reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.13 - FILING AND APPROVAL OF FORMS AND RATES

Current through Register Vol. 35, No. 13, July 16, 2024
A. All policy forms and certificates of
				insurance to be delivered or issued for delivery in this state, and the
				schedules of premium rates pertaining to them, shall, pursuant to Sections
				59A-17-9 and
				59A-18-12
				NMSA 1978, be filed with and approved by the superintendent prior to use in
				this state.
B. Policy forms
				applicable to creditor-placed insurance for motor vehicles shall not require
				deductibles lower than one hundred dollars ($100).
C. Policy forms applicable to creditor-placed
				insurance for mobile homes, manufactured housing and real property shall not
				require deductibles lower than two hundred fifty dollars ($250).
D. For each type of collateral, insurers
				shall file a schedule of premium rates that is not unreasonable in relation to
				the benefits provided by the form to which the schedule applies. Types of
				collateral include, but are not limited to, real property, motor vehicles,
				mobile homes, and other personal property. A premium rate or schedule of
				premium rates that produces or may reasonably be expected to produce a loss
				ratio of less than fifty percent shall be presumed to be unreasonable in
				relation to the benefits provided.
E. Nothing in this section shall prohibit the
				superintendent from approving other loss ratios that may be found reasonable.
				An insurer may file a rate that produces or may reasonably be expected to
				produce a loss ratio of less than fifty percent provided that the provision in
				the rate for commissions, acquisition costs, insurance tracking, expense
				reimbursement to creditors, and all similar expenses incurred directly or
				indirectly does not exceed thirty percent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.14 - REFUND OF UNEARNED PREMIUMS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Within 60 calendar days after the termination of creditor-placed insurance
				coverage, an insurer shall refund any unearned premium or other identifiable
				charges for creditor-placed insurance on a daily pro rata basis, subject to a
				minimum premium charge filed with and approved by the superintendent.
B. Within 60 calendar days after the
				termination date of creditor-placed insurance coverage, the insurer shall
				provide to the debtor a statement of refund disclosing the effective date, the
				termination date, the amount of premium being refunded and the amount of
				premium charged for the coverage provided. No statement shall be required in
				the event that the policy terminates pursuant to Paragraph (4) of Subsection B
				of
				13.18.3.9
				NMAC.
C. The entire amount of
				premiums, minimum premiums, fees or charges of any kind shall be refunded if no
				coverage was provided.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.15 - CLAIMS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Insurers shall
				promptly investigate and settle claims in accordance with Section
				59A-16-20
				NMSA 1978, Unfair Claim Settlement Practices.
B. The settlement value on creditor-placed
				insurance covering personal property shall be the least of the following,
				determined as of the date of the loss, less any applicable deductible, retained
				salvage, or compensation received from a third party:
(1) the actual cash value of the
				collateral;
(2) the cost of
				repairing or replacing the collateral to its pre-loss condition; or
(3) the net debt.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.16 - REBATES PROHIBITED

Current through Register Vol. 35, No. 13, July 16, 2024
No insurer shall offer, and no creditor shall accept, a
				  rebate or inducement. This section does not prohibit or restrict an insurer
				  that provides creditor-placed insurance for a creditor from doing business with
				  that creditor if the business is conducted in accordance with the same terms
				  and conditions and at the regular and customary interest rates and charges the
				  creditor applies to its other customers.
A. An insurer shall not pay directly or
				indirectly to a creditor commissions, fees, rent, expense reimbursement, or
				other compensation greater than thirty percent of earned premium net of
				terminations.
B. An insurer shall
				not pay to a creditor a policyholder dividend, retrospective premium
				adjustment, profit sharing, or similar return of premium.
C. An insurer transacting creditor-placed
				insurance shall not provide other insurance coverages to a creditor at
				inadequate rates.
D. An insurer
				shall not pay a commission to a person who is not a duly licensed and appointed
				agent of the insurer.
E. An insurer
				shall not purchase or offer to purchase certificates of deposit from a creditor
				or maintain or offer to maintain accounts with a creditor in connection with a
				creditor-placed insurance solicitation.
F. An insurer shall not purchase certificates
				of deposit from a creditor or maintain accounts with a creditor at less than
				market interest rates.
G. An
				insurer shall not pay for damages that occurred outside the period of coverage
				or for other losses not covered under the policy.
H. An insurer shall not require a creditor to
				purchase insurance tracking or any other services from a specific person but
				may require that such services meet minimum quality standards.
I. A creditor shall not knowingly recover for
				damages that occurred outside the period of coverage or for other losses not
				covered under the policy.
J. A
				creditor shall credit a debtor's account for the amount of any refunded premium
				upon cancellation of creditor-placed insurance if the creditor has debited the
				debtor's account for the amount of the premium.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.17 - NOTICE OF CREDITOR-PLACED INSURANCE

