reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.14 - COMPANY FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any insurer
				may make rates and rate filings on its own behalf in accordance with this
				section and other applicable portions of this rule.
B. Any insurer may file at any time any rate
				or supplementary rate information applicable to any line or part of a line of
				property and casualty insurance business for which the insurer is
				certificated.
C. Every company
				filing shall be accompanied by the exhibits required under 13.8.2.17
				NMAC.
D. Every company filing,
				except filings pursuant to 13.8.2.16 NMAC, shall comply with 13.8.2.18
				NMAC.
E. The review period for a
				company filing begins when the filing is received by the superintendent, unless
				delayed for amendment or lack of sufficient information pursuant to Chapter
				59A, Article 17 NMSA 1978 and 13.8.2 NMAC.
F. Except as provided in 13.8.2.25 NMAC,
				company filings based on an advisory organization advisory loss cost filing may
				not be used until either the superintendent has notified the advisory
				organization that the advisory filing is acceptable or the statutory review
				period has expired with no action, whichever is sooner.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.15 - PERMISSIBLE BASES FOR COMPANY FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Company filings shall meet all statutory rate standards and
				  take into consideration all applicable rate factors. Subject to the foregoing
				  sentence, an insurer may base a company rate filing on:
A. the insurer's own experience in the
				particular line of business, including but not limited to premiums, investment
				income, loss experience and actual expenses;
B. average pure premium rates and supporting
				data, such as loss experience, developed and trended as appropriate, from an
				advisory organization advisory filing, together with the insurer's own
				experience in the particular line of business, including but not limited to
				premiums, investment income and actual expenses, as provided in 13.8.2.20
				NMAC;
C. other company ratemaking
				methods, for limited markets, as provided in 13.8.2.16 NMAC; or
D. any other method meeting statutory
				standards which has been submitted to and approved by the superintendent prior
				to the rate filing.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.16 - OTHER COMPANY FILING METHODS FOR LIMITED MARKETS

Current through Register Vol. 35, No. 13, July 16, 2024
The superintendent may authorize an insurer to make a company
				  rate filing on any basis meeting statutory rate standards, including but not
				  limited to ratemaking by reference to an approved New Mexico filing of another
				  company, or any other appropriate method, where the insurer demonstrates to the
				  superintendent's satisfaction that:
A.
				the predicted New Mexico premium volume for the line or part of a line of
				business is so minimal that development of a rate is economically unfeasible;
				and
B. there is a need or demand
				for such coverage in New Mexico which will be inadequately or uneconomically
				served if the filer does not file a rate and make a market in the line or part
				of a line of business.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.17 - REQUIRED EXHIBITS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Rate
				filings that require supporting information shall include the following
				exhibits for each line of business, showing by individual insurer for the three
				most recently-completed consecutive calendar or calendar-accident years:
(1) actual direct written premiums;
(2) actual direct earned premiums;
(3) actual direct paid losses;
(4) the change in direct loss reserves during
				the year, including:
(a) reported reserves,
				based on actual reserves; and
(b)
				incurred but not reported reserves, based on separate calculations or
				equivalent to the change in reported reserves;
(5) incurred losses, derived from the
				foregoing;
(6) underlying data used
				to calculate any loss development factors and trend factors included in the
				filing, including but not limited to a description of the basis for and methods
				used to establish such factors;
(7)
				actual expenses for each of the following categories:
(a) commissions;
(b) other acquisition expenses;
(c) general expenses; and
(d) taxes, licenses and fees;
(8) investment income from each of
				the following sources, including method of calculation, allocated to the
				specific line of business:
(a) unearned
				premium reserves;
(b) loss
				reserves, including but not limited to IBNR;
(c) loss adjustment expense
				reserves;
(d) any contingency
				reserves; and
(e) surplus held in
				conjunction with the line of business; and
(9) average credit or debit written in
				conjunction with any schedule rating plan or similar plan.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.18 - RATEMAKING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Rate filings are subject to the following ratemaking
				  requirements, in addition to all other requirements prescribed by law.
