reglab/housing_qa huggingface dataset:
NM Stat § 59A-25-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-5 - Amount of insurance.

A. The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater. B. Notwithstanding the provisions of Subsection A, above, insurance on agricultural credit transactions and other credit transactions not providing for amortization of the indebtedness and not exceeding two (2) years in duration may be written up to the amount of the loan commitment on a nondecreasing or level term plan. C. Notwithstanding the provisions of Subsection A, above, or any other provision of this article, insurance on educational credit transaction commitments may be written for the amount of the portion of such commitment that has not already been advanced by the creditor. D. The total amount of periodic indemnity payable by credit health insurance in event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness, and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments. History: Laws 1984, ch. 127, § 476.
NM Stat § 59A-25-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-6 - Term of insurance.

The term of any credit life or credit health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, or the date when the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty (30) days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurer determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than fifteen (15) days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in Section 480 [59A-25-9 NMSA 1978] of this article. History: Laws 1984, ch. 127, § 477.
NM Stat § 59A-25-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-9 - Premiums and refunds.

A. Any insurer may revise its schedules of premium rates from time to time and shall file such revised schedules with the superintendent. No insurer shall issue any credit life insurance policy or credit health insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the superintendent. B. Each individual policy or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that the superintendent shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing such refund shall be filed with and approved by the superintendent. C. If a creditor requires a debtor to make any payment for credit life insurance or credit health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account. D. The amount charged to a debtor for any credit life or credit health insurance shall not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined. E. Nothing in this article shall be construed to authorize any payments for insurance now prohibited under any statute, or rule thereunder, governing credit transaction. History: Laws 1984, ch. 127, § 480.
NM Stat § 59A-25-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-10 - Authorized insurer, licensed agent required.

A credit life or credit health insurance policy shall be delivered or issued for delivery in this state only by an insurer holding a certificate of authority to transact such insurance in this state, and shall be issued only through a duly appointed and licensed agent of the insurer in this state. History: Laws 1984, ch. 127, § 481.
NM Stat § 59A-25-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-11 - Claims administration.

A. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. B. All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of such claimant to one specified. C. No plan or arrangement shall be used whereby any person other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with the insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer. History: Laws 1984, ch. 127, § 482.
NM Stat § 59A-25-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-12 - Existing insurance; choice of insurer.

When credit life or credit health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact such an insurance business in this state. The creditor shall timely inform the debtor in writing of the debtor's rights under this section, in form prescribed or approved by the superintendent. History: Laws 1984, ch. 127, § 483.
NM Stat § 59A-25-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-13 - Director of financial institutions division to report violations.

The director of the financial institutions division of this state, in connection with his examination of lending institutions under his supervision, regulation or control, shall investigate and examine the procedures and policies of such lending agencies regarding issue and sale of insurance in connection with loans, and to report immediately to the superintendent any questionable procedures or violations of this article by any such lending agency. History: Laws 1984, ch. 127, § 484.
NM Stat § 59A-25-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 25 - Credit Life and Credit Health Insurance|Section 59A-25-14 - Penalties.

In addition to any other penalty provided by law, any person violating the superintendent's order under this article after the order has become final and while the order is in effect, shall upon conviction thereof forfeit and pay to the state of New Mexico not to exceed five hundred dollars ($500), except that if the violation is found to be wilful the penalty shall be in [a] sum not over two thousand dollars ($2,000). History: Laws 1984, ch. 127, § 485. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 59A-26-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 26 - Casualty Insurance Contracts|Section 59A-26-1 - Scope of article.