Current through Register Vol. 35, No. 13, July 16, 2024
An insurer shall, within 15 days of the initial placement or
				  renewal of creditor-placed insurance, either directly or through the creditor,
				  using the form prescribed in
				  13.18.3.20
				  NMAC or a substantially similar form mail to the debtor by first-class mail a
				  copy of the certificate of insurance or policy. In the case of limited
				  dual-interest insurance, the insurer shall also explain the debtor's rights to
				  file a claim for damages incurred after the effective date of the
				  coverage.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.18 - REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Required reports.
On or before July 1 of each year, every insurer
				offering creditor-placed insurance policies in New Mexico shall file the
				following reports covering the prior calendar year:
(1) Form A, summary experience report, on the
				form provided on the OSI website;
(2) Form B, creditor's experience report, on
				the form provided on the OSI website;
(3) Form C, other insurance report, on the on
				the form provided on the OSI website;
(4) Form D, reconciliation report, on the
				form provided on the OSI website, explaining the basis of data compilation,
				data peculiarities and reconciling any material differences between Form A,
				Form B, and the annual statement it files.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.19 - NOTICE OF CREDITOR-PLACED INSURANCE FROM INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
NOTICE OF CREDITOR-PLACED INSURANCE
You are required to maintain insurance on the property that
				  is the collateral for your debt. You have not provided proof of insurance in
				  response to the notices previously sent you. Therefore, has placed insurance
				  coverage for you in accordance with the terms of your credit agreement. A copy
				  of that policy/certificate is attached. It states the total cost to you of the
				  insurance and the period of time the insurance will be in force. You may
				  purchase other insurance coverage at any time; as soon as you provide proof of
				  other coverage to, we will cancel this creditor-placed coverage and refund to
				  you any unearned premiums that you have paid.
If you have had difficulty obtaining insurance, you may be
				  eligible to purchase:
* New Mexico Assigned Risk Plan coverage for motor vehicles
				  from your local agent or from the New Mexico Assigned Risk Plan at
				  1-800-227-4659;
* FAIR Plan coverage for real property or mobile homes from
				  your local agent or from the New Mexico Property Insurance Program at
				  505-878-9563 or 2201 San Pedro NE, Building 20, Albuquerque, New Mexico
				  87110.
The insurance placed by will pay claims for covered physical
				  damage to the property until the debt is paid. The insurance placed by will not
				  give you any liability insurance coverage and will not meet the requirements of
				  the New Mexico Mandatory Financial Responsibility Law.
As the debtor, you have the right to file a claim for damage
				  incurred on or after the effective date of coverage stated in the
				  policy/certificate. This insurance will pay no more than the unpaid balance on
				  the loan, which may be less than the value of the property. In order to file a
				  claim, you must:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.20 - AFFIDAVIT

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO CREDITOR-PLACED INSURANCE EXPERIENCE REPORTS FOR
				  THE CALENDAR YEAR ENDING DECEMBER 31, _____
AFFIDAVIT
STATE OF _______________________________
COUNTY OF _____________________________
I,_________________________________________, the
				  (position)__________________________________ of (name of Company)
				  ____________________________________, being duly sworn, deposes and says that
				  on the 31st day of December last, all of the income and expenses of the named
				  company described in Form A, Form B, Form C, and Form D submitted with this
				  Affidavit, together with any related reports, exhibits, schedules and
				  explanations contained in this filing, or annexed to or referred to in this
				  filing, are a full and true statement in accordance with the instructions
				  provided of income and expenses for the year ended on that date, according to
				  the best of my information, knowledge and belief.
_______________________________________________
Signature
SUBSCRIBED AND SWORN TO BEFORE ME
this _____day of ______________________, ________.
_____________________________________________
Notary Public
My Commission Expires
				  _________________________
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.21 - FORM A SUMMARY EXPERIENCE REPORT

