How to Get Your Insurance License in New Mexico (2026)
New Mexico has no mandatory pre-licensing education — skip straight to the PSI exam. Compare top NM exam prep courses, see step-by-step NM OSI requirements, and get your license fast.
Exam Prep Cost
$139 – $350
Time to License
2 – 6 weeks
Avg NM Salary
$60,370/yr
Required Hours
None required
New Mexico Has No Mandatory Pre-Licensing Education
Unlike most states, New Mexico does not require any pre-licensing hours before sitting for the PSI insurance exam. You can study on your own schedule and register with PSI when ready. Completing an exam prep course is strongly recommended — national first-time pass rates hover around 50–65% — but it is entirely optional.
Top 3 New Mexico Insurance Exam Prep Courses
1. Kaplan Financial EducationBest Value
Lowest confirmed NM price at $139. Four tiers for both L&H and P&C lines. Career Launcher tier includes business-building tools for new agents.
From $139
exam prep only
2. A.D. Banker & CompanyPass Guarantee
Three tiers (Silver $169.95 / Gold $196.90 / Platinum $296.85) with a Pass Guarantee on every package. Platinum adds a live web class with instructor access.
From $169.95
exam prep only
3. National Online Insurance School
L&H specialist with 2,000–3,000+ NM state-level questions, a Guarantee to Pass, and an included NM insurance laws booklet. 7-day instructor support included.
From $159
L&H only
Best New Mexico Insurance Exam Prep Courses
All 5 schools are New Mexico NM OSI-approved. Price: Low to High.
Quick Price Comparison (Course Only)
Kaplan Financial Education
Best ValueStarting at
$139
- Lowest confirmed NM price starting at $139
- Exam Prep Only — no NM pre-licensing hours required
- 4 tiers: Basic $139 / Essential $189 / EssentialPlus $249 / Career Launcher $349
- Same pricing for both L&H and P&C lines
Available Packages (8)
Life & Health — Basic
- NM L&H exam prep — online or print self-study
- Core exam content coverage
- Practice questions and review exams
- PSI exam-focused materials
ExamFX
Starting at
$150
- Exam Prep Only — NM does not require pre-licensing hours
- 93% pass rate; 9.5M+ candidates trained
- Pass guarantee: score 80%+ on readiness exam, pass state exam within 3 days
- Covers Life, Health, L&H, P&C, and Personal Lines for NM
Available Packages (2)
Life & Health — Exam Prep
- NM L&H exam prep (self-paced)
- Practice questions and simulated exams
- Pass guarantee with readiness score
- NM state-specific content
National Online Insurance School
Starting at
$159
- Exam Prep Only — NM does not require pre-licensing hours
- L&H only (no P&C offered)
- Includes NM insurance laws and regulations booklet
- 7-day instructor support + 30-day money-back guarantee
Available Packages (3)
Life Only
- 2,000+ NM state-level practice questions
- Pass Report for exam readiness
- 7-day instructor support
- Guarantee to Pass included
A.D. Banker
Pass GuaranteeStarting at
$169.95
- Exam Prep Only — NM does not require pre-licensing hours
- Pass Guarantee included on every package
- Three tiers: Silver $169.95 / Gold $196.90 / Platinum $296.85
- Platinum includes live web class with instructor (6-month retake access)
Available Packages (3)
Life & Health — Silver
- Full online course (activities + chapter exams)
- Simulated NM licensing exams
- Pass Guarantee included
- PDF study manual
Xcel Solutions
Starting at
$199
- Exam Prep Only — NM does not require pre-licensing hours
- Two clear tiers: Standard $199 / Premier $299
- Premier includes full refund if you fail first attempt (Prepared to Pass Promise)
- Covers both L&H and P&C lines
Available Packages (4)
Life & Health — Standard
- NM L&H exam prep course
- Prep review + exam simulator
- Online self-study format
- 30-day access per component
Prices verified March 2026. Prices may change. Always confirm current pricing on the school's website before enrolling.
What Is a New Mexico Insurance License?
A New Mexico insurance license is a state-issued credential required by the NM Office of Superintendent of Insurance (OSI) to legally sell insurance products in New Mexico. Unlike most states, New Mexico does not require pre-licensing education — you can sit for the PSI exam directly. All applicants must pass a fingerprint-based background check through IdentoGO and apply via NIPR after passing.
