New Mexico verifies the exam result before accepting the application, so there is no way to file ahead.
Continuing Education for Property Producers
Important CE details: Three of the 24 hours must be ethics, leaving 21 general. Credit hours cannot be carried over into the next compliance period. The specialty trainings listed at 13.4.7.10(C)(2) NMAC - stop loss (8 hours), flood (4 hours) and long-term care (8 initial, then 4 per compliance period) - count toward the 24 rather than sitting on top of it. Annuity product training is a separate requirement under 13.9.20 NMAC and is not part of that clause.
24 hours every two years, 3 of them ethics, no carryover, expiring the last day of your birth month.
13.4.7.10(C)(2)(b) NMAC sets four credit hours of flood-specific training. Read literally the rule frames this as a one-time requirement "within one year of the effective date of this rule" rather than a recurring one, and OSI's CE webpage still prints three hours — so confirm the current administration with OSI before buying a course. See the review note on this guide.
As with every other New Mexico line, specialty training hours count toward the 24 rather than being additional. Holding Property alongside Casualty or Life does not increase the requirement: 24 is 24.
Quick Reference
Official Links
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