A. Rate filings may be based on any
				reasonable base period of at least three recent consecutive calendar,
				calendar-accident or policy years, or any combination of these, developed and
				trended as appropriate, unless the Superintendent finds such base to be
				inadequate or unreliable, in which case he shall specify the base to be
				used.
B. Expense data shall be
				derived from insurers' actual New Mexico expenses where available by line.
				Expenses and expense trending shall reflect actual expenses adjusted for
				anticipated increases or decreases on a company-by-company or other basis which
				accurately reflects differences in insurers' modes of operation and expense
				levels.
C. Rate filings shall
				reflect investment income allocated to the line or part of a line of New Mexico
				business. Investment income shall track each insurer's overall investment rate
				of return, including but not limited to realized capital gains. Investment
				income shall include income from each and every source specified in Subsection
				H of 13.8.2.17 NMAC.
D. Premiums,
				investment income, loss experience, actual expenses and all other applicable
				rate factors shall be adjusted to the level anticipated during the period to
				which the rates will apply.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.19 - RATE MODIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Filings made to modify rates shall be made pursuant to 13.8.5 NMAC, Rate
				Modification Plans.
B. If requested
				by an insured, experience modifiers shall be developed and applied separately
				and individually to each insured legal entity in New Mexico; provided, that if
				past experience is unavailable for individual legal entities, and cannot be
				developed at reasonable cost, such request shall apply on a prospective basis
				only. Such request shall be made not less than 120 days prior to the proposed
				effective date of the individual entity rating, and shall remain in effect for
				at least two full rating periods.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.20 - ADVISORY ORGANIZATION FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Any licensed advisory organization may make advisory filings within the scope
				of its license as provided in 13.8.2 NMAC.
B. Advisory filings shall be made for
				informational purposes and such uses as permitted in 13.8.2 NMAC. Advisory rate
				filings are limited to pure premium rates, supplementary rate information and
				supporting data, including loss experience, developed and trended as
				appropriate. Advisory rate filings shall not contain data on premiums,
				investment income, expenses, profit factor, dividend allowance permissible loss
				ratio or other factors or supporting data which could be used to develop a full
				rate, other than loss experience.
C. The superintendent shall review all
				advisory filings. The superintendent shall determine if the filing is made by a
				properly licensed advisory organization within the scope of its license, and if
				the scope of such filing is limited in accordance with 13.8.2 NMAC, and if not,
				shall reject the filing. The superintendent shall also consider the rate
				standards contained in Section 59A-17-6 NMSA 1978 in determining whether
				advisory filings are acceptable.
D.
				An insurer may seek the superintendent's permission to base its own independent
				filing, or portions thereof, on information, data, statistics or pure premium
				rates contained in an advisory filing upon making a showing satisfactory to the
				superintendent that:
(1) the insurer lacks
				credible loss data of its own on which to base rates;
(2) the insurer's use of a uniform system of
				statistics, classifications, rating schedules, rating rules, underwriting rules
				or other similar information makes use of such supplementary rate information
				from an advisory filing both necessary and appropriate; provided, that
				Paragraph (2) of Subsection D of 13.8.2.20 NMAC applies only to statistical
				supplementary rate information, and does not apply to nor permit adoption of
				any rate, rate manual, minimum premium or policy fee; and
(3) with regard to Paragraph (1) of
				Subsection D of 13.8.2.20 NMAC, that such use of the advisory filing or
				portions thereof is appropriate because the loss experience contained in the
				advisory filing reasonably and accurately applies to the insurer, and will not
				result in rates which are excessive, inadequate or unfairly
				discriminatory.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.21 - ASSIGNED RISK POOL FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				For purposes of rate filings, assigned risk plans and similar residual market
				plans applicable to risks not insurable through the voluntary market shall be
				considered and treated as if the plan were a single insurer.
