reglab/housing_qa huggingface dataset:
NM Stat § 59A-30A-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-5 - Organization of association.

All member insurers shall remain members of the association as a condition of their authority to transact insurance in this state. The association may take the form of any appropriate legal entity under New Mexico law, including a corporation, partnership or unincorporated association, as approved by the superintendent. For purposes of administration and assessment, the association shall have two separate accounts: A. the administrative account; and B. the title guaranty account. History: Laws 1999, ch. 60, § 5. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-6 - Board of directors.

A. The association's board of directors shall consist of not less than five nor more than eleven appointed members serving terms as provided in the association's plan of operation, and the superintendent or his designated representative as an ex-officio member. Appointed board members shall be selected by member insurers, subject to the superintendent's approval. A majority of the appointed members shall be employed by member insurers. Vacancies shall be filled for the remaining term by majority vote of the remaining board members, subject to the superintendent's approval. B. Board members may be reimbursed from the administrative account for any reasonable and necessary expenses incurred in their capacities as board members, but the amount of such reimbursement shall not exceed guidelines provided by the approved plan of operation. History: Laws 1999, ch. 60, § 6. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-8 - Plan of operation.

A. The association shall submit to the superintendent a plan of operation and amendments to the plan necessary or suitable to ensure the fair, reasonable and equitable administration of the association. The plan of operation and amendments shall become effective upon the superintendent's written approval. If, at any time, the association fails to submit the plan or suitable amendments to the superintendent, he shall, after notice and hearing, adopt necessary or advisable rules to effectuate the provisions of the Title Insurance Guaranty Act. The rules shall continue in force until the superintendent modifies them or they are superseded by a plan or amendments submitted by the association and approved by the superintendent. B. All member insurers shall comply with the association's plan of operation. C. The association's plan of operation, among other things, shall establish all procedures for conducting the association's business, for handling its assets, for receiving, handling, adjusting and paying claims, for keeping records and for the conduct of other activities necessary to carry out the association's powers and duties. D. The association's plan of operation may provide that any of the association's powers and duties, except those specified in Paragraph (3) of Subsection A and Paragraph (2) of Subsection B of Section 7 [59A-30A-7 NMSA 1978] of the Title Insurance Guaranty Act, be delegated to a corporation, association or other organization that performs or will perform functions similar to those of the association in two or more states. Such a corporation, association or organization shall be reimbursed as a servicing facility and paid for performing any other function. History: Laws 1999, ch. 60, § 8. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-9 - Duties and powers of superintendent.

A. The superintendent shall: (1) promptly forward to the association a copy of any complaint or petition seeking an order of liquidation with a finding of insolvency against a title insurer; (2) notify the association that a title insurer has been found to be an insolvent insurer not later than three days after he receives notice of the finding; and (3) upon request of the board of directors, provide the association with a statement of the net written premiums of each member insurer. B. The superintendent may: (1) require that the association or an insolvent insurer's licensed New Mexico agents notify the insurer's New Mexico insureds and other interested parties of the finding of insolvency and of their rights under the Title Insurance Guaranty Act. Notification shall be made by mail at the last known address; provided that if sufficient information for notification by mail is not available, notice by publication in one or more newspapers of general circulation in the state shall be sufficient; (2) suspend or revoke, after notice and hearing, a member insurer's certificate of authority if the insurer fails to pay any assessment within thirty days after it was due or fails to comply with the association's plan of operation. In the alternative, the superintendent may impose a civil penalty not to exceed five percent of the unpaid assessment per month; provided that no civil penalty shall be less than one hundred dollars ($100) per month; and (3) revoke the designation of any servicing facility if he finds that claims are not being handled satisfactorily. History: Laws 1999, ch. 60, § 9. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-10 - Effect of paid claims.

A. A person recovering under the Title Insurance Guaranty Act shall be deemed to have assigned his rights and claims under the insolvent insurer's policy to the association to the extent of his recovery from the association. Every insured seeking the protection of the Title Insurance Guaranty Act shall cooperate with the association to the same extent as required to cooperate with the insurer. The association shall have no cause of action against an insured for sums it has paid out except such causes of action as the insurer would have had. In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims by the association do not operate to reduce the liability of the insured to the receiver, liquidator or statutory successor for unpaid assessments. B. The court having jurisdiction shall grant claims assigned pursuant to Subsection A of this section and the claims expenses of the association or similar organization in another state the same priority as the claims had before assignment. The association may make application to the court for reimbursement of such claims and expenses and, upon proper application, the court shall order appropriate disbursement to be made. C. The association shall, within the time set by the receivership court, file with the receiver or liquidator of the insolvent insurer, statements of paid claims and claims expense and reserves for unpaid claims and claims expense. History: Laws 1999, ch. 60, § 10. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-11 - Nonduplication of recovery.

A person having a claim under any other title insurance policy that is not an insolvent insurer's policy, which is also a covered claim, shall first exhaust his rights under such other title insurance policy. An amount payable for a covered claim shall be reduced by the amount of any recovery under such other title insurance policy. History: Laws 1999, ch. 60, § 11. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-12 - Prevention of insolvencies.

