N.M. Admin. Code § 13.19.3.14
Current through Register Vol. 35, No. 21, November 5, 2024
Any agent, insurance consultant, insurance administrator or insurer who or which assists in any way the transaction of insurance with any arrangement and who or which fails to report in accordance with this regulation shall be liable to any insured in the event that an arrangement fails to pay a claim or loss in this state within the terms of the policy or contract with any insured. The licensee's liability in each such instance shall be coextensive with the arrangement's contractual obligation to its insured, subject to proportional contributions from any other licensee(s) involved in the transaction of insurance with an arrangement in violation of this rule.
N.M. Admin. Code § 13.19.3.14