Current through Register Vol. 35, No. 13, July 16, 2024
SUMMARY EXPERIENCE REPORT
Name of Insurer: __________________________________________
				  NAIC Code: _____________________
Contact Person: ___________________________________________
				  Telephone Number: _______________
Calendar Year: ________________
CREDITOR-PLACED INSURANCE
NEW MEXICO
COUNTRYWIDE
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
TYPE OF DATA
Real Property
Motor Vehicles
Mobile Homes
All Other Personal Property
Total
Real Property
Motor Vehicles
Mobile Homes
All Other Personal Property
Total
A. Gross Written Premium
B. Refunds on Terminations
C. Net Written Premium (A)-(B)
D. Beginning Premium Reserve
E. Ending Premium Reserve
F. Net Earned Premium (C)+(D)-(E)
G. Other Income Less Other Expense
H. Policyholder Dividends
I. Incurred Losses
J. LAE Incurred
K. Commissions Incurred
L. Service Fees Incurred
M. Other Incurred Compensation
N. Other Acquisition Expenses
O. Other Underwriting Expense
P. Total Loss and Expense Sum of (H) to (O)
Q. Underwriting Profit (F)+(G)(P)
Instructions:
1.
				This form applies to creditor-placed insurance only.
2. Provide all data direct as to
				reinsurance.
3. LAE means loss
				adjustment expense.
4. Other
				underwriting expenses means the sum of taxes, licenses, fees, and general
				expenses.
5. The experience
				reported should be consistent with the insurance expense exhibit of the
				insurer's annual statement.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.22 - FORM B CREDITOR'S EXPERIENCE REPORT

Current through Register Vol. 35, No. 13, July 16, 2024
CREDITOR'S EXPERIENCE REPORT
Name of Insurer: ______________________________________
				  Calendar Year: __________________
NEW MEXICO CREDITOR-PLACED INSURANCE
(1) Creditor Identification Number
(2) Effective Date of Master Policy
(3) Gross Written Premium
(4) Refunds on Terminations
(5) Written Premium Net of Terminations (3)-(4)
(6) Cash Commissions Incurred
(7) Cash Service Fees Incurred
(8) Other Cash Compensation Incurred
(9) Creditor's Percentage Compensation [(6)+(7)+(8)]/5
TOTALS
Instructions:
1.
				Fill in a row for each New Mexico creditor-placed insurance master
				policy.
2. In columns (6), (7) and
				(8), report all cash amounts incurred by the creditor for commissions, service
				fees and other compensation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.23 - FORM C OTHER INSURANCE REPORT

Current through Register Vol. 35, No. 13, July 16, 2024
OTHER INSURANCE REPORT
Name of Insurer:
				  ______________________________________________ Calendar Year:
				  ______________
INSURANCE OTHER THAN CREDITOR-PLACED INSURANCE
(1) Blanket Insurance Policies
(2) Other Credit Property Insurance Not Force-Placed
(3) Total Credit Property Insurance Not Force-Placed
						  (1)+(2)
(4) All Other Insurance Purchased by a New Mexico
						  Creditor
A. Gross Written Premium
B. Refunds on Terminations
C. Net Written Premium (A)-(B)
D. Beginning Premium Reserve
E. Ending Premium reserve
F. Net Earned Premium (C)+(D)-(E)
G. Other Income Less Other Expenses
H. Policyholder Dividends
I. Incurred Losses
J. LAE Incurred
K. Commissions Incurred
L. Service Fees Incurred
M. Other Incurred Compensation
N. Other Acquisition Expenses
O. Other Underwriting Expenses
P. Total Loss and Expense Sum (H) to (O)
Q. Underwriting Profit (F)+(G)-(P)
Instructions:
1.
				Provide all data direct as to reinsurance.
2. In column (1), report New Mexico
				experience on credit property blanket policies.
3. In column (2), report New Mexico
				experience on non-file insurance, errors and omissions insurance, coverages
				prohibited by 13 NMAC 18.3.11 [now 13.18.3.11 NMAC], and all credit property
				insurance other than creditor-placed insurance or blanket insurance.
4. In column (4), report all insurance
				purchased by a creditor other than credit property insurance.
5. LAE means loss adjustment
				expense.
6. Other underwriting
				expenses means the sum of taxes, licenses, fees, and general expenses. The
				experience reported should be consistent with the insurance expense exhibit of
				the insurer's annual statement.
7.
				Provide a description of the insurance listed in Column (2)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.24 - FORM D RECONCILIATION REPORT

