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Can an agent charge a broker fee in New Mexico?
Posted: Mon Oct 19, 2009 9:52 am
by horizon
Looking to open an agency in New Mexico. Does anyone knows if a broker or agency fee can be charged?
Re: Can an agent charge a broker fee in New Mexico?
Posted: Mon Oct 19, 2009 10:10 am
by wlunday
E-mail the commissioner's office for the answer. That way you'll have your answer in writing.
Swymmer
Re: Can an agent charge a broker fee in New Mexico?
Posted: Mon Oct 19, 2009 10:16 am
by ForumReader1
And be specific as to what you want to charge the fee for -- i.e. - in lieu of commissions, in addition to commissions & premium, for other services provided besides insurance placements, etc.
Re: Can an agent charge a broker fee in New Mexico?
Posted: Mon Oct 19, 2009 10:23 am
by TheInsKid
A broker can charge a fee in lieu of commission or they can charge a fee in addition to commissions however there are disclosure requirements to charge any fee.
Also, there are two different types of licenses in New Mexico, broker and producer, so you need to be properly licensed as well !!
If you write a letter to the Insurance Commissioner, "Contact Mo" you most likley will receive a reply pretty quickly !