This article [Chapter 59A, Article 29 NMSA 1978] may be cited as the “FAIR Plan Act” (fair access to insurance requirements). History: 1978 Comp., § 59A-29-1, enacted by Laws 1985, ch. 61, § 1. ANNOTATIONS Repeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-1 NMSA 1978, as enacted by Laws 1984, ch. 127, […]
ANNOTATIONS Repeals. — Laws 1985, ch. 61, § 10 repealed 59A-29-10 to 59A-29-12 NMSA 1978, as enacted by Laws 1984, ch. 127, §§ 504 to 506, relating to assessment and recoupment upon and from insurers and the expiration and application of the FAIR Plan Law, effective April 1, 1985.
All insurers licensed to write and writing essential property insurance, as defined by the superintendent of insurance, in New Mexico on a direct basis are authorized, subject to approval and regulation by the superintendent of insurance, to establish and maintain a FAIR plan and to establish and maintain an underwriting association and to formulate and […]
Each insurer authorized to write and writing essential property insurance in New Mexico shall be required to become and remain a member of the FAIR plan and the underwriting association and comply with the requirements thereof as a condition of its authority to transact property insurance business. As a prerequisite to such authority to transact […]
The FAIR plan and articles of association shall make provision for an underwriting association having authority on behalf of its members to cause to be issued property insurance policies, to reinsure in whole or in part any such policies and to cede any such reinsurance. The plan and articles of association shall provide, among other […]
The governing committee of the New Mexico property insurance program may, on its own initiative or at the request of the superintendent of insurance, amend the plan and articles, subject to approval by the superintendent. History: 1978 Comp., § 59A-29-5, enacted by Laws 1985, ch. 61, § 5. ANNOTATIONS Repeals. — Laws 1985, ch. 61, […]
A. A person aggrieved by an action or decision of the administrators of the FAIR plan or the underwriting association or of any insurer as a result of its participation may appeal to the superintendent within thirty days from the date of the action or the decision. The superintendent shall, after hearing held upon thirty […]
There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association or its agents or employees, the governing committee or the superintendent or his representative for any action taken by them in the performance of their powers and duties under the […]
ANNOTATIONS Repeals. — Laws 1993, ch. 115, § 1 repealed 59A-29-8 NMSA 1978, as enacted by Laws 1985, ch. 61, § 8, providing a termination date for the FAIR Plan Act but providing an exception for outstanding obligations, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
The FAIR Plan Act shall be effective and shall apply retroactively to April 30, 1981, to validate action taken under the New Mexico interim uniform basic property insurance and placement program promulgated by the superintendent of insurance. History: 1978 Comp., § 59A-29-9, enacted by Laws 1985, ch. 61, § 9. ANNOTATIONS Repeals. — Laws 1985, […]
