---
title: "Venture Capital Asset Protection Insurance in New Mexico"
description: "Check how New Mexico adviser rules and fund entity structure affect a venture capital manager’s insurance review."
canonical: "https://spot.insure/coverage/venture-capital-asset-protection/new-mexico"
page-type: "coverage-state-guide"
updated-at: "2026-09-28"
coverage-line: "venture-capital-asset-protection"
state: "new-mexico"
---

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[Human-readable page](https://spot.insure/coverage/venture-capital-asset-protection/new-mexico)

## Agent Guide

**What this page is:** Venture Capital Asset Protection guide for New Mexico: state requirements, regulator, surplus-lines tax, and providers with state license records.

**Use this page when:** Answering venture capital asset protection questions specific to New Mexico. For the general concept, use /coverage/venture-capital-asset-protection; for other coverage in New Mexico, use /coverage/states/new-mexico.

**Questions this page answers:**
- Do I need venture capital asset protection in New Mexico?
- What are New Mexico's venture capital asset protection requirements?
- Who regulates insurance in New Mexico?
- Which providers hold New Mexico licenses for venture capital asset protection?

**Key facts:**
- State regulator: New Mexico Office of Superintendent of Insurance.
- Reported surplus-lines tax rate: 3.003%
- 0 providers listed with New Mexico license records.

**Limits (do not over-claim):**
- State information reflects the cited sources at their access dates; confirm current requirements with the state regulator.
- A provider's presence in the license list does not confirm the product is available in this state; absence does not mean unlicensed. Verify with the regulator's license lookup.
- Some license records rely on company-reported information rather than independent regulator verification.
- Informational only; does not determine whether a policy meets a specific business's needs.

**Provenance:** 17 numbered sources with access dates; updated 2026-09-28.

**Related pages:**
- [Venture Capital Asset Protection (national guide)](https://spot.insure/coverage/venture-capital-asset-protection) — national concept guide
- [Business insurance in New Mexico](https://spot.insure/coverage/states/new-mexico) — state hub: regulator and other coverage
- [Business insurance by state](https://spot.insure/coverage/states) — all states

# What Venture Capital Asset Protection Insurance Requirements Apply in New Mexico?

New Mexico’s adviser summary lists a $2 million custody net-worth requirement or surety bond, materially higher than its discretion threshold. Confirm whether the adviser’s fund role triggers custody under state rules. The SEC exemption from federal registration is not a blanket state exemption, so confirm the adviser’s state filing position and list the correct entities for insurance.[^2][^1]

**Coverage:** [Venture capital asset protection](https://spot.insure/coverage/venture-capital-asset-protection) · [New Mexico](https://spot.insure/coverage/states/new-mexico)

## What Is Venture Capital Asset Protection Insurance?

Venture capital asset protection can combine management and professional liability for a venture or private-equity fund and its managers. The label is not a standard coverage package, so check which funds, partners, board roles and claims the quote includes. [Read the national Venture capital asset protection guide](https://spot.insure/coverage/venture-capital-asset-protection).

## What to Watch for With Venture Capital Asset Protection in New Mexico

### Check the State Adviser Filing

New Mexico’s adviser summary lists a $2 million custody net-worth requirement or surety bond, materially higher than its discretion threshold. Confirm whether the adviser’s fund role triggers custody under state rules. Confirm the regulator-facing status of the adviser entity; do not assume SEC exempt-reporting treatment settles it.[^2][^1]

### Map Each Fund and Manager Entity

New Mexico distinguishes custody sharply in its financial-responsibility rules; have counsel and the broker align the adviser’s authority, any bond, and the insured entity list. Give the broker the fund, GP, adviser and management-company chart, then ask how the policy coordinates with each entity’s indemnification obligations under its governing documents and organizing law.[^3][^1]

### Match the Policy to Fund Work

Confirm how New Mexico classifies the adviser’s fund authority before relying on custody thresholds. Ask for a written schedule of funds, management entities, partner board seats and covered professional services; the product label does not establish those terms.[^1][^2]

