2018 New Mexico Statutes
Chapter 59A - Insurance Code
Article 11A - Insurance Consultants
Section 59A-11A-7 - Payment from insurers or insurance producers for sale of insurance prohibited; penalty.
A. No insurance consultant serving any person, firm, association, organization or corporation not engaged in the insurance business, for compensation paid or to be paid by the person served, shall directly or indirectly receive any part of any commission or compensation paid by any insurer or insurance producer of any insurer in connection with the sale or writing of any insurance that is within the subject matter of any such service.
B. Any person who violates any provision of Subsection A of this section is guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than five hundred dollars ($500) or by imprisonment in the county jail for a definite term of not less than thirty days or more than ninety days or both.
History: Laws 1989, ch. 97, § 7; 2016, ch. 89, § 24.
The 2016 amendment, effective July 1, 2017, replaced "agents" with "insurance producers"; in the catchline, deleted "agents" and added "insurance producers"; in Subsection A, after "by an insurer or", deleted "agent" and added "insurance producer", and after "writing of any insurance", deleted "which" and added "that".
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
