New Mexico Administrative Code

See 13.14.1 NMAC.

A. All agreements and amendments between title insurers and title insurance agencies or agents shall comply with these rules, and shall be filed with OSI within 30 days of execution. All existing agency agreements shall be amended within 60 days of the effective date of any appli…

An agreement between a title insurance agency or agent and a title insurer shall require that the title insurer pay all premium taxes or assessments and all maintenance taxes or assessments as the same may come due and payable, and shall require that the title insurer report all …

Office of Superintendent of Insurance ("OSI").

A title insurer or agency shall: A. require two signatures on all escrow checks; one signature of which shall be a title insurance agent; B. assign each escrow file a unique number; name identification is not acceptable; C. on a monthly basis, an owner, officer or director shall …

A. Title insurers and agencies shall, at their own expense, engage an independent certified public accountant to certify the procedures required by OSI. Title insurers and agencies shall require the certified public accountant to follow and comply with all requirements of any ord…

A. A title insurer, agency or title insurance agent, who discovers any of the following, shall provide notice to OSI within five days of: (1) notice of suit in any civil or criminal action against the title insurer, title insurance agency, or title insurance agent involving any a…

This rule applies to title insurers, title insurance agencies, title insurance agents, and their owners, officers, directors, partners or employees whose duties include or relate to the provision of escrow services.

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 title insurers and title insurance agencies and agents who provide escrow services and to protect parties to transactions who deposit funds with title insurers or agents.

See 13.14.1 NMAC.

A title insurer or title insurance agency providing escrow services shall: A. only accept funds pursuant to escrow instructions; B. not make changes to escrow instructions without the consent of all parties in the manner specified by the escrow instructions; C. receive and handle…

A title insurer or agency shall, on a current basis: A. establish and maintain a separate subsidiary ledger for each escrow transaction; B. post all receipts and disbursements from each subsidiary ledger to a control ledger daily and at least monthly, prepare a trial balance of a…

Office of Superintendent of Insurance ("OSI").

A. All commitments shall contain each of the following exceptions in the order stated herein. (1) Rights or claims of parties in possession not shown by the public records. (2) Easements, or claims of easements, not shown by the public records. (3) Encroachments, overlaps, confli…

In those areas of New Mexico where there are taxes or assessments which may be a lien by law but are not filed for record with the county clerk's office by local custom or practice, and upon approval of the insurer, the following additional tax exception may be added to policies …

A policy shall contain in schedule B the standard exceptions 1 through 7, except as otherwise provided by these rules. Said standard exceptions may be preprinted in schedule B and, when specifically authorized, may be deleted by stating, "exceptions _____________ are hereby delet…

A pro forma policy may be issued only if the land is not one to four family residential property. In such case, schedule A shall conspicuously state: "This is a pro forma policy furnished to or on behalf of the party proposed to be insured for discussion only. It does not reflect…

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 requirements for commitments issued for title insurance.

See 13.14.1 NMAC.

A. Upon acceptance of an order for any type of title insurance, a title insurer or title insurance agency shall deliver to the proposed insured, a commitment showing the exceptions which will appear in the proposed policy as of the date of the commitment and requirements to insur…

A commitment shall be valid for a period of six months. A commitment may be extended or renewed by endorsement for up to three additional six month periods when the pending order for title insurance remains active and the required additional premiums are paid. Whenever an insured…

Office of Superintendent of Insurance ("OSI").

An owner's policy shall contain standard exceptions 1 through 7, except as otherwise provided by these rules.

A. An owner's policy shall qualify for reissue rates only when insuring one of the following: (1) a purchaser or lessee of the same real estate from one whose title thereto as owner's has been insured by any company in a previous policy issued prior to the application for a new p…

An insured owner qualifies for a subdivider or construction bulk rate only if the owner acquires title directly from a person who meets at least one of the following conditions: A. owns of record at the same time two or more lots in the same approved subdivision holding the same …

A. A title insurer or agency may sell a replacement policy to the insured of a title insurer under receivership. B. A title insurer shall require the insured to surrender the existing policy before providing a replacement policy. A copy of the existing policy may be received in l…

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.