reglab/housing_qa huggingface dataset:
NM Stat § 59A-12-24 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12 - Insurance Producers|Section 59A-12-24 - Sharing of commissions.

A. An agent or broker shall share a commission or compensation for or on account of the solicitation or negotiation in this state of insurance on individuals or property or risks in this state only with the agent's duly licensed solicitor, or duly licensed agent of the insurer with which the insurance was placed, or duly licensed broker. B. No such licensee shall share in commission or compensation as to a kind of insurance for which not licensed. C. Such sharing in commissions and compensation between the same such licensees shall be infrequently only, and shall not unduly obviate the general necessity of appointment of the agent by the insurer with which the insurance is placed. D. Nothing in the Insurance Code [Chapter 59A NMSA 1978] shall be deemed to prohibit payment, to or for the account of a former owner of an insurance agency or brokerage, of commissions or part thereof currently accruing on business of the agency or brokerage, as part of the purchase price of the agency or brokerage, whether or not such former owner is currently licensed as agent, solicitor or broker. E. Nothing in the Insurance Code shall be deemed to prohibit the payment of a commission, compensation or other valuable consideration to the personal representative of the estate, their trust or beneficiary, of a deceased agent or broker or the heirs or devisees if the estate has been distributed, if that agent or broker would otherwise be entitled to that payment. History: Laws 1984, ch. 127, § 225; 1999, ch. 272, § 14; 1999, ch. 289, § 15; 2017, ch. 37, § 1. ANNOTATIONSThe 2017 amendment, effective June 16, 2017, allowed for payment of incurred insurance agent and broker commissions and other compensation to deceased agents' and brokers' estates, and added Subsection E. The 1999 amendment, effective June 18, 1999, in Subsection A, substituted "broker shall share a commission" for "nonresident broker or nonresident agent shall share a commission" near the beginning; deleted "resident" preceding "agent of the insurer" near the middle; and deleted "nonresident" preceding, and "or nonresident agent" following, "broker" at the end.
NM Stat § 59A-12-26.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12 - Insurance Producers|Section 59A-12-26.1 - Insurance licensee continuing education fund.

There is created in the state treasury a fund that shall be known as the "insurance licensee continuing education fund". All fees imposed by the provisions of Section 59A-12-26 NMSA 1978 shall be deposited in the insurance licensee continuing education fund for the purpose of administering the continuing education program. History: Laws 1988, ch. 112, § 1; 2016, ch. 89, § 45. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, clarified language regarding the insurance licensee continuing education fund; in the catchline, added "insurance licensee", and after "fund", deleted "appropriation"; in the first sentence, after "treasury a fund", deleted "which" and added "that"; and in the second sentence, after "provisions of Section", deleted "2 of this act" and added "59A-12-26 NMSA 1978", after "in the insurance licensee continuing education fund", deleted "and are appropriated", and after "administering the continuing education program", deleted "pursuant to the provisions of Section 59A-12-26 NMSA 1978 to be expended upon voucher by the superintendent of insurance". 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.
NM Stat § 59A-12-27 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12 - Insurance Producers|Section 59A-12-27 - Assumed names.

An insurance producer shall not do business under any name other than the insurance producer's legal name without prior written approval of the superintendent. History: Laws 2016, ch. 89, § 46. ANNOTATIONSEffective dates. — Laws 2016, ch. 89, § 72 made Laws 2016, ch. 89, § 46 effective July 1, 2017. 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.
NM Stat § 59A-12-28 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12 - Insurance Producers|Section 59A-12-28 - Commissions.

A. An insurance company or insurance producer shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed under Chapter 59A, Article 12 NMSA 1978 and is not so licensed. B. A person shall not accept a commission, service fee, brokerage or other valuable consideration for selling, soliciting or negotiating insurance in this state if that person is required to be licensed under Chapter 59A, Article 12 NMSA 1978 and is not so licensed. C. Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this state if the person was required to be licensed under Chapter 59A, Article 12 NMSA 1978 at the time of the sale, solicitation or negotiation and was so licensed at that time. D. An insurer or insurance producer shall not pay or assign commissions, service fees, brokerages or other valuable consideration to an insurance agency or to persons who do not sell, solicit or negotiate insurance in this state. History: Laws 2016, ch. 89, § 47. ANNOTATIONSEffective dates. — Laws 2016, ch. 89, § 72 made Laws 2016, ch. 89, § 47 effective July 1, 2017. 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.
NM Stat § 59A-12A-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-1 - Scope of the article.

