New Mexico Administrative Code

AVERAGE NUMBER OF LIFE YEARS CREDIT LIFE CREDIT ACCIDENT AND HEALTH PLANS RETROACTIVE AND NON-RETROACTIVE INCURRED CLAIM COUNT CREDIBILITY FACTOR 14 DAY 30 Day 1 1 1 1 .00 1,800 141 209 9 .25 2,400 188 279 12 .30 3,000 234 349 15 .35 3,600 281 419 18 .40 4,600 359 535 23 .45 5,60…

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Click to view image *Net written premiums are to be determined as Gross Premium written (before deductions for dividends and experience rating credits) less refunds on terminations. **Entries on 5. and 6. should be based on the Credibility Table elected by the insurer.

A. Single account cases: If the account is one-hundred percent credible or if it is within the definition of single account case as filed by the insurer, the deviated presumptive case rate for the account will be determined by the appropriate formula set forth in Subsection C of …

Insurers writing credit life insurance and/or credit accident and health insurance in New Mexico shall keep statistical data in such form and manner as necessary to enable the superintendent to determine if rates are reasonable in relation to the benefits afforded by the various …

A. With respect to the policies issued and certificates delivered after the effective date of these rules.(1) The refund of an unearned amount paid by or charged to a debtor for reducing term credit life insurance, or for credit accident and health insurance, on which charges to …

Each insurer transacting credit insurance business in this state shall in compliance with the laws of this state and this rule promulgated thereunder, be responsible for: A. the approval, production, reproduction, amendment, and modification of its policies, certificates of insur…

The insurer, by its group policy, may authorize the group policy creditor to issue certificates of group insurance or may authorize a legally appointed insurance agent of the insurer to issue certificates of insurance or policies of insurance, and respectively, to collect the ins…

No group policy may be issued to other than a creditor. No first beneficiary may be designated except a creditor. No creditor may be designated as owner of the individual policy nor have any rights thereunder other than that of first beneficiary as specifically authorized by law.

The insurer may designate or engage one or more representatives for the purpose of investigating or settling claims and complaints, processing production reports, calculating reserves, printing of approved forms, and providing other administrative services authorized by law, prov…

Permanent.

A. The insurance company shall establish an adequate claims register and claim files, which may be reviewed and examined by the superintendent of insurance. B. Adequate proofs of loss must be in the possession of the insurance company at the time its funds are disbursed in paymen…

A. The insurer shall set up adequate liabilities for claims for credit life and credit accident and health insurance, in addition to the policy reserves already described. Such liabilities shall be based upon appropriate consideration for each of the following categories:(1) the …

Pursuant to Section 59A-25-8 NMSA 1978, all forms to be used in connection with credit life and/or credit accident and health insurance shall be filed by the insurer with the superintendent of insurance. Any such forms which were approved by the superintendent prior to the effect…

There shall be no provisions excluding or denying a claim for death from pre-existing conditions, except that on insurance written in connection with open-end outstanding balance accounts, a provision will be permitted that excludes or denies a claim resulting from a medical cond…

If for the calendar year 2000 as filed in the statistical statement, or following any even calendar year thereafter, the combined loss ratios of all insurers writing credit life insurance, individual or group, does not equal or exceed ninety percent of the loss ratio stated in Pa…

If for the calendar year 2000 as filed in the statistical statement, or following any even calendar year thereafter, the combined loss ratios of all insurers writing credit accident and health insurance, individual or group, does not equal or exceed ninety percent of the loss rat…

March 11, 2025, unless a later date is cited at the end of a section.

The purpose of this rule is to implement the Law for Regulation of Credit Life Insurance and Credit Health Insurance, Sections 59A-25-1 to 59A-25-14 NMSA 1978.

A. "Account" means the aggregate credit life insurance or credit accident and health coverage for a single plan of insurance for a single class of business written through a single creditor, or written through more than one creditor under common control or ownership, by the insur…

Each individual policy or group certificate of credit life insurance or credit accident and health insurance delivered or issued for delivery in this state shall, in addition to the other requirements of law, contain a statement indicating that upon discharge of the indebtedness …

If an accident and health insurance claim is in progress at the time of discharge of indebtedness, such claim shall continue during the originally scheduled term of insurance, as if there has been no such discharge of indebtedness.

New Mexico Office of Superintendent of Insurance, P.O. Box 1689, Santa Fe, NM 87504-1689.

