2016 New Mexico Statutes
Chapter 59A - Insurance Code
Article 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.

59A-12-3. "Broker" and "service representative" defined. (Effective July 1, 2017.)

For the purpose of the Insurance Code:

A. a "broker" is a type of insurance producer 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 the broker. "Broker" does not include a surplus line broker, as defined in Chapter 59A, Article 14 NMSA 1978; and

B. "service representative" means an individual, regularly employed on salary by an insurer, group of insurers or managing general agent, who assists insurance producers in soliciting, negotiating and effectuating insurance for such insurer, group or managing general agent and, in conduct of their business, receives no part of the commission on insurance written. A service representative is not required to be licensed, nor shall the service representative independently solicit or negotiate insurance or annuity contracts.

History: Laws 1984, ch. 127, 203; 2016, ch. 89, 27.