reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-2 - Purpose and legislative intent of article.

A. The purpose of the New Mexico Title Insurance Law is to provide a comprehensive body of law for the effective regulation and active supervision of the business of title insurance transacted within this state in accordance with the McCarran-Ferguson Act (P.L. 79-15, 15 U.S.C. Sections 1011-1015).
B. The legislature intends that the business of title insurance be regulated by the state to provide for the protection of consumers and purchasers of title insurance policies and the financial stability of the title insurance industry.
C. The legislature intends that the title insurance market be competitive for all title insurance agents, that regulation of the title insurance industry does not disproportionately impact independent title agencies and that regulation of the industry does not place independent title insurance agents at a competitive disadvantage with underwriter-owned title companies.
History:
1978 Comp., § 59A-30-2, enacted by Laws 1985, ch. 28, § 2; 2009, ch. 80, § 4.
ANNOTATIONS
The 2009 amendment,
effective July 1, 2009, in Subsection A, before "the McCarran-Ferguson Act", changed "response to" to "accordance with"; in Subsection B, before "regulated", deleted "totally"; and added Subsection C.
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
Regulation of title insurance.
— New Mexico's statutory scheme regulating title insurance is not contrary to state law.
Coll v. First Am. Title Ins. Co.
, 642 F.3d 876 (10th Cir. 2011).
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-4 - Control and supervision by superintendent.

A. Title insurers and title insurance producers shall operate in New Mexico under the control and supervision of the superintendent. The superintendent shall promulgate such rules and regulations as are necessary to carry out the provisions of the New Mexico Title Insurance Law. The superintendent may adopt uniform rules and regulations to address underwriting standards and practices, including but not limited to rules and regulations that prohibit title insurers from insuring specified risks that the superintendent determines may pose an unreasonable risk to the financial stability of title insurers.
B. No title insurer or title insurance producer shall collect any premium, issue any title insurance policy or agency agreement, or reinsure any portion of the risk assumed under any title insurance policy, other than in conformance with the New Mexico Title Insurance Law and rules and regulations adopted by the superintendent as authorized by the New Mexico Title Insurance Law.
History:
1978 Comp., § 59A-30-4, enacted by Laws 1985, ch. 28, § 4; 2009, ch. 80, § 6; 2016, ch. 89, § 61.
ANNOTATIONS
The 2016 amendment,
effective July 1, 2017, in Subsection A, after "title insurance", deleted "agents" and added "producers"; and in Subsection B, after "title insurance", deleted "agent" and added "producer".
Severability.
— Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2009 amendment,
effective July 1, 2009, in Subsection A, after "Title Insurance Law", deleted "including rules and regulations requiring uniform forms of policy and uniform premiums" and in the third sentence, before "underwriting standards" added "address".
Regulation mandating arbitration disallowed.
— Regulation mandating arbitration clause in title insurance contract is in conflict with New Mexico Const., art. II, § 12, and in conflict with 59A-16-30 and 57-12-10 NMSA 1978; therefore, plaintiff in suit against title company may have common law and statutory claims heard in a court of law.
Lisanti v. Alamo Title Ins. of Tex.
, 2001-NMCA-100, 131 N.M. 334, 35 P.3d 989,
aff'd
, 2002-NMSC-032, 132 N.M. 750, 55 P.3d 962.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-4.1 - Reporting by superintendent.

The superintendent shall compile a report for the legislature no later than October 1 each year beginning in 2013 detailing title insurance statistics, including a report on the status of price competition within the title insurance industry in New Mexico. Annual reports shall be made available to interested parties and the general public.
History:
Laws 2009, ch. 80, § 13; 2013, ch. 74, § 30.
ANNOTATIONS
The 2013 amendment,
effective March 29, 2013, required the superintendent of insurance to compile a report for the legislature on title insurance statistics; in the first sentence, after "compile a report for", deleted "the commission and"; and after "beginning in", deleted "2010" and added "2013".
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-5 - Policy forms.

No title insurer or title insurance agent shall use any form of title insurance policy other than the uniform forms promulgated by the superintendent under the New Mexico Title Insurance Law. The superintendent shall not promulgate any uniform form under which the coverage offered is excessive or inadequate in relation to the premium charged for the coverage.
History:
1978 Comp., § 59A-30-5, enacted by Laws 1985, ch. 28, § 5.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-5.1 - Available funds required to issue policy.

