Chapter 59A, Article 17 NMSA 1978 may be cited as the “Insurance Rate Regulation Law”. History: Laws 1984, ch. 127, § 299; 2007, ch. 367, § 1. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changed the statutory reference to the act. Am. Jur. 2d, A.L.R. and C.J.S. references.— 43 Am. Jur. 2d Insurance §§ […]
History: Laws 1984, ch. 127, § 306; 1987, ch. 244, § 3; repealed by Laws 2007, ch. 367, § 38. ANNOTATIONS Repeals. — Laws 2007, ch. 367, § 38 repealed 59A-17-10 NMSA 1978, as enacted by Laws 1984, ch. 127, § 306, relating to rate filings for workmen’s compensation, effective July 1, 2007. For provisions […]
No insurer insuring a workers’ compensation risk arising from the employment of a worker performing work for an employer in New Mexico, when that employer is not domiciled in New Mexico, shall issue any workers’ compensation insurance contract or endorsement of a workers’ compensation insurance contract to cover the described risk except in accordance with […]
A filing and supporting information filed under Sections 59A-17-9 and 59A-17-10 NMSA 1978 shall, as soon as filed, be open to public inspection at a reasonable time. A copy of a filing and supporting information may be obtained by a person on request to the superintendent and payment of a reasonable charge. If the insurer […]
A. The superintendent shall use, develop or cause to be developed a consumer information system that will provide and disseminate price and other relevant information on a readily available basis to purchasers of homeowners, private passenger non-fleet automobile or property insurance for personal, family or household needs as well as for title insurance, including escrow, […]
A. No insurer shall make or issue a contract or policy of insurance except in accordance with filings or rates that are lawfully in effect for the insurer as provided in the Insurance Rate Regulation Law. B. Upon written application of the insured stating the underlying reasons that is filed with and approved by the […]
A. The superintendent shall disapprove a rate for use in a competitive market if the superintendent finds that the rate is inadequate or unfairly discriminatory under the rate standards set forth in Section 59A-17-6 NMSA 1978. The superintendent shall disapprove a rate for use in a noncompetitive, reverse competitive or residual market if the superintendent […]
Any insurer licensed to write homeowner’s insurance, as defined by the superintendent, within the state shall provide a minimum premium discount of ten percent for houses with electronic alarm systems designed to prevent unauthorized entry into the house. The insurer shall also provide a minimum premium discount of five percent for houses with wrought iron […]
A. The superintendent may, by rule, establish a class of large commercial policyholders, to be known as exempt commercial policyholders, that shall be exempt from the rate and form requirements of Chapter 59A, Articles 17 and 18 NMSA 1978, except for form provisions relating to workers’ compensation mandatory coverage provisions. B. In the promulgation of […]
History: Laws 1984, ch. 127, § 310; 1987, ch. 244, § 6; repealed by Laws 2007, ch. 367, § 38. ANNOTATIONS Repeals. — Laws 2007, ch. 367, § 38 repealed 59A-17-14 NMSA 1978, as enacted by Laws 1984, ch. 127, § 310, relating to disapproval of filings for workmen’s compensation, effective July 1, 2007. For […]
ANNOTATIONS Repeals. — Laws 1987, ch. 244, § 13 repealed 59A-17-15 NMSA 1978, as enacted by Laws 1984, ch. 127, § 311, relating to special restrictions on particular insurers, effective April 9, 1987.
A. By rule, the superintendent may require the filing of supporting data as to any or all kinds or lines of insurance or subdivisions thereof or classes of risks or combinations thereof as the superintendent deems necessary for the proper functioning of the rate monitoring and regulating process. The supporting data shall include: (1) the […]
A. An insurer may itself establish rates and supplementary rate information for a market segment based on the factors set forth in Section 59A-17-7 NMSA 1978 or it may in its rate filing incorporate by reference loss costs and other supplementary rate information prepared by an advisory organization, with modification for its own loss experience […]
A. Workers’ compensation claims by participants as defined in the New Mexico Works Act [Chapter 27, Article 2B NMSA 1978] shall be separately recorded and maintained in the calculation of the experience modification factor used to calculate premiums for the participating employer so that the experience modification factor attributable to claims by participants can be […]
A. No advisory organization shall provide a service relating to the statistical collection or the rates of an insurance subject to the Insurance Rate Regulation Law, and no insurer shall use the services of the organization for such purposes, unless the organization has obtained a license as required by Section 59A-17-19 NMSA 1978. B. No […]
A. A person, whether domiciled within or outside this state, may apply to the superintendent for license as an advisory organization for the kinds of insurance or subdivisions thereof as are specified in its application. The application shall include: (1) a copy of its constitution, charter, articles of organization, agreement, association or incorporation and a […]
A. The Insurance Rate Regulation Law applies to all kinds and lines of direct insurance written on risks or operations in this state by any authorized insurer, except: (1) wet marine and transportation insurance, as defined in Section 59A-7-5 NMSA 1978 [repealed]; (2) life insurance; (3) variable and fixed annuities; and (4) health insurance. B. […]
The superintendent shall promptly revoke the license of an advisory organization if it ceases business or withdraws from this state, and the superintendent may suspend or revoke the license if the superintendent finds after a hearing that: A. the organization no longer meets the qualifications for licensing; or B. the organization has failed to file […]
A. An advisory organization shall furnish its services without discrimination to its members and subscribers. B. An advisory organization shall not adopt any rule, the effect of which would be to prohibit or regulate payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers. History: Laws […]
History: Laws 1984, ch. 127, § 318; repealed by Laws 2007, ch. 367, § 38. ANNOTATIONS Repeals. — Laws 2007, ch. 367, § 38 repealed 59A-17-22 NMSA 1978, as enacted by Laws 1984, ch. 127, § 318, relating to deviations, workmen’s compensation, effective July 1, 2007. For provisions of former section, see the 2006 NMSA […]
