2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 14: Surplus Line Insurance, 59A-14-1 through 59A-14-19
Section 59A-14-9: Broker may accept business from agents; compensation of others prohibited.


NM Stat § 59A-14-9 (1996 through 1st Sess 50th Legis) What's This?

59A-14-9. Broker may accept business from agents; compensation of others prohibited.

A. A surplus line broker may accept and export surplus line business from and for any insurance agent or broker licensed by this state for the kind of insurance involved, and may compensate the agent or broker therefor.

B. A surplus line broker shall not directly or indirectly compensate any person other than such a licensed agent or broker as to origination of such business. This provision shall not be deemed to prohibit payment of regular salaries to the surplus line broker's employees, or sharing of compensation with other persons entitled thereto under firm and corporate agreements and surplus line broker licenses. Violation of this provision is a misdemeanor.

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