Section 59A-45-7 – Form of premium finance agreement.
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 […]
Section 59A-45-1 – Short title.
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.
Section 59A-45-2 – Definitions.
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 […]
Section 59A-45-3 – Licensing requirements.
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 […]
Section 59A-45-4 – Bonding requirements for licensees.
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, […]
Section 59A-45-5 – Exemptions.
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; […]