2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 12 - Insurance Producers
Section 59A-12-3 - "Broker" and "service representative" defined.
59A-12-3. "Broker" and "service representative" defined.
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.