Current through Register Vol. 35, No. 13, July 16, 2024
RECONCILIATION REPORT
Name of Insurer: ___________________________________________
				  Calendar Year ________________
NEW MEXICO CREDITOR-PLACED INSURANCE
Type of Data
(1) New Mexico Form A Column (5) Total
(2) New Mexico Form C Column(3) Total
(3) Total (1)+(2)
(4) New Mexico Supplement of the Annual Statement Total
						  Property
56) Difference (3)-(4)
A. Written Premium Net of
Terminations
B. Direct Earned Premium
C. Direct Incurred Losses
D. Commissions and
Service Fees Incurred
E. Other Incurred
Compensation
Instructions:
Explain any non-zero differences.
COUNTRYWIDE CREDITOR-PLACED INSURANCE
Type of Data
(1) Countrywide Form A Total
(2 ) Countrywide All Other Credit Property Insurance
(3) Total (1) + (2)
(4) Countrywide Credit Property Supplement of the Annual
						  Statement Total
(5) Difference (3) - (4)
A. Written Premium Net of Terminations
B. Direct Earned Premium
C. Direct Incurred Losses
D. Commissions and Service Fees Incurred
E. Other Incurred Compensation
Instructions:
1.
				Provide a general description of the insurance listed in column (2).
2. Explain any non-zero
				differences.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 3 - CREDITOR-PLACED INSURANCE › Section 13.18.3.25 - AFFIDAVIT

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO CREDITOR-PLACED INSURANCE EXPERIENCE REPORTS FOR
				  THE CALENDAR YEAR ENDING DECEMBER 31, _____
AFFIDAVIT
STATE OF _______________________________
COUNTY OF _____________________________
I,_________________________________________, the
				  (position)__________________________________ of (name of Company)
				  ____________________________________, being duly sworn, deposes and says that
				  on the 31st day of December last, all of the income and expenses of the named
				  company described in Form A, Form B, Form C, and Form D submitted with this
				  Affidavit, together with any related reports, exhibits, schedules and
				  explanations contained in this filing, or annexed to or referred to in this
				  filing, are a full and true statement in accordance with the instructions
				  provided of income and expenses for the year ended on that date, according to
				  the best of my information, knowledge and belief.
_______________________________________________
Signature
SUBSCRIBED AND SWORN TO BEFORE ME
this _____day of ______________________, ________.
_____________________________________________
Notary Public
My Commission Expires
				  _________________________
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 1999, unless a later date is cited at the end of a
				  section or paragraph.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to implement Chapter 59A, Article
				  14 NMSA 1978 Surplus Line Insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
In addition to the definitions in Section 59A-14-2 NMSA 1978,
				  the following definitions apply in this rule:
A.
"Alien insurer"
has the
				meaning given in Section 59A-5-2 NMSA 1978.
B.
"Foreign insurer"
means an
				insurer organized under the laws of a state other then New Mexico.
C.
"IRIS"
means the insurance
				regulatory information system of the national association of insurance
				commissioners.
D.
"Type of
				insurance"
has the meaning given in Section 59A-14-2F NMSA
				1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.8 - EXPORT ON BASIS OF RATE PROHIBITED

Current through Register Vol. 35, No. 13, July 16, 2024
The possibility or actuality that insurance may be obtained
				  at a lower cost from an unauthorized insurer is not sufficient rationale for
				  the transaction of surplus lines insurance if an authorized insurer is willing
				  to provide the insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.9 - PROHIBITION ON ARTIFICIAL DIVISION OF COVERAGE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Artificial divisions of coverage in one
				class or any form of coverage under one class into two or more proposed
				contracts for the purpose of obtaining a marketing or rate advantage upon the
				entire risk is prohibited where the entire coverage sought in that class or
				form would be acceptable as a single contract to an authorized
				insurer.
B. Combinations of primary
				coverage and excess coverage shall not be considered a violation of this
				section if the excess insurance is written by an eligible surplus lines
				insurer:
(1) because of a refusal in writing
				by the primary authorized insurer to assume the limits of liability desired by
				the person seeking insurance; or
(2) on a written demand, including specific
				reasons, by the person seeking insurance that the entire liability not be
				placed with one insurance company.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.10 - INVESTIGATION OF FINANCIAL CONDITION OF INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
A. Prior to placing insurance with an
				eligible surplus lines insurer, the surplus lines broker must ascertain that
				the insurer is in sound financial condition. To fulfill this requirement, the
				surplus lines broker must:
(1) determine that
				the insurer is on the most recent list of eligible surplus lines insurers
				maintained by the superintendent; and
(2) make inquiry sufficient to satisfy the
				surplus lines broker that the insurer is well managed, possesses financial
				capacity adequate to its business, and has a good reputation in the
				community.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.11 - NONRESIDENT SURPLUS LINES BROKERS

