Chapter 59A NMSA 1978 [except for 59A-30A-1 to 59A-30A-18 NMSA 1978, and 59A-42A-1 to 59A-42A-9 NMSA 1978] shall be known and may be cited as the New Mexico Insurance Code and, in this chapter, may also be referred to as the “Insurance Code”. History: 1978 Comp., § 59A-1-1, enacted by Laws 1993, ch. 320, § […]
A. “Person” includes an individual, association, organization, reciprocal or Lloyds plan insurer, partnership, firm, syndicate, trust, corporation and every legal entity. B. An “individual” is a natural person, a human being. History: Laws 1984, ch. 127, § 10.
When used in context indicating a jurisdiction other than New Mexico, “state” means any state, district, commonwealth, territory or possession of the United States of America. History: Laws 1984, ch. 127, § 11.
“Superintendent” means the superintendent of insurance or the superintendent’s duly authorized representative acting in official capacity. History: Laws 1984, ch. 127, § 12; 1998, ch. 108, § 33. ANNOTATIONS The 1998 amendment, effective January 1, 1999, substituted “superintendant of insurance” for “superintendent of the insurance department, as designated as such by the corporation commission,” near […]
In addition to other aspects of insurance operations to which the Insurance Code by its terms applies, “transacting insurance” with respect to an insurance contract or a business of insurance includes any of the following, by mail or otherwise or whether or not for profit: A. solicitation or inducement; B. negotiation; C. effectuation of an […]
No person shall transact a business of insurance in New Mexico, or relative to a subject of insurance resident, located or to be performed in New Mexico or elsewhere, without complying with the applicable provisions of the Insurance Code. History: Laws 1984, ch. 127, § 14. ANNOTATIONS Cross references. — For the Insurance Code, see […]
No provision of the Insurance Code shall apply to: A. fraternal benefit societies, as identified in Chapter 59A, Article 44 NMSA 1978, except as stated in that article; B. nonprofit health care plans, as identified in Chapter 59A, Article 47 NMSA 1978, except as stated in that article; C. health maintenance organizations, as identified in […]
In addition to organizations and businesses otherwise exempt, the Insurance Code shall not apply to: A. a labor organization that, incidental only to operations as a labor organization, issues benefit certificates to members or maintains funds to assist members and their families in times of illness, injury or need, and is not for profit; B. […]
A. As used in this section: (1) “charitable gift annuity” means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or two lives, under which the actuarial value of the annuity is less than the value of the cash or other property […]
Provisions of the Insurance Code relative to a particular kind of insurance or type of insurer or particular matter shall prevail over provisions relating to insurance in general or insurers in general or to such matter in general. History: Laws 1984, ch. 127, § 17. ANNOTATIONS Cross references. — For the Insurance Code, see 59A-1-1 […]
A. Unless the same is defined as a felony under any other law of this state or punishment therefor classifies it otherwise, every violation of the Insurance Code is a petty misdemeanor punishable by a fine not to exceed five hundred dollars ($500). B. Where other monetary penalty is not expressly provided for, an administrative […]
ANNOTATIONS Repeals. — Laws 1998, ch. 108, § 81 repealed 59A-1-6 NMSA 1978, as enacted by Laws 1984, ch. 127, § 6, relating to the definition of “insurance board” effective January 1, 1999. For provisions of former section, see the 1997 NMSA 1978 on NMOneSource.com.
“Insurance department”, “insurance division” or “division” means the office of superintendent of insurance. History: Laws 1984, ch. 127, § 7; 1998, ch. 108, § 32; 2013, ch. 74, § 8. ANNOTATIONS The 2013 amendment, effective March 29, 2013, changed the definition to mean the office of superintendent of insurance; after “means the”, added “office of […]
A. “Insurer” includes every person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance. B. An “authorized insurer” is a [an] insurer holding a valid and subsisting certificate of authority, issued by the superintendent, to transact insurance in this state. History: Laws 1984, ch. 127, § […]
“Multiple employer welfare arrangement” means a plan for providing welfare benefits for employees of more than one employer as defined by 29 U.S.C. Section 1002. History: Laws 1991, ch. 125, § 2.
“Deliver” or “delivery” means send to by: A. email and retain an email delivery confirmation; B. electronic transmission through a dedicated two-way communication portal and retain delivery confirmation; C. fax and retain a fax delivery confirmation; D. regular mail; or E. personal delivery.” History: 1978 Comp., § 59A-1-8.2, enacted by Laws 2021, ch. 108, § […]
“New Mexico” means the state of New Mexico. History: Laws 1984, ch. 127, § 9.