This article [Chapter 59A, Article 26 NMSA 1978] applies as to certain contracts of casualty insurance, as identified in the respective sections of this article, other than mortgage guaranty insurance contracts, motor vehicle insurance contracts and employer's liability or workmen's compensation insurance contracts, which such excepted contracts are respectively covered under a separate subsequent article of the Insurance Code. All such casualty contracts shall also be subject to applicable provisions of Article 18 [Chapter 59A, Article 18 NMSA 1978] (the insurance contract) of the Insurance Code. History: Laws 1984, ch. 127, § 486. ANNOTATIONSCross references. — For mortgage guaranty insurance contracts, see Chapter 59A, Article 28 NMSA 1978. For motor vehicle insurance contracts, see Chapter 59A, Article 32 NMSA 1978. For workers' compensation insurance contracts, see Chapter 59A, Article 33 NMSA 1978. For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. Am. Jur. 2d, A.L.R. and C.J.S. references. — Liability insurance: intoxication or other mental incapacity avoiding application of clause in liability policy specifically exempting coverage of injury or damage caused intentionally by or at direction of insured, 33 A.L.R.4th 983. Acts in self-defense as within provision of liability insurance policy expressly excluding coverage for damage or injury intended or expected by insured, 34 A.L.R.4th 761. Duty of mortgagee of real property with respect to obtaining or maintenance of fire or other casualty insurance protecting mortgagor, 42 A.L.R.4th 188. Self-insurance against liability as other insurance within meaning of liability insurance policy, 46 A.L.R.4th 707. Livestock or animal insurance: risks and losses, 47 A.L.R.4th 772. Liability insurance: when is vehicle in "dead storage," 48 A.L.R.4th 591. Aviation insurance: causal link between breach of policy provisions and accident as requisite to avoid insurer's liability, 48 A.L.R.4th 778. What constitutes single accident or occurrence within liability policy limiting insurer's liability to a specified amount per accident or occurrence, 64 A.L.R.4th 668. Theft and vandalism insurance: coinsured's misconduct as barring innocent coinsured's right to recover on policy, 64 A.L.R.4th 714. Construction and effect of "rain insurance" policies insuring against rainfall on the date of concert, exhibition, game, or the like, 70 A.L.R.4th 1010. Liability of tortfeasor's insurance agent or broker to injured party for failure to procure or maintain liability insurance, 72 A.L.R.4th 1095. Loss of information stored in computer system or on computer disk cartridge, computer tape, or similar computer storage media as within coverage of liability policy, 85 A.L.R.4th 1102. Fire insurance: failure to disclose prior fires affecting insured's property as ground for avoidance of policy, 4 A.L.R.5th 117. Liability of insurance agent or broker on ground of inadequacy of liability-insurance coverage procured, 60 A.L.R.5th 165.
NM Stat § 59A-27-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 27 - Marine and Transportation Insurance Contracts|Section 59A-27-1 - Scope of article.

This article [Chapter 59A, Article 27 NMSA 1978] applies only as to contracts of marine and transportation insurance, as such insurance is defined in Section 111 [59A-7-5 NMSA 1978][repealed] of the Insurance Code. All such insurance contracts shall be subject to the provisions, as applicable, of Article 18 [Chapter 59A, Article 18 NMSA 1978] (the insurance contract) of the Insurance Code. History: Laws 1984, ch. 127, § 487. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2016, ch. 89, § 70 repealed 59A-7-5 NMSA 1978, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com. Am. Jur. 2d, A.L.R. and C.J.S. references. — Loss allegedly resulting from smuggling activities as within marine insurance policy covering barratry, 77 A.L.R. Fed. 743.
NM Stat § 59A-28-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 28 - Mortgage Guaranty Insurance Contracts|Section 59A-28-1 - Scope of article.

This article [Chapter 59A, Article 28 NMSA 1978] shall apply only with respect to contracts of mortgage guaranty insurance as defined in Section 112 [59A-7-6 NMSA 1978] of the Insurance Code. Such contracts are also subject to the applicable provisions of Article 18 [Chapter 59A, Article 18 NMSA 1978] (the insurance contract) of the Insurance Code. History: Laws 1984, ch. 127, § 488.
NM Stat § 59A-29-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-1 - Short title.

