New Mexico Administrative Code

Permanent.

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

The purpose of this rule is to provide conditions and restrictions regarding the use of promulgated forms.

See 13.14.1 NMAC.

For purposes of Section 59A-30-5 NMSA 1978, the superintendent shall promulgate title insurance forms by order after conducting a hearing pursuant to 13.1.5 NMAC or 13.1.6 NMAC, as the circumstances require. On their own motion, or at the request of an interested person, the supe…

A. No person, firm or organization may alter or otherwise change any title insurance form promulgated by the superintendent, or use any non-promulgated endorsement, whether by deletion or omission of terms, except: (1) upon a determination by the superintendent following a hearin…

Office of Superintendent of Insurance, Title Insurance Bureau.

Within ten days of receipt of a filing submitted under 13.14.19.9 NMAC, the superintendent shall provide notice of the filed title insurance rates to the attorney general and to all title insurance agents and title insurers doing business in the county or counties in which the fi…

Within thirty days after the superintendent's issuance of notification of the filed rates under 13.14.19.10 NMAC, a party receiving such notification may submit to the superintendent in writing its comments on the propriety of the proposed rates or may request a hearing pursuant …

In determining whether to approve a filing submitted under 13.14.19.9 NMAC, the superintendent shall consider the provisions of 13.14.19.8 NMAC as well as any comments or testimony provided under 13.14.19.11 NMAC The superintendent shall issue a final order approving or disapprov…

A title insurer that uses filed and approved rates that are lower than the promulgated rates shall maintain a record of both the charged rate and the promulgated rate for each policy and endorsement issued.

If a rate promulgation by the superintendent produces rates that are lower than those contained in a previously approved rate filing, those rates in the previously approved rate filing that are in excess of the promulgated rates shall expire upon the effective date of the rate pr…

A title insurer using filed and approved rates that wishes to revert to the use of promulgated rates shall file with the superintendent the effective date of cancellation of its filed and approved rates. Such filing shall be submitted at least 30 days prior to the insurer's rever…

Any person aggrieved by the superintendent's refusal to hold a hearing requested under 13.14.19.11 NMAC or by a final order issued by the superintendent under 13.14.19.12 NMAC shall have the rights to review and appeal provided in Section 59A-30-9 NMSA 1978.

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

NMSA 1978 Sections 59A-30-4 and 59A-30-6.

Permanent.

December 30, 2010, unless a later date is cited at the end of a section.

The purpose of this rule is to establish standards and procedures by which a title insurance rate lower than the promulgated rate shall be filed and may be approved.

[RESERVED]

Rates that are lower than the promulgated rates must meet the standards set forth in Section 59A-30-6(C) NMSA 1978 and the superintendent shall also consider the interests and protection of consumers and independent title insurance agents and the potential impact on competition w…

A title insurer that proposes to charge rates that are lower than the promulgated rates shall file with the superintendent its proposed rates, supplementary rate information and supporting information at least ninety days before the proposed effective date. Such filing shall spec…

Office of Superintendent of Insurance ("OSI").

The superintendent shall annually issue a directive establishing the maintenance assessment authorized by Section 59A-30-12 NMSA 1978 on policies written during the preceding calendar year insuring property or interests in property in New Mexico for each fiscal year commencing on…

OSI may at any time audit any title insurance agent, agency, or title insurer. If the audit provides cause for additional examination, such examination shall be conducted pursuant to Article 4 of Section 59A NMSA 1978, as applicable.

Prior to ceasing the business of title insurance, an agency shall comply with the following requirements: A. Forty-five days prior to its ceasing of operations, the agency shall notify each of the following of the cessation date:(1) OSI title insurance bureau; (2) all appointing …

This rule applies to all title insurers, title insurance agencies, and title insurance agents conducting title insurance business 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 establish title insurance agency and agent licensing and reporting requirements.

See 13.14.1 NMAC.

A. OSI shall inspect or cause to be inspected any title plant owned, operated, or controlled within this state. (1) An agency shall maintain its title plant for a period of at least 20 years immediately prior to the date of application for license. (2) An agency shall keep its ti…

For purposes of Section 59A-12-13 NMSA 1978 "owns, operates, or controls" include the following activities: A. "Owns" - holding legal or equitable title or controlling interest in a title plant, either as sole or joint proprietor, any partner of a general partnership, or the gene…

Office of Superintendent of Insurance ("OSI").

A.A title insurance agency or agent or title insurer shall not pay or receive any compensation for title insurance business or for referral of business, other than the division of premiums established in a title rate case. A title insurer shall not reward or otherwise compensate …

No agreement between a title insurance agency or agent and a title insurer shall directly or indirectly require a title insurance agency or agent to assume either partial or total liability for an insured risk, except as follows: A.if a title insurance agency or agent, or any per…

A title insurance agency or agent or title insurer shall not provide, either directly or indirectly, any goods or services to a referrer without receiving fair market value therefor. This includes, but is not limited to, the following activities: A.making any monetary payment to …

A. A title insurance agency or agent or title insurer shall not furnish services, information, subdivision ownership lists, farm packages, estimates or income production potential, pre-search or listing packages, information kits or similar packages containing information about o…

A. A title insurer shall not accept title insurance business from an agency unless there is in force a written agreement between the title insurer and the agency. B. For each agency, the title insurer shall have on file a statement of financial condition. The statement shall incl…

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 establish requirements for agreements between title insurers and title insurance agency and agents.