Current through Register Vol. 35, No. 13, July 16, 2024
A licensed nonresident agent or broker may also be licensed
				  as a surplus lines broker in order to place exportable surplus lines coverage
				  with a risk retention group or on behalf of a risk purchasing group. A
				  nonresident surplus line broker shall be subject to the requirements of Section
				  59A-14-10 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.12 - APPLICATION PROCESS FOR SURPLUS LINES INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
A. An alien insurer listed on the national
				association of insurance commissioners' international insurer's department
				quarterly listing of alien insurers will be deemed to have met the requirements
				of this section.
B. To apply for
				qualification as an eligible surplus lines insurer, an unauthorized foreign
				insurer shall file with the superintendent the information required in Section
				59A-14-4 NMSA 1978. In support of the application, the insurer shall file the
				following items, using forms prescribed and provided by the superintendent
				where available:
(1) a letter requesting
				approval as an eligible surplus lines insurer;
(2) a certified copy of the insurer's
				articles of incorporation, bearing the seal of the state official having
				custody of the original;
(3) a copy
				of the insurer's bylaws, certified by its corporate secretary, with its
				corporate seal affixed to the document;
(4) a properly executed power of attorney
				authorizing the superintendent to accept service of process on behalf of the
				insurer;
(5) a copy of the latest
				annual statement of the insurer, certified by the state of domicile;
(6) a document indicating compliance by the
				insurer with the laws of its home state as to the kind or kinds of insurance
				which the insurer is authorized to transact in its state of domicile, certified
				by the state of domicile;
(7) a
				document indicating the amount and description of the securities deposited with
				the insurer's home state or any other state for the benefit of all its
				policyholders and/or creditors, certified by the state of domicile;
(8) a report of examination from the
				insurer's home state;
(9) a copy of
				the insurer's last quarterly statement;
(10) conflict of interest forms;
(11) a list of the insurer's officers,
				directors and key personnel and a biographical affidavit for each;
(12) a list and description of the insurer's
				reinsurance contracts;
(13) a
				statement of the insurer's plan of operation in this state;
(14) an A.M. Best's gallery report of the
				insurer;
(15) an IRIS report of the
				insurer;
(16) a copy of the latest
				audit report of the insurer, in no case older than one year, certified by the
				individual or company undertaking the audit;
(17) an actuarial certification of the
				insurer;
(18) a statement as to
				whether the insurer has written any business in the past or present for any
				risks located in New Mexico, with complete details if the answer is
				affirmative;
(19) a copy of the
				declaration page of the fidelity bond;
(20) a surplus lines insurer contact
				processing form prescribed by the superintendent; and
(21) any other information the superintendent
				may require.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.13 - EXCEPTION TO ELIGIBILITY REQUIREMENTS FOR SURPLUS LINES INSURERS

Current through Register Vol. 35, No. 13, July 16, 2024
For good cause shown, the superintendent may waive in writing
				  the eligibility requirements of Section 59A-14-4 NMSA 1978 to permit insurance
				  to be placed as to a particular risk and insurer if the insurance is not
				  otherwise reasonably obtainable from an authorized insurer or eligible surplus
				  lines insurer. The superintendent may consider the following factors in
				  determining good cause for this waiver:
A. the financial integrity, quality of
				management, record and reputation of the unauthorized insurer, including its
				management experience, A.M. Best's rating, IRIS reports, rate of growth, loss
				ratios, reserves, general financial condition, the length of time the insurer
				has been authorized in its state of domicile, the results of any previous
				regulatory action, and other related factors that the superintendent may
				determine are useful in making this assessment;
B. the capital and surplus of the
				unauthorized insurer's parent company, including the financial solidity of the
				parent company and the commitment by the parent company to support the
				unauthorized insurer through reinsurance;
C. the profitability of the unauthorized
				insurer, including its net income, stability and consistency; and
D. the interests of the public and
				policyholders.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.14 - REFUSAL OR WITHDRAWAL OF SURPLUS LINES INSURER ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
The superintendent may refuse to initially list or continue
				  to list an unauthorized insurer on the superintendent's list of eligible
				  surplus lines insurers for any one of the following reasons:
A. the insurer's key management, owners or
				other employees have been involved in fraud, mismanagement, bankruptcy or other
				activities that reflect unfavorably on the integrity of the insurer;
B. the insurer operates through managing
				general agents without appropriate safeguards;
C. the insurer has a material conflict of
				interest;
D. the insurer has been
				in business for less than three years;
E. the insurer has had new owners or
				management for less than three years;
F. the insurer has an a.m. best's rating of B
				or lower;
G. the insurer has had
				three or more adverse IRIS reports, unless the superintendent accepts a valid
				explanation by the insurer;
H. the
				insurer has had a rate of growth greater than 20% per year over the last three
				years, unless other financial indicators are favorable;
I. the insurer has been unprofitable for each
				of the last three years or has a long-term history of chronic unprofitability,
				unless the superintendent accepts a valid explanation by the insurer;
J. the insurer has a questionable financial
				condition for any other reason;
K.
				the superintendent has reason to believe that the insurer meets the
				ineligibility standards of Section 59A-14-14.1 NMSA 1978; or
L. the superintendent determines that such
				action is necessary for protection of the public.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.15 - APPEAL OF SUPERINTENDENT'S ACTION

