N.M. Admin. Code § 13.4.5.21

Current through Register Vol. 35, No. 24, December 23, 2024

Section 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.

N.M. Admin. Code § 13.4.5.21

2/1/92; Recompiled 11/30/01