New Mexico issues separate licenses for multiple lines of authority. The most common are the Life & Accident/Health license (covering life, annuities, accident, and health insurance) and the Property & Casualty license (covering auto, homeowners, commercial, and liability insurance). Each line requires a separate PSI exam and a separate $75 exam fee.
Life & Accident/Health
$75 exam fee
Life, annuities, health & disability insurance
Property & Casualty
$75/exam ($150 for both)
Auto, home, commercial & liability insurance
Personal Lines
$75 exam fee
Personal auto, homeowners & renters only
How Much Do New Mexico Insurance Agents Earn?
NM Average Income
$55K – $66K/yr
Slightly below national median; varies by market
Top Earners (ABQ/Santa Fe)
$90,000+/yr
Commercial lines, employee benefits, life specialists
Commission Structure
Life Insurance
- • First-year commission: 40–100% of annual premium
- • Renewal commission: 2–10% per year
- Example: $1,000/yr policy at 70% = $700 earned
Property & Casualty
- • New policy commission: 10–20% of premium
- • Renewal commission: 8–12% of premium
- Example: $2,000/yr auto at 12% = $240/policy
Salary Range by Career Stage
Entry Level
$35,000–$45,000
First 1–2 years
NM Average
$55,000–$66,000
Experienced agents
Top Producers
$90,000+
ABQ & Santa Fe commercial
Top NM Insurance Markets
Is a New Mexico Insurance License Worth It?
👍 Pros
- + No Pre-Licensing Required: One of a handful of states with no mandatory pre-licensing hours — saving weeks of time and hundreds in course costs.
- + Online Exam Available: PSI offers remote online proctoring, so you can test from home without traveling to a test center.
- + Low Entry Cost: Minimum state fees are roughly $149–$169 (exam + application). Add exam prep and you're still under $520 total.
- + Growing Market: New Mexico's population growth in Albuquerque, Rio Rancho, and Santa Fe is driving demand for insurance professionals.
👎 Cons
- - Exam Pass Rate ~50–65%: No mandatory prep means many candidates are underprepared. Investing in a quality exam prep course is strongly recommended.
- - Below-National-Median Salary: NM agents earn slightly less than the national average due to regional cost-of-living differences.
- - Commission-Dependent Income: Most agents earn primarily through commissions — income can be variable, especially in the first year.
- - Fingerprinting Required Before Application: Background checks must be completed before applying — factor in 5–10 business days for processing.
How to Get Your New Mexico Insurance License
Choose Your Line(s) of Authority
Decide whether to pursue a Life & Health license, Property & Casualty license, or both. Most agents start with one and add the other later. NM OSI issues separate licenses for Life, Accident & Health, Property, Casualty, and Personal Lines, among others. Each line requires a separate PSI exam and a $75 exam fee.
Complete an Exam Prep Course (Strongly Recommended)
New Mexico does not require pre-licensing education — but the PSI exam is challenging with a national first-time pass rate around 50–65%. Most candidates spend 1–3 weeks using a prep course before sitting for the exam. Quality exam prep courses from Kaplan ($139), A.D. Banker ($169.95), or ExamFX are available online and self-paced.
Schedule and Pass the PSI Licensing Exam
Contact PSI at test-takers.psiexams.com/NMINS or call (855) 560-3714 to schedule your exam. PSI replaced Prometric as the NM exam vendor on October 16, 2024. The exam fee is $75 per line of authority. You need a 70% score (70 of 100 questions) to pass. Exams can be taken in-person at a PSI test center or via online remote proctoring.
Complete Fingerprinting and Background Check
All unlicensed applicants must submit fingerprints through IdentoGO (formerly Gemalto) before applying for a license. The fingerprinting fee is approximately $44–$59. This step must be completed before submitting your license application — start early so processing doesn't delay your timeline.
Apply for Your License via NIPR
Submit your license application online at NIPR.com. The application fee is $30–$35 per line of authority plus a $5.60 NIPR transaction fee. Applications are reviewed by the NM Office of Superintendent of Insurance (OSI). Processing typically takes 1–2 weeks.
Secure an Appointment with a Carrier
You must be appointed by an insurance company within 60 days of obtaining your license or your license will be cancelled. Carriers file appointments with NM OSI via NIPR. Once appointed, you are authorized to sell that company's products in New Mexico. Many new agents join an agency before or shortly after receiving their license.