A. To aid in the detection and prevention of title insurer insolvencies, the association's board of directors may, upon majority vote: (1) make recommendations to the superintendent for the detection and prevention of insolvencies; and (2) respond to requests by the superintendent to discuss and make recommendations regarding the status of a member insurer whose financial condition may be hazardous to policyholders or the public. Recommendations pursuant to this paragraph shall not be available for public inspection. B. The superintendent shall report to the association's board of directors when he has reasonable cause to believe that a title insurer may be insolvent or in a financial condition hazardous to its policyholders or the public. The report, and subsequent meetings, activities, recommendations and decisions of the board of directors as required or permitted in this subsection, shall not be open to the public or available for public inspection. C. At the conclusion of a domestic title insurer insolvency for which the association was obligated to pay covered claims, the association's board of directors may prepare a report on the history and causes of such insolvency, based on the information available to the association, and submit the report to the superintendent. The report, and subsequent meetings, activities, recommendations and decisions of the board of directors as required or permitted in this section, shall not be open to the public or available for public inspection. History: Laws 1999, ch. 60, § 12. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-13 - Examination of association; financial reports.

The association is subject to the superintendent's examination and regulation pursuant to Chapter 59A, Article 4 NMSA 1978. The board of directors shall submit, not later than June 30 each year, a financial report for the preceding calendar year prepared by an independent certified public accountant acceptable to the superintendent. The financial report shall be in a form approved by the superintendent. History: Laws 1999, ch. 60, § 13. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-14 - Appeals.

A. An insured whose claim is denied in whole or in part by the association may request the receivership court, or the ancillary receivership court in this state, to review the association's decision. The request for review shall be filed within thirty days after the date of denial. The receivership court and ancillary receivership court in this state shall have exclusive jurisdiction of all such claims. The decision of the court shall be binding on both the claimant and the association. B. A member insurer may appeal to the superintendent from any action of the association's board of directors by filing a notice of appeal within thirty days after the date of the action appealed from. C. A final order of the superintendent pursuant to Subsection B of this section is subject to judicial review by an action in the district court of Santa Fe county to set aside the order as unlawful or not supported by substantial evidence. If judicial review is not sought within thirty days after the date of the superintendent's order, the order shall be final and not subject to appeal. History: Laws 1999, ch. 60, § 14. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-15 - Recognition of assessment in rates.

The title insurance rates and premiums promulgated by the superintendent shall include amounts sufficient to recoup within three years after assessment a sum equal to the amounts paid to the association by the member insurers, less amounts returned to the member insurers by the association. Rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurers. The entire amount of any such recoupment shall be passed through to insurers. History: Laws 1999, ch. 60, § 15. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-16 - Immunity; confidentiality.

A. There shall be no liability on the part of, and no cause of action of any nature shall exist against, a member insurer, the association or its agents or employees, the board of directors, an individual director or the superintendent or his representative for an action taken by them in connection with carrying out their powers and duties under the Title Insurance Guaranty Act or failure to prevent any insolvency. The association shall defend all actions alleging such liability except that the attorney general shall defend any such actions against the superintendent or his representatives. B. The meetings, activities, recommendations and decisions of the board of directors pursuant to the Title Insurance Guaranty Act shall not be open to the public or available for public inspection; provided that no representative of a member insurer shall be excluded from a meeting of the board of directors, with the exception of a representative of an insolvent insurer. History: Laws 1999, ch. 60, § 16. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-17 - Stay of proceedings; reopening of default judgments.

All proceedings in which the insolvent insurer is a party or is obligated to represent a party in a court in New Mexico shall be stayed for not to exceed six months from the date of a finding of insolvency to permit proper representation by the association of all pending causes of action. As to covered claims arising from a judgment under a decision, verdict or finding resulting from the default of the insolvent insurer or its failure to defend an insured, the association, either on its own behalf or on behalf of the insured, may apply to have the judgment, order, decision, verdict or finding set aside by the same court, administrator or arbitrator that made it and may defend against the claim on its merits. History: Laws 1999, ch. 60, § 17. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-30A-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 30A - Title Insurance Guaranty|Section 59A-30A-18 - Termination; distribution of funds.

A. The superintendent shall by order terminate the operation of the association if he finds, after hearing, that there is in effect a statutory or voluntary plan that: (1) is a permanent plan that is adequately funded or for which an adequate means of funding is provided; and (2) extends or will extend, to New Mexico title insurance policyholders and residents, protection and benefits with respect to insolvent insurers not less favorable than the protection provided under the Title Insurance Guaranty Act. B. If the association's operation is terminated, the association, as soon as possible, shall distribute the balance of money and assets remaining, after discharge of the functions of the association with respect to prior insurer insolvencies not covered by another plan, to member insurers that are then writing title insurance policies in this state, pro rata upon the basis of the aggregate of payments and assessments made by the respective insurers during the five years next preceding the date of the order. History: Laws 1999, ch. 60, § 18. ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
NM Stat § 59A-31-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 31 - Surety Insurance Contracts|Section 59A-31-1 - Scope of article.

