2015 New Mexico Statutes
Chapter 59A - Insurance Code
Section 12 Insurance Agents, Brokers and Solicitors
Section 59A-12-3 "Broker", "nonresident broker" defined.
59A-12-3. "Broker", "nonresident broker" defined.
For the purpose of the Insurance Code:
A. a "broker" is a person generally who, not being an agent of the insurer, as an independent contractor and on behalf of the insured solicits, negotiates or procures insurance or annuity contracts or renewal or continuation thereof for insureds or prospective insureds other than himself;
B. a "nonresident broker" is a broker residing or (if a corporation or firm) domiciled in a state other than New Mexico or residing or domiciled in a foreign country;
C. "broker" does not include a surplus line broker, as defined in Article 14 [Chapter 59A, Article 14 NMSA 1978] of the Insurance Code.
History: Laws 1984, ch. 127, 203.
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