N.M. Code R. § 13.10.10.18 – Broker/Agent Policy

A. The board may enter into an agreement with a licensed insurance broker or agent to submit pool applications for insurance coverage.
B. The applications submitted must conform to pool rules and regulations.
C. Upon submission of an application by the broker or agent and issuance of a policy by the pool, the broker or agent shall become entitled to a referral fee established by the board.
D. In order to be entitled to the payment established by the board, the broker or agent must execute an agreement entered into between the pool and the broker or agent.
E. No broker or agent shall be authorized to accept applications for pool coverage unless he or she has an errors and omissions insurance policy in an amount not less than $500,000. Proof of such coverage must be provided to the pool administrator.
[11/30/1998; 13.10.10.18 NMAC - Rn & A, 13 NMAC 10.10.18, 4/13/2001]