Section 59A-16-15 – Discrimination; rebates and certain inducements prohibited; life, health and annuity contracts.
Except as otherwise expressly provided by law, no person shall directly or indirectly, as an inducement to any contract of life, annuity or health insurance: A. offer, pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever; or B. promise any returns or profits, interest or […]
Section 59A-16-27 – Desist orders for prohibited practices.
A. If the superintendent has cause to believe that any unfair method of competition or act or practice defined or prohibited in Chapter 59A, Article 16 NMSA 1978 is being engaged in by any person, he shall order such person to cease and desist therefrom. The superintendent shall deliver such order to such person directly […]
Section 59A-16-16 – Exceptions to discrimination, rebate and inducement prohibition; life, health and annuity contracts.
A. Nothing in Section 59A-16-11 or 59A-16-15 NMSA 1978 shall be construed as including within the definition of discrimination or rebates any of the following practices: (1) in the case of any contract of life insurance or life annuity, paying bonuses to policyholders or otherwise abating their premiums in whole or in part out of […]
Section 59A-16-28 – Procedure as to undefined practices.
A. If the superintendent believes that any person engaged in any business which is subject to the superintendent’s supervision under the Insurance Code, is in the conduct of such business engaging in this state in any method of competition or in any act or practice not defined in this article which is unfair or deceptive […]
Section 59A-16-17 – Discrimination, rebates and certain inducements prohibited; other coverages.
A. No person subject to the superintendent’s jurisdiction shall induce or attempt to induce another person to enter into or continue a contract of insurance by directly or indirectly offering to pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever not specified in the insurance […]
Section 59A-16-29 – Penalties.
In addition to any applicable suspension, revocation or refusal to continue any certificate of authority or license under the Insurance Code, a penalty for violation of any provision of this article may be imposed by the superintendent in accordance with Section 59A-1-18 NMSA 1978. History: 1978 Comp., § 59A-16-29, enacted by Laws 1991, ch. 111, […]
Section 59A-16-18 – Receipt of rebates and inducements; penalty.
Any person not a licensed agent, broker, solicitor or other representative, who at any time knowingly receives any rebate of any premium specified in any insurance policy or coverage, or any special favor or advantage of any kind or nature whatsoever not plainly designated in the policy, or receive any dividends or profits, except dividends […]
Section 59A-16-30 – Private right of action.
Any person covered by Chapter 59A, Article 16 NMSA 1978 who has suffered damages as a result of a violation of that article by an insurer or agent is granted a right to bring an action in district court to recover actual damages. Costs shall be allowed to the prevailing party unless the court otherwise […]
Section 59A-16-19 – Monopolistic practices prohibited.
No person shall enter into any agreement to commit, or by any concerted action commit, any act of boycott, coercion or intimidation resulting or tending to result in unreasonable restraint of, or monopoly in, the business of insurance in this state, or in the business of health care services, prepaid dental services, motor clubs or […]
Section 59A-16-20 – Unfair claims practices defined and prohibited.
Any and all of the following practices with respect to claims, by an insurer or other person, knowingly committed or performed with such frequency as to indicate a general business practice, are defined as unfair and deceptive practices and are prohibited: A. misrepresenting to insureds pertinent facts or policy provisions relating to coverages at issue; […]