N.M. Stat. § 59A-12-3

Current through 2024, ch. 69

Section 59A-12-3 - "Broker" defined

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.

NMS § 59A-12-3

Laws 1984, ch. 127, § 203; 2016, ch. 89, § 27.

Amended by 2021, c. 108,s. 7, eff. 7/1/2021.

Amended by 2016, c. 89,s. 27, eff. 7/1/2017.