Unless the consideration necessary to create the estate to be insured has been previously delivered, no title insurance agent or title insurer shall issue a title insurance policy until the title insurance agent, title insurer or a third party fiduciary holds available funds, as defined under Subsection E of Section 59A-30-3 NMSA 1978, in an amount sufficient to create the estate being insured and to pay in accordance with the instructions of the parties to the transaction, all sums required to be paid through and at the time of the closing.
History:
1978 Comp., § 59A-30-5.1, enacted by Laws 1989, ch. 95, § 2.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-6.1 - Premiums; refinanced property.

The premium rates for title insurance policies issued in connection with the refinance of an existing mortgage or deed of trust, where a prior loan policy has been issued and a copy of the policy or a closing statement evidencing the issuance of the policy is furnished to the insurer or title insurance agent showing title vested in the same borrower and covering the same property, shall not exceed the percentage of the basic premium rate promulgated or approved by the superintendent as follows:
A. forty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued within three years from the date of the prior policy;
B. fifty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than three years but less than five years from the date of the prior policy;
C. sixty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than five years but less than ten years from the date of the prior policy;
D. eighty percent of the current basic premium rate applied to any amount up to the amount of the previous policy insuring the mortgage or deed of trust being refinanced, if the new policy is issued more than ten years but less than twenty years from the date of the prior policy; or
E. the premium for insurance coverage above the amount of the previous policy shall be ninety percent of the current basic premium rate as set by rule. In no event shall the premium collected be less than the minimum premium based on the promulgated or approved rate for a loan policy.
History:
1978 Comp., § 59A-30-6.1, as enacted by Laws 2009, ch. 80, § 8.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 80, § 16 made Laws 2009, ch. 80, § 8 effective May 1, 2009.
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-6.2 - Premiums; Indian nation, tribe or pueblo trust property.

Title insurance policies purchased in association with the acquisition of title to property by the United States in trust for a federally recognized Indian nation, tribe or pueblo located wholly or partially in New Mexico where no monetary consideration is paid, shall be issued subject to the promulgated or filed and approved premium rates for the original issuance of a title insurance policy on the same property for an amount equal to the reduced liability limit for the acquisition provided for by the United States department of justice, unless a higher liability amount is required by the United States.
History:
1978 Comp., § 59A-30-6.2, as enacted by Laws 2009, ch. 80, § 9.
ANNOTATIONS
Emergency clause.
— Laws 2009, ch. 80, § 17 contained an emergency clause and was approved April 3, 2009.
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-7 - Reporting of experience.

The superintendent shall promulgate reasonable rules, including rules providing statistical plans, for use thereafter by all title insurers and title insurance agents in the recording and reporting of revenue, loss and expense experience so that the experience of title insurers and title insurance agents may be made available to the superintendent at least annually in such form and detail as may be necessary to aid the superintendent in promulgating or approving premium rates.
History:
1978 Comp., § 59A-30-7, enacted by Laws 1985, ch. 28, § 7; 2009, ch. 80, § 10.
ANNOTATIONS
Cross references.
— For State Rules Act,
see
Chapter 14, Article 4 NMSA 1978.
The 2009 amendment,
effective July 1, 2009, after "reporting of", added "revenue" and after "promulgating", added "or approving".
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-9 - Review; appeals.

A person aggrieved by an order of the superintendent promulgating, approving or disapproving rates under the New Mexico Title Insurance Law shall have the rights to review and appeal provided for in Sections 59A-17-34 and 59A-17-35 NMSA 1978. The request for review shall be filed no later than thirty days after the superintendent's issuance of the order that promulgated, approved or disapproved the rates.
History:
1978 Comp., § 59A-30-9, enacted by Laws 1985, ch. 28, § 9; 1998, ch. 55, § 65; 2009, ch. 80, § 12.
ANNOTATIONS
Cross references.
— For appeal of final decisions by agencies to district court,
see
39-3-1.1 NMSA 1978.
The 2009 amendment,
effective July 1, 2009, after "promulgate", added "approving or disapproving" and added the last sentence.
Severability.
— Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 1998 amendment,
effective September 1, 1998, deleted the Subsection A designation and Subsection B; in Subsection A, substituted "A" for "Any", "Sections" for "Section", deleted "NMSA 1978" following "59A-17-34" and "Section" following "and".
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-10 - Reserve for losses and loss expenses.

