2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 14 - Surplus Line Insurance
Section 59A-14-9 - Surplus line broker may accept business from insurance producers; compensation of others prohibited.
59A-14-9. Surplus line broker may accept business from insurance producers; compensation of others prohibited.
A. A surplus line broker may accept and export surplus line business from and for any insurance producer licensed by this state for the kind of insurance involved, and may compensate the insurance producer therefor.
B. A surplus line broker shall not directly or indirectly compensate any person other than a licensed insurance producer for origination of 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.
History: Laws 1984, ch. 127, 247; 2016, ch. 89, 57.
