For the purpose of the Insurance Code [Chapter 59A NMSA 1978], 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.
History: Laws 1984, ch. 127, § 203; 2016, ch. 89, § 27; 2021, ch. 108, § 7.
The 2021 amendment, effective July 1, 2021, removed the definition of "service representative"; in the section heading, after "Broker", deleted "and service representative"; and deleted former Subsection B.
The 2016 amendment, effective July 1, 2017, amended the definition of "broker" and defined "service representative" as used in the Insurance Code; in the catchline, after "'broker'", deleted "'nonresident broker'" and added "and 'service representative'"; in Subsection A, after "'broker' is a", deleted "person generally" and added "type of insurance producer", and after "insureds other than", deleted "himself" and added "the broker"; deleted former Subsection B; deleted the subsection designation "C" and added the sentence from former Subsection C to Subsection A, and in the sentence from former Subsection C, after "defined in", added "Chapter 59A", and after "Article 14", deleted "of the Insurance Code" and added "NMSA 1978; and"; and added a new Subsection B.
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.
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
Nonresident broker's license could not be issued to a person who desired to solicit insurance business for a company because he would be acting as an agent or a solicitor for an agent. 1945 Op. Att'y Gen. No. 45-4640.
Foreign corporation. — As a prerequisite to being licensed as a nonresident broker, a foreign corporation does not have to be admitted to do business in New Mexico. 1963 Op. Att'y Gen. No. 63-16.
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.