Licensing Requirements: Surplus line brokers are required to be licensed under New Mexico law. N.M. Stat. Ann. §§ 59A-14-7; N.M. Code R. § 188.8.131.52. Following application and payment of the license
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All funds received are held
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to receiving
A consultant may charge a fee only under the terms of a written agreement signed by the customer specifying the services to be provided and the fee to be charged.
What entities are covered? “Any person that receives, stores, maintains, licenses, processes or otherwise is permitted access to personal identifying information through its provision of services directly to a person