Chapter 59A, Article 12 NMSA 1978, in conjunction with Chapter 59A, Article 11 NMSA 1978, governs the qualifications and procedures for the licensing of insurance producers. Chapter 59A, Article 12 NMSA 1978 does not apply to surplus lines brokers that are licensed pursuant to Chapter 59A, Article 14 NMSA 1978 and that sell, solicit or negotiate insurance in this state solely for placement with eligible surplus lines insurers, except as provided in Sections 22 and 23 [59A-11-23 and 59A-11-24 NMSA 1978] of this 2016 act.
History: Laws 1984, ch. 127, § 201; 2016, ch. 89, § 25.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, clarified the purpose and scope of Chapter 59A, Article 12; in the catchline, added "purpose and"; in the first sentence, deleted "This article applies only to agents, brokers and solicitors, as hereinafter defined, as to transaction of one or more kinds of insurance or subdivisions thereof as defined in Article 7 of the Insurance Code" and added the remainder of the section.
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.
Claims not preempted by federal law. — The Employee Retirement Income Security Act of 1974 (ERISA) did not preempt an insured's pre-plan fraud claims against its insurer. Woodworker's Supply, Inc. v. Principal Mut. Life Ins. Co., 170 F.3d 985 (10th Cir. 1999).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 108 to 158.
Provisions of insurance company's contract with independent insurance agent restricting competitive placements by agent as illegal restraint of trade under state law, 42 A.L.R.4th 1072.
Liability of insurance agent or broker to insured for misrepresentation of cash surrender value or accumulated value benefits of life insurance policy, 44 A.L.R.4th 1030.
Necessity of expert testimony to show standard of care in negligence action against insurance agent or broker, 52 A.L.R.4th 1232.
Liability of tortfeasor's insurance agent or broker to injured party for failure to procure or maintain liability insurance, 72 A.L.R.4th 1095.
Liability of insurer or agent of insurer for failure to advise insured as to coverage needs, 88 A.L.R.4th 249.
Liability of insurance agent or broker for placing insurance with insolvent carrier, 42 A.L.R.5th 199.
Insurance agents' and brokers' professional liability insurance, 55 A.L.R.5th 681.
Liability of insurance agent or broker on ground of inadequacy of liability-insurance coverage procured, 60 A.L.R.5th 165.
44 C.J.S. Insurance § 85 et seq.