Section 59A-58-13 – Business name restrictions.
A. Except as otherwise provided in this section, a provider shall not include in the name of his business: (1) the words “insurance”, “casualty”, “surety”, “mutual” or any other word or term that implies that he is engaged in the business of transacting insurance or is a surety company; or (2) a name that is […]
Section 59A-58-14 – Prohibition of requiring purchase of service contract as a condition of loan approval or purchase of property.
No person may require the purchase of a service contract as a condition for the approval of a loan or the purchasing of property. History: Laws 2001, ch. 206, § 14. ANNOTATIONS Effective dates. — Laws 2001, ch. 206, § 20 made Laws 2001, ch. 206, § 14 effective July 1, 2002.
Section 59A-57A-13 – Providers; reimbursement for a surprise bill. (Repealed effective July 1, 2023.)
A. For services provided pursuant to Section 3 [59A-57A-3 NMSA 1978] or 4 [59A-57A-4 NMSA 1978] of the Surprise Billing Protection Act, a health insurance carrier shall directly reimburse a nonparticipating provider for care rendered the surprise bill reimbursement rate for services. B. The surprise bill reimbursement rate shall be calculated using claims data reflecting […]
Section 59A-58-1 – Short title.
Chapter 59A, Article 58 NMSA 1978 may be cited as the “Service Contract Regulation Act”. History: Laws 2001, ch. 206, § 1; 2017, ch. 125, § 1. ANNOTATIONS The 2017 amendment, effective June 16, 2017, changed “Sections 1 through 19 of this act” to “Chapter 59A, Article 58 NMSA 1978”.
Section 59A-58-2 – Definitions.
As used in the Service Contract Regulation Act: A. “administrator” means a person who is responsible for administering a service contract that is issued, sold or offered for sale by a provider or sold by a seller; B. “automatic renewal provision” means a provision within a service contract that acts to automatically renew the service […]
Section 59A-58-3 – Exclusions from act.
The provisions of the Service Contract Regulation Act do not apply to: A. a warranty; B. a maintenance agreement; C. a service contract provided by a public utility on its transmission device if the service contract is regulated by the public regulation commission; D. a service contract sold or offered for sale to a person […]
Section 59A-58-4 – Prohibition of sale of service contract unless registered.
A provider shall not issue, sell or offer for sale service contracts in this state unless the provider has been registered with the superintendent pursuant to the provisions of the Service Contract Regulation Act. However, an administrator or seller of a service contract is not required to be registered. The provisions of this section shall […]
Section 59A-58-5 – Registration requirements.
A. A provider who wishes to issue, sell or offer for sale service contracts in this state must submit to the superintendent: (1) a registration application on a form prescribed by the superintendent; (2) proof that the provider has complied with the requirements for security pursuant to Section 59A-58-6 NMSA 1978; (3) the name, address […]
Section 59A-58-6 – Security required for registration of provider.
A. To ensure the faithful performance of a provider’s obligations to the provider’s service contract holders, a provider shall comply with the requirements of one of the following: (1) maintain a deposit with the superintendent as provided in this paragraph: (a) a provider of a service contract shall deposit fifty thousand dollars ($50,000) unless the […]
Section 59A-58-7 – Transactions exempt from premium tax.
The premium tax imposed pursuant to Chapter 59A, Article 6 NMSA 1978 does not apply to any business transacted pursuant to the provisions of the Service Contract Regulation Act. History: Laws 2001, ch. 206, § 7. ANNOTATIONS Cross references. — For exemption of the Service Contract Regulation Act, see 59A-58-7 NMSA 1978. Effective dates. — […]