N.M. Admin. Code § 13.4.5.21 - COMPENSATION
A. An insurance
carrier, plan, person that self insures, or third-party administrator doing
business in this state shall not pay, directly or indirectly, any compensation
or fee or any further consideration of value to any insurance administrator for
service as an administrator within this state, unless the administrator is duly
licensed to transact such business in the state of New Mexico.
B. The prohibition contained in the preceding
paragraph does not prevent the payment or receipt of vested renewal or other
deferred commissions or fees to or by any person solely because that
administrator has ceased to hold a valid license.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.