Current through Register Vol. 35, No. 13, July 16, 2024
An unauthorized insurer aggrieved by any action of the
				  superintendent may request a hearing before the superintendent pursuant to
				  Section 59A-4-15 NMSA 1978 et seq.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.16 - NOTICE OF WITHDRAWAL

Current through Register Vol. 35, No. 13, July 16, 2024
If the superintendent withdraws eligibility from an eligible
				  surplus lines insurer, the superintendent shall promptly mail notice of such
				  withdrawal to the insurer and to every surplus lines broker. Surplus lines
				  brokers who placed insurance with such insurer shall follow the requirements in
				  13 NMAC 19.2.10.2 [now Subsection B of
				  13.19.2.10
				  NMAC].
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.17 - DOCUMENTATION AND REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The producing broker shall maintain files
				documenting the diligent search for an authorized insurer and supporting the
				producing broker affidavit in accordance with Section 59A-12-21 NMSA 1978. Each
				producing broker who places any surplus lines insurance shall comply with the
				affidavit requirement of Section 59A-14-11 NMSA 1978 by providing the form
				prescribed in 13 NMAC 19.2.19 [now 13.19.2.19 NMAC] to the surplus lines broker
				within fifteen days of issuance of the policy.
B. The superintendent interprets Section
				59A-14-11 NMSA 1978 to permit the surplus lines broker to substitute the
				declarations page of the policy for the producing broker report required by
				subsection A of that section. The declarations page shall be kept
				confidential.
C. Each surplus lines
				broker shall comply with the reporting and affidavit requirements of Section
				59A-14-11 NMSA 1978 and shall file the following documents using the forms and
				electronic format prescribed in this rule:
(1) the quarterly summary report form
				prescribed in 13 NMAC 19.2.20 [now 13.19.2.20 NMAC];
(2) a diskette containing the following
				information in the following format:
Item No.
Information required
Type of field
Number of characters or format
1
Name of insurer
Text
80
2
NAIC company code or alien listing code
Text
12
3
Policy number
Text
40
4
Effective date of policy
Date
mm/dd/yyyy
5
Termination date of policy
Date
mm/dd/yyyy
6
Specific description of coverage
Text
160
7
Premium
Number
2 decimal places
8
Additional premium
Number
2 decimal places
9
Cancellation or return premium
Number
2 decimal places
10
Additional fees
Number
2 decimal places
11
Total
Number
2 decimal places
12
State tax (3% of Total)
Number
2 decimal places
(3)
				two copies of a printout made from the diskette, one of which will be returned
				to the surplus lines broker as proof of filing the report; the printout shall
				show totals in each number column;
(4) the declarations page of the policy
				attached to the producing broker affidavit for each surplus lines insurance
				policy written, in the order in which they appear on the diskette and
				printout;
(5) a check for the
				amount of taxes due.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.18 - SIGNATURE AND SPECIAL ENDORSEMENT OF SURPLUS LINE POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
If the statement required by NMSA 1978 Section 59A-14-5 does
				  not fit on the declarations page of the policy, the superintendent will accept
				  the New Mexico surplus line brokers' countersignature endorsement prescribed in
				  13 NMAC 19.2.22 [now
				  13.19.2.22
				  NMAC] on a separate page containing the statement required by
				  statute.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.19 - PRODUCING BROKER AFFIDAVIT

Current through Register Vol. 35, No. 13, July 16, 2024
This affidavit shall be completed by the producing broker
				  (e.g., the agent selling the product) and submitted to the surplus lines broker
				  within fifteen days of issuance of the policy.
PRODUCING BROKER AFFIDAVIT
(Required by 59A-14-11B NMSA 1978 Section)
Name of producing broker:
				  ____________________________________
Address of producing broker:
				  _________________________________________
Being duly sworn, I affirm that:
1. I was engaged to obtain the following
				policy:
Insurer: _______________________
Policy number: ________________________
Type of coverage: _______________________
Effective date: __________________________
2. (Check
either
A
or
B below, as appropriate)
A.
				After making a diligent search I found that the full amount or type of
				insurance requested could not be obtained from authorized insurers in New
				Mexico.
or
B. Within the last year, I have tried to
				place this type of coverage with at least four insurers authorized in New
				Mexico, including insurers by whom I am not appointed, and therefore know from
				substantial recent experience that this coverage cannot be obtained from any
				authorized insurer in New Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.20 - SURPLUS LINES BROKER QUARTERLY SUMMARY REPORT FORM

