This article [Chapter 59A, Article 45 NMSA 1978] may be cited as the “Insurance Premium Financing Law”. History: Laws 1984, ch. 127, § 831. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 51, 52, 589, 857. 44 C.J.S. Insurance § 15 et seq.
A premium finance agreement may provide for the payment by the insured of a delinquency charge on each installment in default for a period of more than ten days and in an amount not to exceed five percent of each installment, or five dollars ($5.00), whichever is less, or in lieu thereof, interest after maturity […]
A. When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation is made in accordance with this article. B. Not less than […]
No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledges and encumbrances, successor or assigns. History: Laws 1984, ch. 127, § 843.
A. The superintendent may revoke or suspend the insurance premium financing license of any person when after investigation it appears to the superintendent that: (1) any license issued to such person was obtained by fraud; (2) there was any misrepresentation in the application of the license; (3) the holder of such license has otherwise shown […]
Upon a determination by hearing that a person has violated any provision of this article or any rules or regulations adopted thereunder, the superintendent may issue an order requiring the person to cease and desist from engaging in such violation. If the alleged violator fails to comply with the cease and desist order from the […]
In addition to any penalties imposed pursuant to Sections 844 or 845 [59A-45-13 or 59A-45-14 NMSA 1978] of this article, the district court may, in an action filed by the superintendent, impose the following civil penalties: A. for each violation of this article a penalty of not more than one thousand dollars ($1,000) but not […]
The following additional articles and provisions of the Insurance Code shall also apply, as applicable, to insurance premium finance companies and their operations: A. Article 1 [Chapter 59A, Article 1 NMSA 1978] (scope of code, initial definitions, general penalty); B. Article 2 [Chapter 59A, Article 2 NMSA 1978] (department of insurance); C. Article 4 [Chapter […]
As used in this article: A. “person” means any individual, corporation, association, partnership or any other legal entity; B. “insurance policy” or “insurance contract” means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, proposed for issuance or intended for issuance by any person; C. “insurance premium finance agreement” means an […]
A. No person shall engage in the business of financing insurance premiums in this state without first having obtained an insurance premium financing license from the superintendent. B. The annual license fee shall be as stated in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code. Licenses may be renewed from year to […]
A. Prior to the issuance of an insurance premium financing license, the applicant shall file with the superintendent a surety bond or a bank certificate of deposit in favor of the superintendent in a total aggregate amount of not less than ten thousand dollars ($10,000), conditioned to pay the actual damages resulting to the state, […]
A. The provisions of this article shall not limit the authority of the following institutions to engage in insurance premium financing or apply to: (1) any life insurer authorized to do business in the state; (2) any national banking institution; (3) any state bank; (4) any savings and loan association; (5) any small loan company; […]
A. Every person engaged in the business of financing insurance premiums shall maintain records of his premium finance transactions and the records shall be open to examination and investigation by the superintendent. The superintendent may at any time require any such persons to bring such records as he may direct to the superintendent’s office for […]
A premium finance agreement shall: A. comply with all existing federal laws; B. comply with any requirements established by the superintendent by way of rule or regulation; and C. contain a statement that the Insurance Premium Financing Law does not require a person to enter into an insurance premium financing agreement as a condition of […]
The following additional provisions shall be applicable to an insurance premium finance agreement: A. a premium finance company shall not charge, contract for, receive or collect a rate other than permitted pursuant to this article; B. the rate is to be computed on the balance of the premium due, after subtracting the down payment made […]
An assignee of the rights of a creditor under an insurance premium finance agreement, for the purchase of insurance primarily for personal, family or household purposes, is a holder within the meaning of the Uniform Commercial Code (55-1-101 to 55-9-507 NMSA 1978) and is subject to all defenses of the insured notwithstanding that there is […]
