New Mexico Statutes 59A-12-3. “Broker” defined
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For the purpose of the Insurance Code [N.M. Stat. Ann. Chapter 59A], 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 N.M. Stat. Ann. Chapter 59A, Article 14.
Terms Used In New Mexico Statutes 59A-12-3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.