B. Rates for assigned risk plans and other
				residual market plans may be based on:
(1)
				the plan's own premiums, investment income, loss and expense data, and other
				statutory factors;
(2) premiums,
				investment income, loss and expense data, and other statutory factors for all
				New Mexico risks in the line of business as a whole; provided, that if this
				option is used, a reasonable, actuarially-justified surcharge may be provided
				to reflect any demonstrated difference between projected loss and expense
				experience for the plan and for the line of business as a whole. Such surcharge
				shall be justified on the basis of comparative loss and expense experience for
				at least two recent consecutive years; or
(3) any other reasonable method meeting
				statutory standards and approved by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.22 - RATES FOR GOVERNMENTAL ENTITIES

Current through Register Vol. 35, No. 13, July 16, 2024
Rate filings need not be followed in connection with policies
				  bid or to be issued to state or local governmental entities in New Mexico;
				  provided, that no rate to any such governmental entity shall exceed the filed
				  rate or rates which would be applicable to the entity but for the provisions of
				  13.8.2 NMAC. 13.8.2 NMAC does not authorize bidding or issuance to governmental
				  entities of lines or types of insurance for which an insurer has not otherwise
				  filed and obtained approval of a rate, nor does it relieve any insurer of any
				  duty to comply with the Insurance Code or laws related to bidding, sale or
				  issuance of insurance to governmental entities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.23 - ADVISORY ORGANIZATION MEMBERS' RIGHT OF NONADHESION TO FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
No advisory organization shall require any member or
				  subscriber insurer to adhere to the organization's New Mexico filings, whether
				  made on behalf of the insurer or otherwise. No advisory organization shall in
				  any manner limit or refuse to grant any insurer any right or privilege,
				  including but not limited to full membership rights granted other insurers, or
				  otherwise discriminate against any insurer, on the basis that the insurer has
				  not adhered to or does not adhere to the organization's
				  filings.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.24 - STATISTICAL SERVICES; INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
The superintendent may require insurers to provide
				  statistical information in a standard format. The superintendent may designate
				  an advisory organization to receive such information and tabulate it. The
				  superintendent may act pursuant to this section by notifying affected insurers
				  in writing.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.25 - WORKERS COMPENSATION REFERENCE FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
An insurer that wishes to adopt an approved advisory workers
				  compensation filing that has been filed on its behalf by the workers
				  compensation advisory organization designated by the superintendent, with no
				  deviation other than effective date, shall do so in accordance with Paragraph C
				  of Section 59A-17-9 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.26 - AUTOMATIC ADOPTION OF ADVISORY LOSS COST FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
An insurer may satisfy its obligation to make a rate filing
				  by authorizing the superintendent of insurance to have its loss cost
				  multipliers and, if utilized, expense constants be applicable to future
				  revisions of the advisory organization's advisory prospective loss costs.
				  However, an insurer that proposes to revise its loss cost multipliers, or
				  deviate from the effective date or any other component of the advisory
				  organization loss cost filing, or which fails to file with the superintendent
				  of insurance to accept future advisory prospective loss cost filings of the
				  specified advisory organization, must submit a filing in accordance with the
				  provisions of 13.8.2 NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.27 - MAINTENANCE OF RATE INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
Regardless of whether an insurer is required to file its
				  rates with the superintendent, an insurer shall maintain a copy of its rates
				  and supplementary rate information currently in effect in sufficient detail to
				  produce the premium charged on a policy. This information shall be available
				  for immediate inspection by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.28 - NONCOMPETITIVE MARKETS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				following markets lack a reasonable degree of competition and are therefore
				subject to the filing and prior approval requirements of Paragraph B of Section
				59A-17-9 NMSA 1978:
(1) farmowners multiple
				peril, due to the concentration of market share within a relatively small
				number of competitors as well as the increasing dominance of its largest
				writer;
(2) medical professional
				liability, due to its concentration of market share among relatively few
				competitors as well as the increasing dominance in recent years of its largest
				writer;
(3) credit, due to its
				concentration of market share among relatively few competitors; or
(4) mortgage guaranty, due to the dominance
				of market share maintained by two competitors, the infrequent entry and exit of
				competitors, and the relatively low number of competitors for the market's
				premium volume.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS › Section 13.8.2.29 - REVERSE COMPETITIVE MARKETS

Current through Register Vol. 35, No. 13, July 16, 2024
The following factors are likely indicators of a reverse
				  competitive market:
A. insurance
				products sold or solicited in point-of-sale conjunction with purchases of
				consumer goods;
B. insurance
				products sold or solicited by individuals other than professional insurance
				agents;
C. products that insurers
				market primarily to parties other than prospective policyholders or to the
				parties that will pay the premium;
D. low loss ratios; or
E. high commission ratios.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to policies of all property, casualty,
				  vehicle, marine and transportation, surety and title insurance coverages that
				  are within the scope of Chapter 59A, Article 18 NMSA 1978.
