A. A surplus line broker may accept and export surplus line business from and for any insurance producer licensed by this state for the kind of insurance involved, and may compensate the insurance producer therefor.
B. A surplus line broker shall not directly or indirectly compensate any person other than a licensed insurance producer for origination of business. This provision shall not be deemed to prohibit payment of regular salaries to the surplus line broker's employees or sharing of compensation with other persons entitled thereto under firm and corporate agreements and surplus line broker licenses. Violation of this provision is a misdemeanor.
History: Laws 1984, ch. 127, § 247; 2016, ch. 89, § 57.
ANNOTATIONSCross references. — For general penalty provision, see 59A-1-18 NMSA 1978.
For penalty for misdemeanor, see 31-19-1 NMSA 1978.
The 2016 amendment, effective July 1, 2017, in the catchline, added "Surplus line", deleted "agents" and added "insurance producers"; in Subsection A, after "any insurance", deleted "agent or broker" and added "producer", and after "may compensate the", deleted "agent or broker" and added "insurance producer"; and in Subsection B, after "any person other than", deleted "such", after "a licensed", deleted "agent or broker as to" and added "insurance producer for", and after "origination of", deleted "such".
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.