New Mexico Statutes 59A-15-2. Representing or aiding unauthorized insurer prohibited
A. No person shall in this state directly or indirectly act as agent for, or otherwise represent or aid on behalf of another, any unauthorized insurer in solicitation, negotiation, procurement or effectuation of insurance or renewals thereof, or forwarding of applications, or delivery of policies or contracts, or inspection of risks, or fixing of rates, or investigation or adjustment of claims or losses, or collection or forwarding of premiums, or in any other manner represent or assist such insurer in transaction of insurance in this state.
Terms Used In New Mexico Statutes 59A-15-2
- 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.
- Service of process: The service of writs or summonses to the appropriate party.
B. This section shall not apply as to:
(1) matters authorized to be done by the superintendent under service of process provisions of N.M. Stat. Ann. Chapter 59A, Article 15;
(2) transactions for which certificate of authority is not required of an insurer under Section 59A-5-11 N.M. Stat. Ann.;
(3) subject to Subsection B of Section 59A-5-10 N.M. Stat. Ann., insurances exempt from the surplus line law under Section 59A-14-1 N.M. Stat. Ann.;
(4) insurance policies and annuity contracts in force in this state prior to the effective date of the Insurance Code, transactions as to which shall be governed by laws in force immediately prior to such effective date; or
(5) a transaction or transactions in this state involving contracts of insurance to one or more industrial insureds. For the purposes of this section, an industrial insured is an insured:
(a) which procures the insurance of any risk by the use of the services of a full-time employee acting as a risk manager or insurance manager or by utilizing the services of a regularly and continuously qualified insurance consultant;
(b) which has aggregate annual premiums for insurance on all risks of at least twenty-five thousand dollars ($25,000); and
(c) which has at least twenty-five full-time employees.
C. Violation of this section shall be subject to the general penalty provided under Section 59A-1-18 N.M. Stat. Ann..