Chapter 59A, Article 12A NMSA 1978 shall apply to all administrators who provide administrative services in connection with insurance or alternatives to insurance or who, in a fiduciary capacity or otherwise, manage or handle funds, money, premiums, fees or other forms of consideration in connection with insurance or alternatives to insurance. That article shall also apply to the claims practices of insurers or alternatives to insurance, whether or not they are administered by a third party. History: 1978 Comp., § 59A-12A-1, enacted by Laws 1989, ch. 374, § 1.
NM Stat § 59A-12A-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-3 - License required; penalty.

A. No administrator shall perform or provide any service, function, duty or activity respecting any insurance, plan, self-insurance or alternatives to insurance in an administrative or management capacity in this state or with respect to risks located or partially located in this state or on behalf of persons in this state unless licensed as an administrator under the Insurance Code. B. Licensing procedures for administrators shall be in accordance with Chapter 59A, Article 11 NMSA 1978. C. In addition to any applicable denial, suspension or revocation of a license, refusal to continue license or administrative fine, violation of this section shall be a misdemeanor punishable by a fine not to exceed one thousand dollars ($1,000) and by forfeiture to the state of an amount equal to all compensation for services as administrator received or to be received by the violator by reason of the prohibited transactions. History: 1978 Comp., § 59A-12A-3, enacted by Laws 1989, ch. 374, § 3; 2016, ch. 89, § 50. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, removed the superintendent's authority to waive examination requirements for certain administrators, and removed the requirement that every corporation or partnership licensed as an insurance administrator have each of its officers, managers and partners individually licensed as insurance administrators; in Subsection A, after "alternatives to insurance in", deleted "any" and added "an"; in Subsection B, after "Licensing", deleted "and examination", and after "Article 11 NMSA 1978", deleted "except that the superintendent may, in his discretion, waive the examination requirements for administrators who are operating in New Mexico prior to the effective date of Chapter 59A, Article 12A NMSA 1978"; and deleted former Subsection C and redesignated Subsection D as Subsection C. 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.
NM Stat § 59A-12A-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-4 - Written agreement necessary.

A. No administrator shall act as such without a written agreement between the administrator and the insurer, and the written agreement shall be retained as part of the official records of both the insurer and the administrator for the duration of the agreement and five years thereafter. The written agreement shall contain provisions which include the requirements of Chapter 59A, Article 12A NMSA 1978, except insofar as those requirements do not apply to the functions performed by the administrator. B. When a policy is issued to a trustee or trustees, a copy of the trust agreement and any amendments thereto shall be furnished to the insurer by the administrator and shall be retained as part of the official records of both the insurer and the administrator for the duration of the policy and five years thereafter. History: 1978 Comp., § 59A-12A-4, enacted by Laws 1989, ch. 374, § 4.
NM Stat § 59A-12A-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-5 - Payment to administrator.

Whenever an insurer utilizes the services of an administrator under the terms of a written contract as required in Section 59A-12A-4 NMSA 1978, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured shall be deemed to have been received by the insurer, and the payment of return premiums or claims by the insurer to the administrator shall not be deemed payment to the insured or claimant until such payments are received by the insured or claimant. Nothing in this section limits any right of the insurer against the administrator resulting from its failure to make payments to the insurer, insured or claimants. History: 1978 Comp., § 59A-12A-5, enacted by Laws 1989, ch. 374, § 5.
NM Stat § 59A-12A-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-6 - Maintenance of information.

Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in Section 59A-12A-4 NMSA 1978 and five years thereafter adequate books and records of all transactions between it, insurers and insured persons. Such books and records shall be maintained in accordance with prudent standards of insurance record keeping. The superintendent shall have access to such books and records for the purpose of examination, audit and inspection. Any trade secrets contained therein, including but not limited to the identity and addresses of policyholders and certificate holders, shall be confidential, except that the superintendent may use such information in any proceedings instituted against the administrator. The insurer shall retain the right to continuing access to such books and records of the administrator sufficient to permit the insurer to fulfill all of its contractual obligations to insured persons, subject to any restrictions in the written agreement between the insurer and administrator on the proprietary rights of the parties in such books and records. History: 1978 Comp., § 59A-12A-6, enacted by Laws 1989, ch. 374, § 6.
NM Stat § 59A-12A-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-7 - Approval of advertising.