A. All title insurers operating under the provisions of the New Mexico Title Insurance Law shall at all times establish and maintain, in addition to other reserves, a reserve against unpaid losses and a reserve against loss expense. Such reserves shall be calculated by making a careful estimate in each case of the loss and loss expense likely to be incurred by reason of every claim presented pursuant to notice, from or on behalf of the insured of a title defect in or lien or adverse claim against the title insured, that may result in a loss or cause expense to be incurred for the proper disposition of the claim.
B. The amounts so estimated may be revised from time to time as circumstances warrant, but shall be redetermined at least once each year.
C. The amounts set aside in such reserve in any year shall be deducted in determining the net profits for such year of any title insurer.
History:
1978 Comp., § 59A-30-10, enacted by Laws 1985, ch. 28, § 10.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-12 - Maintenance assessment.

The superintendent shall determine a rate of assessment and collect a maintenance fee in an amount not to exceed one percent of the correctly reported gross title insurance premiums on policies written in New Mexico of all authorized title insurers. The fee required by this section is in addition to all other taxes and fees now imposed or that may be subsequently imposed and that are not in conflict with this article. The superintendent, after taking into account the unexpended funds produced by this fee, if any, shall adjust the rate of assessment each year to produce the amount of funds that he estimates will be necessary to pay all the expenses of regulating the business of title insurance during the succeeding year. The superintendent in promulgating premium rates shall take into account assessments made under this section.
History:
1978 Comp., § 59A-30-12, enacted by Laws 1985, ch. 28, § 12.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-13 - Title insurance maintenance assessment fund created; appropriation.

There is created a "title insurance maintenance assessment fund" in the state treasury. All receipts of the department of insurance collected under Section 59A-30-12 NMSA 1978 shall be deposited in the title insurance maintenance assessment fund and are appropriated to the superintendent for use in paying the expenses of the insurance department incurred in administering the New Mexico Title Insurance Law, including compensation and expenses of salaried personnel and consultants employed by the superintendent in administering the New Mexico Title Insurance Law.
History:
1978 Comp., § 59A-30-13, enacted by Laws 1985, ch. 28, § 13.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-14 - Other provisions applicable.

To the extent not in conflict with the New Mexico Title Insurance Law, the following articles and provisions of the Insurance Code [Chapter 59A NMSA 1978] shall also apply to title insurers, title insurance agents and the business of title insurance:
A. Chapter 59A, Article 1 NMSA 1978;
B. Chapter 59A, Article 2 NMSA 1978;
C. Chapter 59A, Article 4 NMSA 1978;
D. Chapter 59A, Article 5 NMSA 1978;
E. Chapter 59A, Article 6 NMSA 1978;
F. Chapter 59A, Article 7 NMSA 1978;
G. Chapter 59A, Article 8 NMSA 1978;
H. Chapter 59A, Article 9 NMSA 1978;
I. Chapter 59A, Article 10 NMSA 1978;
J. Chapter 59A, Article 11 NMSA 1978;
K. Chapter 59A, Article 12 NMSA 1978;
L. the Unauthorized Insurers Law [Chapter 59A, Article 13 NMSA 1978];
M. Chapter 59A, Article 16 NMSA 1978;
N. the Insurance Fraud Act [Chapter 59A, Article 16C NMSA 1978];
O. Chapter 59A, Article 34 NMSA 1978; and
P. The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978].
History:
1978 Comp., § 59A-30-14, enacted by Laws 1985, ch. 28, § 14; 1999, ch. 60, § 21; 1999, ch. 289, § 27; 2001, ch. 297, § 3.
ANNOTATIONS
The 2001 amendment,
effective June 15, 2001, added subsection designations; added Subsections N, O, and P and substituted the citation of the provision for the title throughout the section.
The 1999 amendment,
effective June 18, 1999, deleted "Article 3. State Insurance Board" from the list of articles.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30 - Title Insurance › Section 59A-30-15 - Repealed.

History:
Laws 1985, ch. 28, § 16; repealed by Laws 2009, ch. 80, § 14.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 80, § 14 repealed 59A-30-15 NMSA 1978, as enacted by Laws 1985, ch. 28, § 16, relating to interim approval of title insurance forms and rates, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30A - Title Insurance Guaranty › Section 59A-30A-1 - Short title.

Sections 1 through 18 [59A-30A-1 to 59A-30A-18 NMSA 1978] of this act may be cited as the "Title Insurance Guaranty Act".
History:
Laws 1999, ch. 60, § 1.
ANNOTATIONS
Effective 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.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30A - Title Insurance Guaranty › Section 59A-30A-2 - Purpose.