Current through Register Vol. 35, No. 13, July 16, 2024
SURPLUS LINES BROKER QUARTERLY SUMMARY REPORT
(Required by NMSA 1978 Section 59A-14-11 C & D)
Name of broker: __________________________________
Address of broker: __________________________________
License number: __________________________________
I hereby submit to the New Mexico Department of Insurance
				  this summary of all surplus lines insurance I placed during the quarter
				  beginning ____/____/_____and ending ___/____/______. All documents required by
				  Section 59A-14-11 NMSA 1978 and 13 NMAC 19.2.17.3 [now Subsection C of
				  13.9.2.17 NMAC] to be filed with the superintendent are attached.
I certify that the information on this form is true and
				  correct and is in compliance with the applicable provisions of the New Mexico
				  insurance code and that the information on the diskette filed with this form is
				  identical to the information on the printouts made from the diskette and filed
				  with this form.
__________________________________
				  ___________________________
Signature Date
SUBSCRIBED AND SWORN TO before me
this ____ day of _____________, ____.
________________________________
Notary Public
My commission expires ____________
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.21 - SURPLUS LINES INSURER ANNUAL SUMMARY REPORT FORM

Current through Register Vol. 35, No. 13, July 16, 2024
SURPLUS LINES INSURER ANNUAL SUMMARY REPORT
Name of insurer __________________________________
Address of insurer: __________________________________
NAIC company code or alien listing code:
				  __________________________________
The insurer hereby submits to the New Mexico department of
				  insurance a summary of all surplus lines insurance provided by the insurer for
				  risks in New Mexico during _________.
I certify that the information on this form is true and
				  correct and is in compliance with the applicable provisions of the New Mexico
				  Insurance Code and that the information on the diskette filed with this form is
				  identical to the information on the printouts made from the diskette and filed
				  with this form.
__________________________________
				  _____________________________
Signature of authorized officer Date
__________________________________
Title of authorized officer
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 2 - WRITING SURPLUS LINE BUSINESS › Section 13.19.2.22 - SURPLUS LINES BROKERS COUNTERSIGNATURE ENDORSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO SURPLUS LINES BROKER'S COUNTERSIGNATURE
				  ENDORSEMENT
THIS ENDORSEMENT MUST BE ATTACHED TO THE
				  POLICY
AS PART OF THE INSURANCE
				  CONTRACT
This policy provides surplus lines insurance by an insurer
				  not otherwise authorized to transact business in New Mexico. This policy is not
				  subject to supervision, review or approval by the superintendent of insurance.
				  The insurance so provided is not within the protection of any guaranty fund law
				  of New Mexico designed to protect the public in the event of the insurer's
				  insolvency.
POLICY NUMBER:
				  ______________________________________________________________
NAME OF INSURED:
				  ____________________________________________________________
CERTIFICATE NUMBER:
				  _________________________________________________________
DATE POLICY SIGNED:
				  __________________________________________________________
UNDERWRITING COMPANY:
				  _____________________________________________________
_______________________________
Surplus Lines Brokers Signature
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all persons licensed or required to be
				  licensed by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9 and 59A-15-20 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
May 1, 1992, unless a later date is cited at the end of a
				  section or paragraph. Repromulgated in NMAC format effective July 1,
				  1997.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to require licensed agents,
				  insurance consultants, insurance administrators and insurers to submit
				  information to the department of insurance prior to assisting in any way the
				  transaction of insurance by certain types of multiple employer arrangements
				  identified in this rule. These reports will help the department identify
				  unauthorized insurance arrangements before the transactions occur. The reports
				  also will help licensees identify unauthorized insurance arrangements so that
				  they can protect themselves from potential liability for assisting in the
				  transaction of unauthorized insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Agent"
has the definition ascribed thereto in Section 59A-12-2A
				NMSA 1978 of the New Mexico Insurance Code.
B.
"Arrangement"
means a fund,
				trust, plan, program or other mechanism by which a person provides, or attempts
				to provide, health care benefits to individuals.
C.
"Authorized insurer"
has the
				definition ascribed thereto in Section 59A-1-8B NMSA 1978. For purposes of this
				rule, nonprofit health care plans holding a valid and subsisting certificate of
				authority, issued by the superintendent under Article 47 of the Insurance Code,
				and health maintenance organizations holding a valid and subsisting certificate
				of authority, issued by the superintendent under Article 46 of the Insurance
				Code, shall also be defined as authorized insurers.
D.
"Collectively bargained
				arrangement"
means an arrangement which provides or represents that it
				is providing health care benefits or coverage under or pursuant to one or more
				collective bargaining agreements.
E.
"Employee leasing
				arrangement"
means an arrangement, under contract or otherwise, whereby
				one business or other entity leases all or a significant number of its workers
				from another business or entity.
F.
"Employee welfare benefit plan"
means any plan, fund or program
				which was heretofore or is hereafter established or maintained by an employer
				or by an employee organization, or by both, to the extent that such plan, fund
				or program was established or is maintained for the purpose of providing for
				its participants or their beneficiaries, through the purchase of insurance or
				otherwise, medical, surgical or hospital care or benefits, or benefits in the
				event of sickness, accident, disability, death or unemployment.
G.
"Fully insured by an authorized
				insurer"
means that, for all of the health care coverage provided or
				offered by or through an arrangement:
(1) an
				authorized insurer is directly obligated by contract to provide all of the
				coverage to or under the arrangement;
(2) the authorized insurer assumes all of the
				risk for payment of all covered services or benefits; and
(3) the liability of the authorized insurer
				for payment of the covered services or benefits is directly to the individual
				employee, member or dependent receiving the health care
				services.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.8 - AGENTS AND INSURANCE CONSULTANTS PROHIBITED FROM ASSISTING REPORTABLE MEWAS PRIOR TO FILING