An administrator may use only such advertising pertaining to the business underwritten by an insurer, plan or alternative to insurance as has been approved by such insurer, plan or alternative to insurance in advance of its use. History: 1978 Comp., § 59A-12A-7, enacted by Laws 1989, ch. 374, § 7.
NM Stat § 59A-12A-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-8 - Underwriting provision.

The agreement required under Section 59A-12A-4 NMSA 1978 shall make provision with respect to the underwriting or other standards pertaining to the business underwritten by such insurer. History: 1978 Comp., § 59A-12A-8, enacted by Laws 1989, ch. 374, § 8.
NM Stat § 59A-12A-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-9 - Premium collection.

A. All insurance charges or premiums collected by an administrator on behalf of or for an insurer or insurers, and return premiums received from such insurer or insurers, shall be held by the administrator in a fiduciary capacity. Such funds shall be immediately remitted to the person or persons entitled thereto or shall be deposited promptly in a fiduciary bank account established and maintained by the administrator. If charges or premiums so deposited have been collected on behalf of or for more than one insurer, the administrator shall cause the bank in which such fiduciary account is maintained to keep records, clearly recording the deposits in and withdrawals from such account on behalf of or for each insurer. B. The administrator shall promptly obtain and keep copies of all such records and, upon request of an insurer, shall furnish that insurer with copies of all records pertaining to deposits and withdrawals on behalf of or for such insurer. C. The administrator shall not pay any claim by withdrawals from such fiduciary account. Withdrawals from such account shall be made, as provided in the written agreement between the administrator and the insurer, for: (1) remittance to an insurer entitled thereto; (2) deposit in an account maintained in the name of such insurer; (3) transfer to and deposit in a claims paying account, with claims to be paid as provided in Section 59A-12A-10 NMSA 1978; (4) payment to a group policyholder for remittance to the insurer entitled thereto; (5) payment to the administrator of its commission, fees or charges; or (6) remittance of return premiums to the person or persons entitled thereto. History: 1978 Comp., § 59A-12A-9, enacted by Laws 1989, ch. 374, § 9.
NM Stat § 59A-12A-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-10 - Payment of claims.

All claims paid by the administrator from funds collected on behalf of the insurer shall be paid only on drafts of and as authorized by such insurer. History: 1978 Comp., § 59A-12A-10, enacted by Laws 1989, ch. 374, § 10.
NM Stat § 59A-12A-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-11 - Claim adjustment or settlement.

With respect to any policies where an administrator adjusts or settles claims, the compensation to the administrator with regard to such policies shall in no way be contingent on claim experience. No provision of Chapter 59A, Article 12A NMSA 1978 prevents the compensation of an administrator from being based on premiums or charges collected or number of claims paid or processed. History: 1978 Comp., § 59A-12A-11, enacted by Laws 1989, ch. 374, § 11.
NM Stat § 59A-12A-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-12 - Notification required.

Where the services of an administrator are utilized, the administrator shall provide a written notice approved by the insurer to insured individuals advising them of the identity of and relationship among the administrator, the policyholder and the insurer. Where an administrator collects funds, it shall identify and state separately in writing to the person paying to the administrator any charge or premium for insurance coverage and the amount of any such charge or premium specified by the insurer for such insurance coverage. History: 1978 Comp., § 59A-12A-12, enacted by Laws 1989, ch. 374, § 12.
NM Stat § 59A-12A-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-13 - Business name.

Each administrator shall transact business under its own name. An administrator shall not do business in this state under a false or misleading name or under a name that is the same as or that closely resembles the name of any other administrator licensed in the state. History: 1978 Comp., § 59A-12A-13, enacted by Laws 1989, ch. 374, § 13.
NM Stat § 59A-12A-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-14 - Confidentiality.