## Who Regulates Insurance in New Mexico?

**New Mexico Office of Superintendent of Insurance.** New Mexico OSI licenses insurance producers and agencies, oversees insurers and reviews insurance forms and rates. Its Consumer Assistance Bureau accepts insurance complaints, including complaints involving commercial and business insurance.[^4][^5][^6][^7]

- [Regulator website](https://osi.state.nm.us/en/)
- [License lookup](https://www.osi.state.nm.us/en/license-status-verification/)
- [File a complaint](https://osi.state.nm.us/en/complaints/)
- Phone: 855-427-5674

### Surplus-Lines Tax and Stamping Office in New Mexico

**Reported tax rate:** 3.003% of taxable surplus-lines premium (verify allocation and current return instructions) New Mexico’s surplus-lines tax is listed as 3.003% of taxable premium in the state’s surplus-lines tax-return instructions; confirm current allocation and filing treatment with the New Mexico Taxation and Revenue Department because its current program page distinguishes broker-placed surplus lines from independently procured insurance. Surplus-lines coverage is issued by an unauthorized insurer and is outside ordinary state guaranty-association protection; do not treat the separate self-procured tax as the surplus-lines broker tax.[^8][^9][^10][^11]

## Providers With New Mexico License Records

No provider in our research has both a state license record and a listing for this coverage line. This does not establish that providers are unlicensed. [Check the regulator’s license lookup](https://www.osi.state.nm.us/en/license-status-verification/) and confirm availability with a provider when requesting a quote.

## Questions to Ask Before You Buy Venture Capital Asset Protection in New Mexico

1. Which adviser, management company, general partner and funds does this proposal insure by name?
2. Does the policy include outside-director protection for partners serving on portfolio-company boards?
3. Are limited-partner allegations about fund disclosures or governance within the covered professional services?

## Venture Capital Asset Protection Insurance in New Mexico: FAQ

### Is the federal venture capital adviser exemption enough for state registration in New Mexico?

No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. New Mexico’s adviser summary lists a $2 million custody net-worth requirement or surety bond, materially higher than its discretion threshold. Confirm whether the adviser’s fund role triggers custody under state rules. Check the applicable state filing status for the adviser and its representatives.[^1][^2]

### What New Mexico adviser rule should a VC fund check before buying VCAP?

The state adviser-registration summary says: New Mexico’s adviser summary lists a $2 million custody net-worth requirement or surety bond, materially higher than its discretion threshold. Confirm whether the adviser’s fund role triggers custody under state rules. Separate this filing or financial-responsibility rule from liability coverage, then ask the broker whether the policy covers the adviser, GP, management company and funds.[^2][^1]

### Which entities should a venture fund in New Mexico include in its VCAP application?

Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. New Mexico distinguishes custody sharply in its financial-responsibility rules; have counsel and the broker align the adviser’s authority, any bond, and the insured entity list. Ask the insurer to confirm which entities, services and board seats are covered in writing.[^1][^3]