Current through Register Vol. 35, No. 13, July 16, 2024
A. No agent or
				insurance consultant may solicit, advertise, or market in this state health
				benefits or coverage from, or accept an application for, or place coverage for
				a person who resides in this state, with a reportable MEWA unless the agent or
				insurance consultant first files the information required under 13 NMAC 19.3.12
				[now 13.19.3.12 NMAC].
B. No agent
				or insurance consultant may solicit another agent or insurance consultant to
				enter into an arrangement to solicit, advertise or market services, health
				benefits or coverage of a reportable MEWA unless the soliciting agent or
				insurance consultant first files the information required under 13 NMAC 19.3.12
				[now 13.19.3.12 NMAC].
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.9 - AGENTS AND INSURANCE CONSULTANTS PROHIBITED FROM ASSISTING EMPLOYEE LEASING ARRANGEMENTS PRIOR TO FILING

Current through Register Vol. 35, No. 13, July 16, 2024
A. No
				agent or insurance consultant may solicit, advertise or market in this state
				services, health benefits or coverage for an employee leasing arrangement or a
				person or arrangement which represents itself as an employee leasing
				arrangement unless the agent or insurance consultant first files the
				information required under 13 NMAC 19.3.12 [now 13.19.3.12 NMAC].
B. No agent or insurance consultant may
				solicit another agent or insurance consultant to enter into an arrangement to
				solicit, advertise or market the health benefits, coverage or services of an
				employee leasing arrangement unless the soliciting agent or insurance
				consultant first files the information required under 13 NMAC 19.3.12 [now
				13.19.3.12 NMAC].
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 19 - NON-ADMITTED OR SURPLUS LINES INSURANCE › Part 3 - REPORTING REQUIREMENTS FOR MULTIPLE EMPLOYER WELFARE ARRANGEMENTS › Section 13.19.3.10 - AGENTS AND INSURANCE CONSULTANTS PROHIBITED FROM ASSISTING COLLECTIVELY BARGAINED ARRANGEMENTS PRIOR TO FILING

Current through Register Vol. 35, No. 13, July 16, 2024
A. No agent or insurance consultant may
				solicit, advertise, or market in this state health benefits or coverage from,
				or accept an application for, or place coverage for a person who resides in
				this state with, a collectively bargained arrangement or an arrangement which
				represents itself as a collectively bargained arrangement unless the agent or
				insurance consultant first files the information required under 13 NMAC 19.3.12
				[now 13.19.3.12 NMAC].
B. No agent
				or insurance consultant may solicit another agent or insurance consultant to
				enter into an arrangement to solicit, advertise or market the health benefits
				or coverage of a collectively bargained arrangement unless the soliciting agent
				or insurance consultant first files the information required under 13 NMAC
				19.3.12 [now 13.19.3 12 NMAC].