This section is not intended to limit the amount of coverage. A. For credit transactions collateralized by property that does not include land, the premium for creditor-placed insurance shall be calculated on the net debt, even though the coverage may limit the insurer's liabilit…

Nothing in this section shall be construed to prohibit the issuance of a separate policy providing the coverages listed below to the creditor. Creditor-placed insurance may not include: A. coverage for the cost of repossession or the cost of storing repossessed collateral; B. ski…

Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first class mail, or delivered in person to the last know…

A. All policy forms and certificates of insurance to be delivered or issued for delivery in this state, and the schedules of premium rates pertaining to them, shall, pursuant to Sections 59A-17-9 and 59A-18-12 NMSA 1978, be filed with and approved by the superintendent prior to u…

A. Within 60 calendar days after the termination of creditor-placed insurance coverage, an insurer shall refund any unearned premium or other identifiable charges for creditor-placed insurance on a daily pro rata basis, subject to a minimum premium charge filed with and approved …

A. Insurers shall promptly investigate and settle claims in accordance with Section 59A-16-20 NMSA 1978, Unfair Claim Settlement Practices. B. The settlement value on creditor-placed insurance covering personal property shall be the least of the following, determined as of the da…

No insurer shall offer, and no creditor shall accept, a rebate or inducement. This section does not prohibit or restrict an insurer that provides creditor-placed insurance for a creditor from doing business with that creditor if the business is conducted in accordance with the sa…

An insurer shall, within 15 days of the initial placement or renewal of creditor-placed insurance, either directly or through the creditor, using the form prescribed in 13.18.3.20 NMAC or a substantially similar form mail to the debtor by first-class mail a copy of the certificat…

A. Required reports. On or before July 1 of each year, every insurer offering creditor-placed insurance policies in New Mexico shall file the following reports covering the prior calendar year: (1) Form A, summary experience report, on the form provided on the OSI website; (2) Fo…

NOTICE OF CREDITOR-PLACED INSURANCE You are required to maintain insurance on the property that is the collateral for your debt. You have not provided proof of insurance in response to the notices previously sent you. Therefore, has placed insurance coverage for you in accordance…

A. This rule applies to any person transacting creditor-placed insurance on property located in New Mexico. B. This rule does not apply to: (1) creditor-placed insurance first issued on property located in another state but subsequently moved to this state; (2) insurance for whic…

NEW MEXICO CREDITOR-PLACED INSURANCE EXPERIENCE REPORTS FOR THE CALENDAR YEAR ENDING DECEMBER 31, _____ AFFIDAVIT STATE OF _______________________________ COUNTY OF _____________________________ I,_________________________________________, the (position)__________________________…

SUMMARY EXPERIENCE REPORT Name of Insurer: __________________________________________ NAIC Code: _____________________ Contact Person: ___________________________________________ Telephone Number: _______________ Calendar Year: ________________ CREDITOR-PLACED INSURANCE NEW MEXIC…

CREDITOR'S EXPERIENCE REPORT Name of Insurer: ______________________________________ Calendar Year: __________________ NEW MEXICO CREDITOR-PLACED INSURANCE (1) Creditor Identification Number (2) Effective Date of Master Policy (3) Gross Written Premium (4) Refunds on Terminations…

OTHER INSURANCE REPORT Name of Insurer: ______________________________________________ Calendar Year: ______________ INSURANCE OTHER THAN CREDITOR-PLACED INSURANCE (1) Blanket Insurance Policies (2) Other Credit Property Insurance Not Force-Placed (3) Total Credit Property Insura…

RECONCILIATION REPORT Name of Insurer: ___________________________________________ Calendar Year ________________ NEW MEXICO CREDITOR-PLACED INSURANCE Type of Data (1) New Mexico Form A Column (5) Total (2) New Mexico Form C Column(3) Total (3) Total (1)+(2) (4) New Mexico Supple…

NEW MEXICO CREDITOR-PLACED INSURANCE EXPERIENCE REPORTS FOR THE CALENDAR YEAR ENDING DECEMBER 31, _____ AFFIDAVIT STATE OF _______________________________ COUNTY OF _____________________________ I,_________________________________________, the (position)__________________________…

Sections 59A-2-9, 59A-12-10, 59A-16-14, 59A-16-18, 59A-17-6, 59A-17-16, 59A-17-28 and 59A-18-12 NMSA 1978.

Permanent.

July 24, 2018, unless a later date is cited at the end of a section or paragraph.

The purpose of this rule is to establish guidelines within which creditor-placed insurance may be written in this state, to regulate rates, and to prohibit unfair practices in the transaction of creditor-placed insurance.

As used in this rule: A. "Actual cash value" means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. B. "Assigned risk plan" means the insurance plan established pursuant to the Motor Vehicle Assigned Risks Law,…

A. An insurer shall not issue creditor-placed insurance to a creditor unless the creditor has an insurable interest in the collateral. B. No insurer shall transact creditor-placed insurance without first having obtained from the superintendent a license to transact general casual…

A. Effective date: Creditor-placed insurance shall become effective on the latest of the following dates:(1) the date of the credit transaction; (2) the date prior coverage, including prior creditor-placed insurance coverage, lapsed; (3) for personal property, one year before the…

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

A. Prior to placing insurance with an eligible surplus lines insurer, the surplus lines broker must ascertain that the insurer is in sound financial condition. To fulfill this requirement, the surplus lines broker must: (1) determine that the insurer is on the most recent list of…

A licensed nonresident agent or broker may also be licensed as a surplus lines broker in order to place exportable surplus lines coverage with a risk retention group or on behalf of a risk purchasing group. A nonresident surplus line broker shall be subject to the requirements of…