The superintendent shall not license as an insurance producer, or permit any such license to continue, if the superintendent finds that the licensee did, or that the applicant for license intends to offer, give or sell stock or other ownership or participating interest in the agency or brokerage as inducement to or in connection with purchase of insurance.
History: Laws 1984, ch. 127, § 212; 2016, ch. 89, § 30.
The 2016 amendment, effective July 1, 2017, after "shall not license as", deleted "agent, broker or solicitor" and added "an insurance producer", after "license to continue", deleted "in force", and after "applicant for license", deleted "probably will" and added "intends to".
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.
Structure New Mexico Statutes
Article 12 - Insurance Producers
Section 59A-12-1 - Purpose and scope of article.
Section 59A-12-2 - Definitions.
Section 59A-12-3 - "Broker" defined.
Section 59A-12-4 - License required.
Section 59A-12-7 - Exemptions from license requirements.
Section 59A-12-11 - No license where shares or interest used as inducement to insurance.
Section 59A-12-13 - Special requirements, title insurance producers.
Section 59A-12-15 - Licensing business entities.
Section 59A-12-16 - Examination for license.
Section 59A-12-17 - Scope of license.
Section 59A-12-18 - Limited lines.
Section 59A-12-18.1 - Limited lines travel insurance producer license.
Section 59A-12-19 - Temporary licenses.
Section 59A-12-20 - Place of business.
Section 59A-12-20.1 - Repealed.
Section 59A-12-21 - Records of insurance producer.
Section 59A-12-23 - Insurance vending machines.
Section 59A-12-24 - Sharing of commissions.
Section 59A-12-25 - Nonresident insurance producers; retaliation.
Section 59A-12-26 - Continuing education.
Section 59A-12-26.1 - Insurance licensee continuing education fund.
Section 59A-12-27 - Assumed names.