New Mexico Filing Guide

Filing Steps

1. 13.003% tax on surplus lines premiums
2. 2NO stamping fee
3. 3Quarterly filing within 60 days of quarter end
4. 4Q1 (Jan-Mar) due May 30
5. 5Q2 (Apr-Jun) due Aug 30
6. 6Q3 (Jul-Sep) due Nov 30
7. 7Q4 (Oct-Dec) due Feb 28/29
8. 8File with Taxation and Revenue Department (not Insurance Department)
9. 9E-file via TAP portal: https://tap.state.nm.us/TAP/_/
10. 10Form TRD-41397 required
11. 11Countersignature endorsement REQUIRED
12. 12Endorsement: 10-point boldface or larger
13. 13Endorsement on declarations page or by attachment
14. 14Endorsement text: This policy provides surplus lines insurance...
15. 15Policy must bear broker name, address and signature
16. 16NO declination affidavits required
17. 17Maintain signed statement of diligent effort
18. 18Certificate of Compliance due March 1 annually
19. 19Certificate from domiciliary regulator
20. 20Foreign insurers: $15M capital and surplus minimum
21. 21Superintendent may waive to $4.5M minimum
22. 22Alien insurers: NAIC Quarterly Listing required
23. 23Industrial insured exemption available
24. 24NRRA exempt commercial purchaser exemption available
25. 25Penalty: 2% per month or partial month late
26. 26Maximum penalty: 20% of tax due
27. 27Minimum penalty: $5
28. 28Interest accrues daily on unpaid principal
29. 29Interest rate changes quarterly
30. 30No balances or credits on returns
31. 31Overpayments: file RPD-41071 Application for Refund
32. 32All form fields must be completed (no blanks)
33. 33Zero activity still requires filing
34. 34Domestic surplus lines insurers permitted

Required Forms

• TRD-41397 - Insurance Premium Surplus Lines Tax Quarterly Return
• Countersignature Endorsement (10-point boldface)
• Certificate of Compliance (due March 1 annually)
• RPD-41071 - Application for Refund (if overpayment)

Common Issues to Avoid

• Filing with Insurance Department instead of Taxation and Revenue Department
• Missing 60-day quarterly deadline
• Not filing when zero activity
• Missing countersignature endorsement
• Endorsement not in 10-point boldface
• Missing broker name, address or signature on policy
• Filing declination affidavits (not required)
• Not maintaining signed statement of diligent effort
• Missing March 1 Certificate of Compliance
• Not registering for TAP portal
• Leaving form fields blank instead of marking zero
• Not completing all required fields on form
• Missing authorized signature, title, or date
• Expecting credit or balance forward (removed from returns)
• Not filing RPD-41071 for overpayment refund

Helpful Tips

• Remember: file with Taxation and Revenue, not Insurance Department
• Register for TAP portal early for e-filing
• Set quarterly reminders: May 30, Aug 30, Nov 30, Feb 28
• Keep countersignature endorsement template (10-point boldface)
• Include endorsement on every policy (declarations or attachment)
• Always include broker name, address and signature on policy
• Maintain signed statement of diligent effort (no affidavits)
• Request Certificate of Compliance by February for March 1 deadline
• Mark all fields as zero if no activity (do not leave blank)
• Complete authorized signature, title, and date sections
• No credit or balance forward - file refund application if overpaid
• Check current interest rate quarterly at www.tax.newmexico.gov
• Foreign insurers: verify $15M capital and surplus
• Alien insurers: confirm NAIC Quarterly Listing inclusion
• Calculate penalty: tax × 2% × months late (max 20%, min $5)
• Taxable premiums = Gross + Additional + Fees - Returns
• Contact [email protected] for tax questions
• Contact insurance department for licensing questions
• Payment options: Check or ACH Credit
• Mail: P.O. Box 630, Santa Fe, NM 87504-0630
• Phone: 505-827-0700 or 1-866-285-2996

Frequently Asked Questions