New Mexico Insurance License Requirements
Eligibility Requirements
- Must be at least 18 years old
- Must have a valid U.S. Social Security number
- No college degree required
- Must pass fingerprint-based background check (IdentoGO)
- No prior felony convictions that disqualify applicant (reviewed case-by-case)
- NM resident license requires NM residency; non-residents apply via NIPR with active home-state license
Pre-Licensing Education
- Required hours: 0 — New Mexico has no pre-licensing requirement
- Exam prep courses strongly recommended (50–65% first-time pass rate nationally)
- Self-study is free; structured prep courses from $139
- Online self-paced options available from multiple providers
Exam Requirements
- PSI exam — in-person or online remote proctoring available
- 100 questions, 2-hour time limit per exam
- 70% passing score required (70 correct of 100)
- Exam fee: $75 per line of authority
- Schedule at test-takers.psiexams.com/NMINS or (855) 560-3714
Application & Licensing
New Mexico Insurance License Cost Breakdown
Here's the complete breakdown of what it costs to get your New Mexico insurance license in 2026:
| Cost Item | Amount | Required? |
|---|---|---|
| Exam Prep Course | $139 – $350 | Optional |
| PSI Exam Fee (per line) | $75 | Required |
| Fingerprinting (IdentoGO) | $44 – $59 | Required |
| License Application (NIPR) | $30 – $35 + $5.60 | Required |
| Estimated Total | $288 – $519 |
All state and government fees are non-refundable. Education costs vary by provider and package. Fingerprinting is required for all first-time applicants before submitting the license application.
The New Mexico PSI Insurance Exam — What to Expect
Life & Accident/Health Exam
- Questions: 100 multiple choice
- Time limit: 2 hours
- Passing score: 70% (70 correct)
- Fee: $75 per attempt
- Provider: PSI (in-person or online remote)
Property & Casualty Exam
- Questions: ~100 multiple choice per exam
- Time limit: 2 hours per exam
- Passing score: 70% per exam
- Fee: $75 per exam ($150 total for Property + Casualty)
- Covers: Property, casualty, auto, homeowners, and commercial
L&H Exam Topics
- Life insurance policy types and provisions
- Annuities and retirement products
- Accident, health, and disability insurance
- Policy riders, exclusions, and beneficiaries
- Ethics and market conduct
- New Mexico insurance statutes and regulations
P&C Exam Topics
- Property insurance principles and coverages
- Casualty/liability insurance concepts
- Auto, homeowners, and commercial policies
- Claims handling and loss settlement
- Ethics and unfair trade practices
- New Mexico insurance laws and regulations
💡 PSI Exam Tips for NM Candidates
Bring two valid government-issued IDs on exam day. For online remote proctoring, ensure you have a working webcam, microphone, and stable internet — review PSI's system requirements at helpdesk.psionline.com before scheduling. There is no mandatory waiting period between retakes, but each attempt requires a new $75 exam fee. Since NM has no required pre-licensing, budget extra study time — national first-time pass rates average 50–65%.
How Long Does It Take to Get a New Mexico Insurance License?
2 – 3 weeks
Full-time
4–6 hrs/day; no course hours to log
3 – 5 weeks
Part-time
1–2 hrs/day after work
6 – 10 weeks
Casual Pace
A few hours/week; background check adds 1–2 weeks
| Step | Activity | Duration |
|---|---|---|
| 1 | Choose your line(s) of authority | 1 day |
| 2 | Complete exam prep course (no hours required — strongly recommended) | 1–3 weeks |
| 3 | Complete fingerprinting via IdentoGO (can run concurrently) | 5–10 business days |
| 4 | Schedule & pass PSI exam (in-person or online remote) | 1–2 weeks |
| 5 | Submit license application via NIPR | 1–3 days |
| 6 | NM OSI reviews and issues license | 1–2 weeks |
Fingerprinting can be done in parallel while studying to save time. With no mandatory pre-licensing hours, NM is faster than most states — the background check processing window is typically the biggest variable.
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Explore More Licensed Careers
Expand to nearby states or explore other licensed careers in New Mexico.
New Mexico Insurance License Reciprocity
New Mexico participates in non-resident producer reciprocity. If you hold a valid active license in your home state and your home state maintains reciprocity with New Mexico, you may apply for a non-resident NM license via NIPR without retaking the state exam.
Apply online through NIPR.com. The application fee is $30 per line of authority plus a $5.60 NIPR transaction fee. Your home-state license must be in good standing at the time of application.
Non-Resident License Details: For current reciprocal states and requirements, contact the NM Office of Superintendent of Insurance at osi.state.nm.us or call (505) 827-4601.
