New Mexico

Commission Alternatives - Fees and Requirements

Charge fee in addition to or in lieu of collecting commissions?
Specific Disclosures or written agreements required to charge fees to a client?
Admin fees for insurance placement?
Charges for services unrelated to the placement of insurance?
Additional licensing required?
Insurance producers may charge fees in addition to or in lieu of receiving commissions for insurance placement, provided such compensation is contemplated in the premium/charge for insurance filed with and approved by the commissioner and/or included in the policy.  Producers licensed as insurance consultants may charge a fee for services, but may not receive commissions in connection with a related sale of insurance.  N.M. Stat. Ann. § 59A-11A-7; N.M. Stat. Ann. § 59A-16-24. 
Yes.  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.  N.M. Stat. Ann. § 59A-11A-5.  If a consultant does not enter into a contract prior to providing services, the consultant must provide a written statement of the service provided and a receipt for the fee paid.  N.M. Stat. Ann. § 59A-11A-6. 
See regs under charging fees in lieu of commissions
Yes.  A producer must be licensed as a consultant to charge fees for consulting services.  N.M. Stat. Ann. § 59A-11A-1. 

Malpractice Damage Cap

Damage Cap Amount

State Code

The overall cap on all damages is $600,000 but does not apply to compensation for past or future medical care. $200,000 maximum provider liability (affirmed by Siebert v. Okun in 2021).