N.M. Stat. § 59A-12-11
No license where shares or interest used as inducement
to insurance.
The superintendent shall not license as an insurance producer, or permit any such
license to continue, if the superintendent finds that the licensee did, or that the applicant
for license intends to offer, give or sell stock or other ownership or participating interest
in the agency or brokerage as inducement to or in connection with purchase of
insurance.