This act [59A-32A-1 to 59A-32A-9 NMSA 1978] may be cited as the “Rental Car Insurance Limited Producer License Act”. History: Laws 2001, ch. 94, § 1. ANNOTATIONS Effective dates. — Laws 2001, ch. 94, § 10 made the Rental Car Insurance Limited Producer License Act effective July 1, 2001.
As used in the Rental Car Insurance Limited Producer License Act: A. “rental agreement” means a written master, corporate, group or individual agreement setting forth the terms and conditions governing the use of a rental car rented or leased by a rental car company; B. “rental car” means a motor vehicle that is intended to […]
A. No rental car company and no officer, director, employee or agent of a rental car company shall offer, sell, bind, effect, solicit or negotiate the purchase of rental car insurance unless that company is licensed as an insurance producer pursuant to the New Mexico Insurance Code [Chapter 59A NMSA 1978] or has complied with […]
A rental car company may apply to be licensed as a rental car agent under the terms of the Rental Car Insurance Limited Producer License Act if it satisfies all of the requirements of that act and if it files the following documents with the superintendent of insurance: A. a written application for licensure, signed […]
A. An employee of a rental car agent may be a rental car endorsee authorized to offer, sell, bind, effect, solicit or negotiate rental car insurance under the authority of the rental car agent licensee if all of the following conditions have been satisfied: (1) the employee is eighteen years of age or older; (2) […]
No insurance may be issued, offered, sold, solicited or negotiated pursuant to this section unless: A. the rental period of the rental agreement is ninety consecutive days or less; B. at every location where rental agreements are executed, brochures or other written materials are readily available to the prospective renter that: (1) summarize, clearly and […]
A rental car agent or endorsee shall not: A. offer, sell, bind, effect, solicit or negotiate the purchase of rental car insurance except in conjunction with and incidental to rental agreements; B. advertise, represent or otherwise portray itself or any of its employees or agents as licensed insurers or insurance producers; or C. pay any […]
A. In the event a provision of the Rental Car Insurance Limited Producer License Act is violated by a rental car agent or endorsee, the superintendent of insurance may: (1) after notice and hearing, revoke or suspend the license issued under the Rental Car Insurance Limited Producer License Act; or (2) after notice and hearing, […]
Notwithstanding any provision of the Rental Car Insurance Limited Producer License Act or any other rule or statute, a licensee pursuant to that act shall not be required to treat money collected from renters purchasing rental car insurance when renting rental cars as funds received in a fiduciary capacity or to hold the funds in […]
