New Mexico Administrative Code

A. Upon receipt of the completed application, filing fee and other required documents, the superintendent shall approve or disapprove the application or shall advise the applicant of the requirements to be met before approval will be granted. B. Upon the superintendent's approval…

Prior to issuance of a certificate of self-insurance, and continuously thereafter if applicant is granted a certificate of self-insurance, the applicant must comply with each of the following requirements: A. Security: The applicant shall furnish security for payment of claims, i…

A. For motor carriers required to obtain an operating authority from the motor transportation division of the public regulation commission, the minimum limits of self-insurance coverage per vehicle owned by the applicant shall be the same as the minimum limits of insurance covera…

If a self-insured car rental company takes the position that the insurance coverage of a lessee or other authorized driver is primary for the purpose of meeting the minimum financial responsibility requirements of the act, then this position must be prominently disclosed on the f…

By accepting a certificate of self-insurance, a self-insured agrees to: A. promptly discharge all of its liabilities and responsibilities in accordance with the requirements of this rule; B. notify the superintendent within fifteen (15) calendar days in case of contemplated liqui…

Each self-insured shall prepare an annual report on the form provided by the superintendent. The report shall be filed within ninety (90) days after the end of the self-insured's fiscal year and shall be accompanied by the following documents: A. a certified annual financial stat…

A. The superintendent may direct at any time that an applicant or a self-insured be reviewed or evaluated by a qualified person approved by the superintendent. As part of such review or evaluation, the superintendent reserves the right at any time to direct such qualified person:…

This rule applies to all persons seeking to be self-insured.

A. A certificate of self-insurance may be terminated at the request of the self-insured. The superintendent shall not grant the request of a self-insured to terminate its certificate unless the self-insured makes arrangements to otherwise guarantee payment of any known or unknown…

Any person who seeks reinstatement of a revoked certificate of self-insurance shall apply to the superintendent on the form prescribed by the superintendent. Such person shall demonstrate compliance with all requirements of this rule as if the person were a new applicant, except …

Any person aggrieved by a decision of the superintendent made pursuant to this rule may request a hearing before the superintendent in accordance with the provisions of Chapter 59A, Article 4 NMSA 1978.

Sections 59A-2-9, 66-5-207, and 66-5-207.1 NMSA 1978

Permanent.

April 1, 1999, unless a later date is cited at the end of a section or paragraph.

The purpose of this rule is to provide criteria and procedures for the issuance of certificates of self-insurance to persons who qualify for exemption from the Mandatory Financial Responsibility Act.

As used in this rule: A. "Act" means the Mandatory Financial Responsibility Act, Sections 66-5-201 NMSA 1978 et seq. B. "Applicant" means any person subject to the act who seeks to qualify for exemption from the act by obtaining a certificate of self-insurance from the superinten…

A. A motor vehicle owner may self-insure only its own liability, including its vicarious liability as an employer for an operator who is an employee, in accordance with this rule. B. Self-insurance does not include uninsured or underinsured motorists coverage.

A. An application for a certificate of self-insurance shall be made on the form prescribed by the superintendent. The application shall contain full and specific answers to all questions. B. The application shall be signed, under oath, by:(1) the applicant if the applicant is an …

New Mexico State Corporation Commission [Public Regulation Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM 87504-1269.

This rule applies to residential property insurance, as defined in this rule, written by authorized insurers.

Sections 59A-2-9, 59A-3-6 and 59A-18-17 NMSA 1978.

Permanent.

September 15, 1993, unless a later date is cited at the end of a section or paragraph. Repromulgated in NMAC format effective July 1, 1997.

This rule establishes definitions and uniform coverage provisions for claims settlement practices required by Subsection 59A-18-17 C NMSA 1978.

A. "Authorized insurer" has the meaning given in Section 59A-1-8 NMSA 1978. For purposes of this rule, the FAIR plan established pursuant to Chapter 59A, Article 29 NMSA 1978, is not an authorized insurer. B. "Claims settlement" means an agreement between an authorized insurer an…

A. Residential property insurance policies shall be provided on a replacement cost basis. B. Residential property insurance policy provisions may limit an authorized insurer's liability for loss due to a single occurrence to less than replacement cost of a residence, provided the…

In addition to any other penalty provided by law or regulation, violation of the provisions of this rule is subject to penalties for violation of the Insurance Code.

New Mexico State Corporation Commission [Public Regulation Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM 87504-1269.

A. The New Mexico property insurance program shall, at a minimum, offer insurance for the perils of fire, extended coverage and vandalism or malicious mischief for buildings and contents. Additional coverages may be provided, so long as they are included in the FAIR plan articles…

In addition to any other penalty provided by law or regulation, violation of the provisions of this rule is subject to penalties for violation of the Insurance Code (Chapter 59A NMSA 1978).

This rule applies to all insurers providing essential property insurance pursuant to the FAIR Plan Act, Chapter 59A, Article 29 NMSA 1978.

Sections 59A-2-9, 59A-3-6, 59A-18-17 and 59A-29-2 NMSA 1978.

Permanent.

September 15, 1993, unless a later date is cited at the end of a section or paragraph. Repromulgated in NMAC format effective July 1, 1997.

This rule specifies minimum coverages to be provided by the New Mexico property insurance program, the underwriting association established under Section 59A-29-2 NMSA 1978 of the FAIR Plan Act.

A. "Actual cash value" means replacement cost minus depreciation. B. "Essential property insurance" means any policy of insurance which contains insurance against direct loss to real and tangible personal property at a fixed location as defined and limited in the standard fire po…

FAIR plan articles of association, by-laws, guidelines and operating procedures of the New Mexico property insurance program shall be subject to the superintendent's prior approval.

For purposes of the FAIR Plan Act, Chapter 59A, Article 29 NMSA 1978, all authorized insurers authorized to write and writing essential property insurance shall be members of the New Mexico property insurance program and shall participate in the program in accordance with the FAI…

Office of Superintendent of Insurance ("OSI").

This rule applies to all title insurers, title insurance agencies, and title insurance agents conducting the business of title insurance in New Mexico.

Sections 59A-2-8, 59A-2-9, 59A-30-4, 59A-30-6, 59A-30-6.1, 59A-30-6.2 and 59A-30-8 NMSA 1978.

Permanent.

January 1, 2021, unless a later date is cited at the end of a section.

The purpose of this rule is to define terms applicable throughout Title 13, Chapter 14 of the New Mexico Administrative Code.

For definitions of terms contained in this rule, refer to Section 59A-30-3 NMSA 1978, unless otherwise noted below. A. "Abstract plant" means title plant. B. "Agency" means a business entity as defined in Subsection B of Section 59A-12-2 NMSA 1978, including a sole proprietorship…

A.Every title insurer shall establish written instructions and underwriting standards consistent with these rules, including, without limitation, underwriter approval requirements and underwriting approval record retention requirements. Unless otherwise specifically required or l…

Failure to comply with any provision of these rules is punishable under the applicable provisions of the Insurance Code.

(Reserved.)

(Reserved.)

(Reserved.)