Chapter 59A, Article 31 NMSA 1978 shall apply only as to contracts of surety insurance, as defined in Section 59A-7-8 NMSA 1978 [repealed]. Such contracts are also subject to the applicable provisions of Chapter 59A, Articles 5 and 18 NMSA 1978. History: Laws 1984, ch. 127, § 508; 2013, ch. 63, § 1. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2016, ch. 89, § 70 repealed 59A-7-8 NMSA 1978, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com. The 2013 amendment, effective June 14, 2013, required that surety insurance contracts comply with Article 5 of the Insurance Code; in the first sentence, at the beginning of the sentence, deleted "This article" and added "Chapter 59A, Article 31 NMSA 1978", after "defined in Section", deleted "114 of the Insurance Code" and added "59A-7-8 NMSA 1978", and in the second sentence, after "applicable provisions of", deleted "Article 18 (the insurance contract) of the Insurance Code" and added "Chapter 59A, Articles 5 and 18 NMSA 1978". Am. Jur. 2d, A.L.R. and C.J.S. references. — Fidelity bond termination clause on taking over of insured by another business entity: construction and effect, 44 A.L.R.4th 1195. Construction and effect of clause in fidelity bond or insurance policy excluding from coverage losses proved by "inventory computation" or "profit and loss computation," 45 A.L.R.4th 1049. Computation of net "loss" for which fidelity insurer is liable, 5 A.L.R.5th 132.
NM Stat § 59A-32-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 32 - Motor Vehicle Insurance|Section 59A-32-1 - Assigned risk plan, short title.

Sections 520 through 532 [59A-32-1, 59A-32-3 to 59A-32-13 NMSA 1978] of this article comprise and may be cited as the "Motor Vehicle Assigned Risks Law". History: Laws 1984, ch. 127, § 520. ANNOTATIONSConstitutionality of rate rollback legislation. — Legislature can constitutionally require insurers to roll back premium rates if the roll back does not result in the establishment of confiscatory rates or if there is a statutory mechanism to allow insurers to obtain rate relief in the event that confiscatory rates result. 1991 Op. Att'y Gen. No. 91-10. Am. Jur. 2d, A.L.R. and C.J.S. references. — 7 Am. Jur. 2d Automobile Insurance § 11 et seq. What constitutes an "uninsured" or "unknown" vehicle or motorist, within uninsured motorist coverage, 26 A.L.R.3d 883, 24 A.L.R.4th 13, 24 A.L.R.4th 63. What constitutes sufficiently serious personal injury, disability, impairment, or the like to justify recovery of damages outside of no-fault automobile insurance coverage, 33 A.L.R.4th 767. Who is a "spouse" within clause of automobile liability, uninsured motorist, or no-fault insurance policy defining additional insured, 36 A.L.R.4th 588. Construction and application of substitution provision of automobile liability policy, 42 A.L.R.4th 1145. Consortium claim of spouse, parent or child of accident victim as within extended "per accident" coverage rather than "per person" coverage of automobile liability policy, 46 A.L.R.4th 735. Uninsured motorist coverage: injuries to motorcyclists as within affirmative or exclusionary terms of automobile insurance policy, 46 A.L.R.4th 771. Liability insurance: when is vehicle in "dead storage," 48 A.L.R.4th 591. Automobile liability insurance policy flight from police exclusion: validity and effect, 49 A.L.R.4th 325. Who is "employed or engaged in the automobile business" within exclusionary clause of liability policy, 55 A.L.R.4th 261. Validity and construction of automobile insurance provision or statute automatically terminating coverage when insured obtains another policy providing similar coverage, 61 A.L.R.4th 1130. 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. What constitutes "motor vehicle" for purposes of no-fault insurance, 73 A.L.R.4th 1053. Application of automobile insurance "entitlement" exclusion to family member, 25 A.L.R.5th 60. Validity and operation of "step-down" provision of automobile liability policy reducing coverage for permissive users, 29 A.L.R.5th 469. What constitutes use of automobile "to carry persons or property for fee" within exclusion of automobile insurance policy, 57 A.L.R.5th 591. Validity, construction, and application of exclusion of government vehicles from uninsured motorist provision, 58 A.L.R.5th 511.
NM Stat § 59A-32-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 32 - Motor Vehicle Insurance|Section 59A-32-2 - Scope of article.

This article shall apply only as to contracts of vehicle insurance, as defined in Section 113 [59A-7-7 NMSA 1978] of the Insurance Code. Such contracts shall also be 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, § 509. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Combining or "stacking" of "no fault" or personal injury protection (PIP) coverages in automobile liability policy or policies, 29 A.L.R.4th 12. Combining or "stacking" medical payment provisions of automobile liability policy or policies issued by one or more insurers to one insured, 29 A.L.R.4th 49.
NM Stat § 59A-32-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 32 - Motor Vehicle Insurance|Section 59A-32-3 - Purpose of assigned risk plan.

The purpose of the assigned risk plan is to provide for the equitable distribution and apportionment among insurers authorized to transact in this state the business of automobile and motor vehicle bodily injury, property damage liability and physical damage insurance, of insurance afforded applicants who are in good faith entitled to, but who are unable to procure, such insurance through ordinary methods. History: Laws 1984, ch. 127, § 521.