A. An administrator shall provide for the confidentiality of personal data identifying an individual covered by a plan or insurance carrier or data concerning a person that self insures. An administrator shall not disclose records containing personal information that may be associated with an identifiable individual covered by a plan or insurance carrier or data relating to a person that self insures to a person other than the individual to whom the information pertains, except as necessary to comply with the superintendent's inquiry or a court order. Other than to comply with the superintendent's inquiry or a court order, an administrator shall not disclose personal data without the prior consent of the covered individual or person that self insures. B. Subsection A of this section does not apply to information disclosed for any of the following reasons or to an indicated entity: (1) claims adjudication; (2) claims verification; (3) other proper plan or insurance carrier administration; (4) an audit conducted pursuant to ERISA; (5) an insurer or plan for the purchase of excess loss insurance and for claims under the excess loss insurance, provided, an insurer obtaining information under this paragraph shall be subject to the requirements of Subsection A of this section; (6) the plan, insurance carrier, person that self insures or a fiduciary of the plan; (7) the superintendent or the superintendent's designees; provided the information obtained by the superintendent under this subsection is confidential, except that the superintendent may use the information in any proceeding instituted against the administrator; or (8) as required by law. History: 1978 Comp., § 59A-12A-14, enacted by Laws 1989, ch. 374, § 14; 1999, ch. 289, § 18. ANNOTATIONSCross references. — For the federal Employee Retirement Income Security Act (ERISA), see 29 U.S.C. § 1001 et seq. The 1999 amendment, effective June 18, 1999, substituted references to the insurance board for references to the superintendent in the last sentence of Subsection A and in Subsection B(7).
NM Stat § 59A-12A-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-15 - Prohibited inducements.

An administrator, in order to induce a person that self insures or a plan or insurance carrier to contract or to continue to contract with the administrator, to induce a person that self insures or an insurance carrier or plan to lapse, forfeit or surrender a service contract entered into with an administrator or to induce a person that self insures or an insurance carrier or plan to secure or terminate coverage with an insurance carrier or other person that self insures, shall not directly or indirectly: A. offer to make an agreement relating to a service contract or issue or deliver to the person money or any other valuable consideration other than as plainly expressed in the service contract; B. give or pay or offer to give or pay a rebate or adjustment of the fee payable under the service contract or an advantage under a service contract, except as reflected in the fee and expressly provided by the service contract; C. make, issue or circulate, or cause to be made, issued or circulated, any estimate, illustration, circular or statement misrepresenting the terms of a service contract, the advantages provided under a service contract or the true nature of a service contract; or D. make a misrepresentation in a comparison, whether oral or written, between service contracts of the administrator and another administrator or between service contracts of the administrator and an insurance carrier. History: 1978 Comp., § 59A-12A-15, enacted by Laws 1989, ch. 374, § 15.
NM Stat § 59A-12A-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-16 - General and claims practices.

A. The claims practices of every administrator, insurer, plan or alternative to insurance, as defined in Chapter 59A, Article 12A NMSA 1978, shall be subject to the provisions of Chapter 59A, Article 16 NMSA 1978. B. The claims practices of any insurer, plan or alternative to insurance as defined in Chapter 59A, Article 12A NMSA 1978 shall be subject to the provisions of the Insurance Code. History: 1978 Comp., § 59A-12A-16, enacted by Laws 1989, ch. 374, § 16. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-12A-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12A - Insurance Administrators|Section 59A-12A-17 - Compliance deadline.

An administrator that is operating before the effective date of this act shall apply for a license under Chapter 59A, Article 11 NMSA 1978 not later than the sixtieth day after the effective date of this act. An administrator who has made application as provided by this section may continue to operate if it otherwise complies with applicable law, until such time as the superintendent acts on its application. If denied a license, the third party administrator may not act as a third party administrator but may appeal the superintendent's determination as provided by Chapter 59A, Article 4 NMSA 1978. History: 1978 Comp., § 59A-12A-17, enacted by Laws 1989, ch. 374, § 17. ANNOTATIONSCompiler's notes. — The phrase "effective date of this act" means June 16, 1989, the effective date of Laws 1989, ch. 374.
NM Stat § 59A-12B-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-1 - Short title.

Chapter 59A, Article 12B NMSA 1978 may be cited as the "Managing General Agents Law". History: 1978 Comp., § 59A-12B-1, enacted by Laws 1993, ch. 320, § 27.