This article [Chapter 59A, Article 29 NMSA 1978] may be cited as the "FAIR Plan Act" (fair access to insurance requirements). History: 1978 Comp., § 59A-29-1, enacted by Laws 1985, ch. 61, § 1. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-1 NMSA 1978, as enacted by Laws 1984, ch. 127, § 496, relating to the short title of the "FAIR Plan Law", effective April 1, 1985.
NM Stat § 59A-29-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-2 - Organization of FAIR plan and underwriting association.

All insurers licensed to write and writing essential property insurance, as defined by the superintendent of insurance, in New Mexico on a direct basis are authorized, subject to approval and regulation by the superintendent of insurance, to establish and maintain a FAIR plan and to establish and maintain an underwriting association and to formulate and from time to time amend the plan and articles of association and rules and regulations in connection therewith and to assess and share on a fair and equitable basis all expenses, income and losses incident to such FAIR plan and underwriting association in a manner consistent with the provisions of the FAIR Plan Act. Such underwriting association shall be known as the "New Mexico Property Insurance Program." History: 1978 Comp., § 59A-29-2, enacted by Laws 1985, ch. 61, § 2. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-2 NMSA 1978, as enacted by Laws 1984, ch. 127, § 489, relating to the scope of the article, effective April 1, 1985.
NM Stat § 59A-29-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-3 - Participation.

Each insurer authorized to write and writing essential property insurance in New Mexico shall be required to become and remain a member of the FAIR plan and the underwriting association and comply with the requirements thereof as a condition of its authority to transact property insurance business. As a prerequisite to such authority to transact property insurance business each insurer shall automatically subscribe to the articles of agreement on file in the superintendent's office. History: 1978 Comp., § 59A-29-3, enacted by Laws 1985, ch. 61, § 3. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-3 NMSA 1978, as enacted by Laws 1984, ch. 127, § 497, relating to the organization of FAIR plan and underwriting association, effective April 1, 1985. For present comparable provisions, see 59A-29-2 NMSA 1978.
NM Stat § 59A-29-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-4 - Requirements of plan and authority of association.

The FAIR plan and articles of association shall make provision for an underwriting association having authority on behalf of its members to cause to be issued property insurance policies, to reinsure in whole or in part any such policies and to cede any such reinsurance. The plan and articles of association shall provide, among other things, for the perils to be covered, geographical area of coverage, compensation and commission, assessments of members, the sharing of expenses, income and losses on an equitable basis, cumulative weighted voting for the governing committee of the association, the administration of the plan and association and any other matter necessary or convenient for the purpose of assuring fair access to insurance requirements. History: 1978 Comp., § 59A-29-4, enacted by Laws 1985, ch. 61, § 4. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-4 NMSA 1978, as enacted by Laws 1984, ch. 127, § 498, relating to participation in a FAIR plan, effective April 1, 1985. For present comparable provisions, see 59A-29-3 NMSA 1978.
NM Stat § 59A-29-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-5 - Changes in plan or articles.

The governing committee of the New Mexico property insurance program may, on its own initiative or at the request of the superintendent of insurance, amend the plan and articles, subject to approval by the superintendent. History: 1978 Comp., § 59A-29-5, enacted by Laws 1985, ch. 61, § 5. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-5 NMSA 1978, as enacted by Laws 1984, ch. 127, § 499, relating to requirements of the term and authority of the underwriting association, effective April 1, 1985. For present comparable provisions, see 59A-29-4 NMSA 1978.
NM Stat § 59A-29-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-6 - Appeals; judicial review.