## Venture Capital Asset Protection Insurance Guides for Other States

- [Alabama](https://spot.insure/coverage/venture-capital-asset-protection/alabama)
- [Alaska](https://spot.insure/coverage/venture-capital-asset-protection/alaska)
- [Arizona](https://spot.insure/coverage/venture-capital-asset-protection/arizona)
- [Arkansas](https://spot.insure/coverage/venture-capital-asset-protection/arkansas)
- [California](https://spot.insure/coverage/venture-capital-asset-protection/california)
- [Colorado](https://spot.insure/coverage/venture-capital-asset-protection/colorado)
- [Connecticut](https://spot.insure/coverage/venture-capital-asset-protection/connecticut)
- [Delaware](https://spot.insure/coverage/venture-capital-asset-protection/delaware)
- [District of Columbia](https://spot.insure/coverage/venture-capital-asset-protection/district-of-columbia)
- [Florida](https://spot.insure/coverage/venture-capital-asset-protection/florida)
- [Georgia](https://spot.insure/coverage/venture-capital-asset-protection/georgia)
- [Hawaii](https://spot.insure/coverage/venture-capital-asset-protection/hawaii)
- [Idaho](https://spot.insure/coverage/venture-capital-asset-protection/idaho)
- [Illinois](https://spot.insure/coverage/venture-capital-asset-protection/illinois)
- [Indiana](https://spot.insure/coverage/venture-capital-asset-protection/indiana)
- [Iowa](https://spot.insure/coverage/venture-capital-asset-protection/iowa)
- [Kansas](https://spot.insure/coverage/venture-capital-asset-protection/kansas)
- [Kentucky](https://spot.insure/coverage/venture-capital-asset-protection/kentucky)
- [Louisiana](https://spot.insure/coverage/venture-capital-asset-protection/louisiana)
- [Maine](https://spot.insure/coverage/venture-capital-asset-protection/maine)
- [Maryland](https://spot.insure/coverage/venture-capital-asset-protection/maryland)
- [Massachusetts](https://spot.insure/coverage/venture-capital-asset-protection/massachusetts)
- [Michigan](https://spot.insure/coverage/venture-capital-asset-protection/michigan)
- [Minnesota](https://spot.insure/coverage/venture-capital-asset-protection/minnesota)
- [Mississippi](https://spot.insure/coverage/venture-capital-asset-protection/mississippi)
- [Missouri](https://spot.insure/coverage/venture-capital-asset-protection/missouri)
- [Montana](https://spot.insure/coverage/venture-capital-asset-protection/montana)
- [Nebraska](https://spot.insure/coverage/venture-capital-asset-protection/nebraska)
- [Nevada](https://spot.insure/coverage/venture-capital-asset-protection/nevada)
- [New Hampshire](https://spot.insure/coverage/venture-capital-asset-protection/new-hampshire)
- [New Jersey](https://spot.insure/coverage/venture-capital-asset-protection/new-jersey)
- [New York](https://spot.insure/coverage/venture-capital-asset-protection/new-york)
- [North Carolina](https://spot.insure/coverage/venture-capital-asset-protection/north-carolina)
- [North Dakota](https://spot.insure/coverage/venture-capital-asset-protection/north-dakota)
- [Ohio](https://spot.insure/coverage/venture-capital-asset-protection/ohio)
- [Oklahoma](https://spot.insure/coverage/venture-capital-asset-protection/oklahoma)
- [Oregon](https://spot.insure/coverage/venture-capital-asset-protection/oregon)
- [Pennsylvania](https://spot.insure/coverage/venture-capital-asset-protection/pennsylvania)
- [Rhode Island](https://spot.insure/coverage/venture-capital-asset-protection/rhode-island)
- [South Carolina](https://spot.insure/coverage/venture-capital-asset-protection/south-carolina)
- [South Dakota](https://spot.insure/coverage/venture-capital-asset-protection/south-dakota)
- [Tennessee](https://spot.insure/coverage/venture-capital-asset-protection/tennessee)
- [Texas](https://spot.insure/coverage/venture-capital-asset-protection/texas)
- [Utah](https://spot.insure/coverage/venture-capital-asset-protection/utah)
- [Vermont](https://spot.insure/coverage/venture-capital-asset-protection/vermont)
- [Virginia](https://spot.insure/coverage/venture-capital-asset-protection/virginia)
- [Washington](https://spot.insure/coverage/venture-capital-asset-protection/washington)
- [West Virginia](https://spot.insure/coverage/venture-capital-asset-protection/west-virginia)
- [Wisconsin](https://spot.insure/coverage/venture-capital-asset-protection/wisconsin)
- [Wyoming](https://spot.insure/coverage/venture-capital-asset-protection/wyoming)

