Section 59A-62-3 – Self-service storage insurance producer license.
A. The superintendent may issue a self-service storage insurance producer license to an applicant who is qualified to solicit or sell self-service storage insurance. B. An owner shall not sell, solicit or offer self-service storage insurance unless the owner has complied with the requirements of the Self-Service Storage Insurance License Act and has been issued […]
Section 59A-62-4 – Registry of authorized locations.
A. Before offering self-service storage insurance at a location, a self-service storage insurance producer shall provide the superintendent with a complete list of each location where the self-service storage insurance producer will offer self-service storage insurance. The supervising entity shall maintain a registry of each location at which a self-service storage insurance producer is authorized […]
Section 59A-60-5 – Authority of vendors of portable electronics.
A. The employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers and shall not be subject to licensure as insurance agents under any other provision of the Insurance Code, provided that: (1) the vendor obtains a limited agent’s license to authorize its employees or authorized representatives to sell or […]
Section 59A-60-6 – Penalties; suspension or revocation of license.
A person who violates any provision of the Portable Electronics Insurance Act may, after notice and hearing, be subject to: A. fines not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000); or B. as the superintendent deems necessary: (1) suspension of the privilege of […]
Section 59A-60-7 – Termination of portable electronics insurance.
Notwithstanding any other provision of law: A. an insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the policyholder and enrolled customers with at least thirty days’ notice; B. if the insurer changes the terms and conditions of a policy, the insurer shall provide […]
Section 59A-61-1 – Short title.
Chapter 59A, Article 61 NMSA 1978 may be cited as the “Pharmacy Benefits Manager Regulation Act”. History: Laws 2014, ch. 14, § 1; 2017, ch. 16, § 1. ANNOTATIONS The 2017 amendment, effective June 16, 2017, deleted “Sections 1 through 6 of this act” and added “Chapter 59A, Article 61 NMSA 1978”.
Section 59A-61-2 – Definitions.
As used in the Pharmacy Benefits Manager Regulation Act: A. “maximum allowable cost” means the maximum amount that a pharmacy benefits manager will reimburse a pharmacy for the cost of a generic drug; B. “maximum allowable cost list” means a searchable, electronic and internet-based listing of drugs used by a pharmacy benefits manager setting the […]
Section 59A-61-3 – Licensure; initial application; annual renewal required; revocation.
A. A person shall not operate as a pharmacy benefits manager unless licensed by the superintendent in accordance with the Pharmacy Benefits Manager Regulation Act and applicable federal and state laws. A licensee shall renew the licensee’s pharmacy benefits manager license annually. B. An initial application and a renewal application for licensure as a pharmacy […]
Section 59A-61-4 – Pharmacy reimbursement practices for generic drugs; appeals process required.
A. A pharmacy benefits manager shall determine a reimbursement amount for a generic drug based on objective and verifiable sources. B. A pharmacy benefits manager shall reimburse a pharmacy an amount no less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate in the same network for providing the same […]
Section 59A-61-5 – Pharmacy benefits manager contracts; certain practices prohibited; certain disclosures required upon request.
A. A pharmacy benefits manager shall not require that a pharmacy participate in one contract in order to participate in another contract. B. A pharmacy benefits manager shall provide to a pharmacy by electronic mail, facsimile or certified mail, at least thirty calendar days prior to its execution, a contract written in plain English. C. […]