A. A person aggrieved by an action or decision of the administrators of the FAIR plan or the underwriting association or of any insurer as a result of its participation may appeal to the superintendent within thirty days from the date of the action or the decision. The superintendent shall, after hearing held upon thirty days' written notice, issue an order approving the action or decision or disapproving the action or decision with respect to the matter that is the subject of appeal. B. All final orders and decisions of the superintendent shall be subject to judicial review in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1978 Comp., § 59A-29-6, enacted by Laws 1985, ch. 61, § 6; 1998, ch. 55, § 64; 1999, ch. 265, § 68. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-6 NMSA 1978, as enacted by Laws 1984, ch. 127, § 500, relating to changes in the plan or articles effective April 1, 1985. For present comparable provisions, see 59A-29-5 NMSA 1978. The 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection B. The 1998 amendment, effective September 1, 1998, added the Subsection designations; in Subsection A, deleted "therein" following "participation", deleted "of insurance" following "superintendent" twice; and in Subsection B, deleted "of insurance" following "superintendent", substituted "in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978" for "de novo"; and made minor stylistic changes throughout the section.
NM Stat § 59A-29-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-7 - Immunity.

There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association or its agents or employees, the governing committee or the superintendent or his representative for any action taken by them in the performance of their powers and duties under the FAIR Plan Act. The meetings, activities, recommendations and decisions of the governing committee of the association as required or permitted in that act shall not be open to public inspection, nor be considered public documents, nor be subject to Sections 10-15-1 through 10-15-4 NMSA 1978. History: 1978 Comp., § 59A-29-7, enacted by Laws 1985, ch. 61, § 7. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-7 NMSA 1978, as enacted by Laws 1984, ch. 127, § 501, relating to appeals and judicial review, effective April 1, 1985. For present comparable provisions, see 59A-29-6 NMSA 1978. Liability of servicing insurer. — An insurer who is a member of the New Mexico Property Insurance Program (NMPIP) is not immune from liability for actions taken in its role as a servicing insurer under contract with the NMPIP. Maes v. Audubon Indem. Ins. Group, 2007-NMSC-046, 142 N.M. 235, 164 P.3d 934. Servicing insurer is not an agent. — A servicing insurer who is under contract with the New Mexico Property Insurance Program (NMPIP) to issue and service policies on risks referred to it by the NMPIP and who is subject to regulation by the NMPIP as a servicing agent, is not an agent of the NMPIP, and is not immune from liability for its actions as a servicing insurer. Maes v. Audubon Indem. Ins. Group, 2007-NMSC-046, 142 N.M. 235, 164 P.3d 934, rev'g 2006-NMCA-021, 139 N.M. 39, 127 P.3d 1126. Immunity from bad faith actions. — Servicing insurer under FAIR Plan Act held immune from suit for bad faith insurance practices and pre- and post- judgment interest. Maes v. Audubon Indemnity Insurance Group, 2006-NMCA-021, 139 N.M. 39, 127 P.3d 1126, rev'd, 2007-NMSC-046, 142 N.M. 235, 164 P.3d 934.
NM Stat § 59A-29-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-8 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 115, § 1 repealed 59A-29-8 NMSA 1978, as enacted by Laws 1985, ch. 61, § 8, providing a termination date for the FAIR Plan Act but providing an exception for outstanding obligations, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 59A-29-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-9 - Retroactive application.

The FAIR Plan Act shall be effective and shall apply retroactively to April 30, 1981, to validate action taken under the New Mexico interim uniform basic property insurance and placement program promulgated by the superintendent of insurance. History: 1978 Comp., § 59A-29-9, enacted by Laws 1985, ch. 61, § 9. ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-9 NMSA 1978, as enacted by Laws 1984, ch. 127, § 503, relating to riot reinsurance reimbursement fund, effective April 1, 1985.
NM Stat § 59A-29-10 to 59A-29-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 29 - Property Insurance Contracts; Fair Plan Act|Section 59A-29-10 to 59A-29-12 - Repealed.

ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed 59A-29-10 to 59A-29-12 NMSA 1978, as enacted by Laws 1984, ch. 127, §§ 504 to 506, relating to assessment and recoupment upon and from insurers and the expiration and application of the FAIR Plan Law, effective April 1, 1985.