[Other Coverage in New Mexico](https://spot.insure/coverage/states/new-mexico)

## Sources for Venture Capital Asset Protection Insurance in New Mexico

[^1]: [Private Fund Adviser Overview](https://www.sec.gov/about/divisions-offices/division-investment-management/private-fund-adviser-overview) — U.S. Securities and Exchange Commission; Federal exemptions for advisers solely to venture capital funds; state registration may also apply. Accessed 2026-09-28.
[^2]: [New Mexico Investment Adviser Registration Information](https://www.nasaa.org/industry-resources/investment-advisers/state-investment-adviser-registration-information/new-mexico/) — North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28.
[^3]: [New Mexico Legal Materials](https://www.law.cornell.edu/states/new-mexico) — Legal Information Institute, Cornell Law School; Constitution and Legislation; official state statutes portal. Accessed 2026-09-28.
[^4]: [Office of the Superintendent of Insurance](https://osi.state.nm.us/en/) — New Mexico Office of Superintendent of Insurance; Official OSI homepage says it licenses individuals and agencies, oversees business insurance and reviews rates/forms.. Accessed 2026-09-28.
[^5]: [License Status Verification](https://osi.state.nm.us/en/license-status-verification/) — New Mexico Office of Superintendent of Insurance; Official page says OSI/NAIC public verification checks producer, adjuster, surplus-lines broker and TPA license status.. Accessed 2026-09-28.
[^6]: [File a Complaint](https://osi.state.nm.us/en/complaints/) — New Mexico Office of Superintendent of Insurance; Official complaint page says OSI accepts complaints against insurers and agents; current agency page discusses complaint filing. OSI site redirects from www host, which the web verifier could not fetch.. Accessed 2026-09-28.
[^7]: [Consumer Assistance](https://osi.state.nm.us/en/consumer-assistance/) — New Mexico Office of Superintendent of Insurance; Official OSI page expressly includes commercial and business insurance complaints; consumer assistance.. Accessed 2026-09-28.
[^8]: [Surplus Lines Premium Tax Return (TRD-41397)](https://realfile.tax.newmexico.gov/trd-41397.pdf) — New Mexico Taxation and Revenue Department; State tax return and instructions establish 3.003% rate; accessible as an official PDF download, but its revision date is not explicit in the current web-indexed copy.. Accessed 2026-09-28.
[^9]: [Insurance Premium Tax and Self-Insured Group Tax Programs](https://www.tax.newmexico.gov/businesses/insurance-premium-tax-program/) — New Mexico Taxation and Revenue Department; Current program page distinguishes surplus-lines broker premium tax from self-procured nonadmitted-insurance tax under §7-40-3(A). It does not display the surplus-lines rate.. Accessed 2026-09-28.
[^10]: [NMSA 1978, Chapter 59A, Article 14, Surplus Lines Insurance](https://nmonesource.com/nmos/nmsa/en/item/4416/index.do) — New Mexico Legislature / New Mexico Compilation Commission; Surplus-lines act; insurer notice, licensing and placement provisions. Direct statute host should be checked if it changes route.. Accessed 2026-09-28.
[^11]: [NMSA 1978, §59A-14-5](https://nmonesource.com/nmos/nmsa/en/item/4416/index.do) — New Mexico Legislature / New Mexico Compilation Commission; Surplus-lines policy notice describes lack of state guaranty association protection.. Accessed 2026-09-28.
[^12]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
[^13]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22.
[^14]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
[^15]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28.
[^16]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28.
[^17]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15.

Updated 2026-09-28.

This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](https://spot.insure/editorial-policy). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

## Agent and Developer Resources

- [Markdown page](https://spot.insure/coverage/venture-capital-asset-protection/new-mexico.md)
- [Developer resources](https://spot.insure/developers)
- [Public MCP server](https://spot.insure/mcp)
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- [OpenAPI description](https://spot.insure/openapi.json)
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