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Charge fee in addition to or in lieu of collecting commissions?
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Specific Disclosures or written agreements required to charge fees to a client?
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Admin fees for insurance placement?
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Charges for services unrelated to the placement of insurance?
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Additional licensing required?
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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.
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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.
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See regs under charging fees in lieu of commissions
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Yes. A producer must be licensed as a consultant to charge fees for consulting services. N.M. Stat. Ann. § 59A-11A-1.
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