New Mexico Insurance License Renewal
New Mexico insurance licenses renew biennially. Your license expires on the last day of your birth month — even birth years renew in even years, odd birth years renew in odd years. To renew, you must complete 24 hours of continuing education (21 general + 3 ethics hours). Renewals are processed through NIPR.com.
2 yrs
Renewal Cycle
24 hrs
CE Required
3 hrs
Ethics (included)
CE courses may not be repeated within a 3-year period. Non-residents who have met CE requirements in their home state are typically exempt from the NM CE requirement. For renewal deadlines, approved CE providers, and current fees, visit osi.state.nm.us.
Frequently Asked Questions
How much does it cost to get an insurance license in New Mexico?
Total costs typically range from $288 to $519 for a single line of authority. This includes the PSI exam fee ($75), fingerprinting ($44–$59 via IdentoGO), license application via NIPR ($30–$35 + $5.60 transaction fee), and an optional but recommended exam prep course ($139–$350). Getting both Life & Health and Property & Casualty licenses will increase costs since you'll pay additional exam fees.
How long does it take to get an insurance license in New Mexico?
Most candidates complete the process in 2–6 weeks. Since New Mexico has no mandatory pre-licensing hours, you can schedule your PSI exam as soon as you're ready. The main time factors are exam prep (1–3 weeks), background check processing (5–10 business days), and NIPR application review. Full-time studiers can complete the process in as little as 2 weeks.
Does New Mexico require pre-licensing education hours?
No. New Mexico is one of the few states that does not require a minimum number of pre-licensing education hours before sitting for the state insurance exam. However, completing an exam prep course is strongly recommended — national first-time pass rates for insurance exams hover around 50–65%, and quality prep courses significantly improve your odds.
How hard is the New Mexico insurance licensing exam?
The exam consists of 100 multiple-choice questions with a 2-hour time limit and a 70% passing score. The difficulty is moderate — the questions cover both general insurance concepts and New Mexico-specific statutes. Because pre-licensing is not required, many candidates underestimate the exam; using an exam prep course from providers like Kaplan or ExamFX is highly recommended.
Who administers the New Mexico insurance licensing exam?
PSI Exams administers all New Mexico insurance licensing exams as of October 16, 2024 (replacing Prometric). You can schedule online at test-takers.psiexams.com/NMINS or by calling (855) 560-3714. Exams can be taken at PSI test centers or via online remote proctoring.
What are the requirements to get an insurance license in New Mexico?
You must be at least 18 years old, have a valid U.S. Social Security number, pass the PSI state exam with 70% or higher, and complete a fingerprint-based background check through IdentoGO before applying. No college degree is required. You must also obtain an appointment from an insurance carrier within 60 days of receiving your license.
How much do insurance agents make in New Mexico?
According to BLS data, insurance sales agents in New Mexico earn an average of $55,000–$66,000 per year, slightly below the national median of $60,370 (May 2024). Top earners in major markets like Albuquerque and Santa Fe can exceed $90,000 annually, especially those specializing in commercial lines, employee benefits, or life insurance. Income is highly dependent on the carrier, product mix, and commission structure.
Can I get a New Mexico insurance license if I already have one in another state?
Yes. New Mexico offers non-resident producer licenses to agents with active licenses in their home state. Most reciprocal states allow NM residents to apply via NIPR without retaking the exam. Non-resident applicants pay the same $30 application fee per line plus the $5.60 NIPR transaction fee. The fingerprint/background check may also be waived in some cases.
Can I take the New Mexico insurance exam online?
Yes. PSI offers remote online proctored exams in addition to in-person testing at PSI test centers. Online proctoring allows you to test from home or your office, provided you meet the technical requirements (webcam, microphone, stable internet). Review PSI's system requirements at helpdesk.psionline.com before scheduling.
How do I renew my New Mexico insurance license?
New Mexico insurance licenses renew biennially. Your license expires on the last day of your birth month every two years — even birth years renew in even years, odd birth years in odd years. Before renewing, you must complete 24 hours of continuing education (21 general + 3 ethics). Renewals are processed through NIPR.com. Non-residents who have met CE requirements in their home state are generally exempt from the NM CE requirement.
Income Disclaimer: Salary figures are estimates based on publicly available data and vary significantly by state, market, experience level, employer type, and individual effort. Past or average earnings are not a guarantee of future results. CertLaunch makes no income guarantees of any kind.
Sources:
Licensing requirements, exam fees, and course availability change frequently. Always verify current requirements with your state licensing board before enrolling or submitting any application. Learn how we source our data.