The purpose of the Title Insurance Guaranty Act is to provide a mechanism for continuation of coverage and payment of covered claims under certain title insurance policies, to avoid excessive delay in payment and avoid financial loss to policyholders because of insolvency of a title insurer, to assist in detection and prevention of title insurer insolvencies and to provide an association to assess the cost of such protection among title insurers.
History:
Laws 1999, ch. 60, § 2.
ANNOTATIONS
Effective 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.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 30A - Title Insurance Guaranty › Section 59A-30A-3 - Scope.

The Title Insurance Guaranty Act applies to all insurers authorized to transact title insurance business in New Mexico.
History:
Laws 1999, ch. 60, § 3.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Constitutionality 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.
2023 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.
ANNOTATIONS
Am. 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.
2023 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.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-4 - Assigned risk plan.

Every insurer referred to in Section 521 [59A-32-3 NMSA 1978] of this article shall cooperate in the formulation of a plan or plans for the equitable apportionment among such insurers 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, § 522.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-5 - Requirements of assigned risk plans.

Any such agreement or plan for the assignment of risks involving automobile and motor vehicle bodily injury and property damage liability insurance shall include provision for: reasonable rules governing the equitable distribution of risks by direct insurance, reinsurance or otherwise, and by the assignment of risks to insurers participating in the plan; rates and reasonable rate modifications which shall be applicable to such risks and which shall not be excessive, inadequate or unfairly discriminatory; the limits of liability which any insurer to whom a risk is assigned shall be required to assume; and a method whereby applicants for insurance, persons insured and insurers under the plan may have a hearing on grievances and the right to appeal from the decision on any such grievance to the superintendent.
History:
Laws 1984, ch. 127, § 523.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-6 - Review of proposed assigned risk plans.

Every such plan for the assignment of risks involving automobile and motor vehicle bodily injury and property damage liability insurance shall be filed in writing with the superintendent. The superintendent shall review the plan as soon as reasonably possible after filing, to determine whether or not it meets the requirements of Section 523 [59A-32-5 NMSA 1978] of this article. Each plan shall be on file with the superintendent for a waiting period of thirty (30) days before it becomes effective, unless sooner approved in writing. Unless disapproved in writing by the superintendent within the thirty (30) day waiting period, a plan shall be deemed approved and shall become effective upon the expiration of that period.
History:
Laws 1984, ch. 127, § 524.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-7 - Disapproval of effective assigned risk plans.

When any assigned risk plan has become effective as above provided, the superintendent may thereafter disapprove such plan or any portion thereof on the ground that it does not meet the requirements of Section 523 [59A-32-5 NMSA 1978] of this article, but only after a full hearing held upon not less than ten (10) days' written notice to every insurer affected, specifying the matters to be considered at such hearing, and only by an order specifying the respects in which the superintendent finds that such plan fails to meet the requirements imposed, and stating the date, within a reasonable period thereafter, when such plan, or portion thereof, shall be deemed to cease to be effective. No such order shall affect any assignment made or policy issued or made prior to the expiration of the period specified in the order. Amendments to any such plan or plans shall be prepared, filed and reviewed in the same manner as provided with respect to the original plan or plans.
History:
Laws 1984, ch. 127, § 525.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-8 - Failure to file plan; assigned risk plan prescribed.

If no plan which meets the requirements of Section 523 [59A-32-5 NMSA 1978] of this article above has been filed with the superintendent within ninety (90) days after June 30, 1959, or within the period stated in any order which disapproves an existing plan, the superintendent may formulate and prescribe a plan which does meet such requirements, after hearing or consultation with insurers authorized to transact in this state the business of automobile and motor vehicle bodily injury and property damage liability insurance. When any plan or plans or amendment thereto has or have been approved or prescribed, no insurer to which such plan is applicable shall thereafter issue any policy of such insurance, or undertake to transact such business in this state, unless the insurer participates in such plan.
History:
Laws 1984, ch. 127, § 526.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 32 - Motor Vehicle Insurance › Section 59A-32-9 - Appeal to governing committee.

Any person affected by the action or inaction of any insurer pursuant to the assigned risks plan may appeal to the governing committee of the assigned risk plan or plan may appeal to the governing committee of the assigned risk plan or plans to which such insurer is a subscriber.
History:
Laws 1984, ch. 127, § 527.
ANNOTATIONS
Compiler's notes.
— The repeated language "plan may appeal . . . the assigned risk plan or" so appeared in the section as enacted by Laws 1984, ch. 127, § 527.