[See Section 59A-18-2 NMSA 1978 for the definition of policy
				  and Chapter 59A, Article 7 NMSA 1978 for definitions of kinds of
				  insurance.]
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9, 59A-17-6.1, 59A-17-6.2, 59A-18-12 and
				  59A-18-14 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 3, 1970, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to implement Sections 59A-18-12
				  and 59A-18-14 NMSA 1978 by specifying the requirements for property, casualty,
				  vehicle, marine and transportation, surety and title insurance policy
				  forms.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Commercial insurance
has the meaning given in Section 59A-17-4 NMSA
				1978; and
B.
"Reference
				filing"
means a filing by an insurer to adopt a legally effective filing
				by an adivsory organization to which the insurer is amember, a subscriber or an
				affiliate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.8 - GENERAL FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Every
				insurer, advisory organization, FAIR plan, pool, or joint underwriting and
				joint reinsurance group, association or other organization of insurers must
				file with the superintendent of insurance every form of policy, endorsement,
				rider involving the granting or exclusion of coverage, or application which
				becomes a part of the policy, of casualty, fire, marine and transportation, wet
				marine, title and vehicle insurance.
B. An insurer may satisfy its obligation to
				make a policy form filing by becoming a member of or subscriber to, a licensed
				advisory organization which makes policy form, endorsement, rider or
				application filings and by authorizing the superintendent of insurance to
				accept these filings on its behalf.
C. Filings not subject to the limited
				exemption from prior approval in 13.8.3.9 NMAC may contain a request to become
				effective on any specified date on or after their date of filing.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.9 - LIMITED EXEMPTION FROM PRIOR APPROVAL

Current through Register Vol. 35, No. 13, July 16, 2024
A. A commercial insurance filing shall become
				effective and may be used upon filing and shall be exempt from the requirement
				that the filing shall be made at least sixty days before its proposed effective
				date and from the prior approval requirements of Section 59A-18-12 NMSA 1978 if
				the filing is not:
(1) for workers
				compensation insurance, an advisory organization filing or a company filing
				that deviates, in any manner other than effective date, from an approved
				workers compensation advisory organization filing;
(2) for medical professional liability
				insurance;
(3) for a market that is
				noncompetitive pursuant to 13.8.2.28 NMAC;
(4) a market that is reverse
				competitive;
(5) an assigned risk
				filing;
(6) for title
				insurance;
(7) for farm owner's
				insurance; or
(8) for ranch owner's
				insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.10 - FILING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Separate filing:
Form filings shall be made separately from rate or
				rate-related rule filings. Filings may be made by mail, courier, the national
				association of insurance commissioner's system for electronic rate and forms
				filing (SERFF) or in person and shall be addressed to the
				superintendent.
B.
Transmittal documents:
All form filings shall be submitted with
				completed transmittal documents in substantially the format of the appropriate
				current national association of insurance commissioners' uniform transmittal
				documents which are available online at
www.naic.org
.
(1)
				The
property and casualty transmittal
document shall include:
(a) group name and "NAIC" number;
(b) company name, domicile, "NAIC" number and
				"FEIN" number;
(c) company tracking
				number;
(d) contact information of
				filer or corporate officer, including: name and address; title; telephone
				numbers; fax numbers and e-mail address;
(e) signature and printed name of authorized
				filer;
(f) type and sub-type of
				insurance;
(g) state specific
				product code, if applicable;
(h)
				company program title;
(i) filing
				type;
(j) effective date requested,
				including: new or renewal;
(k) a
				statement indicating whether the filing is a reference filing, including the
				reference organization name and reference organization number and title, if
				applicable;
(l) company's date of
				filing;
(m) status of filing in
				domicile;
(n) company tracking
				number;
(o) filing description;
				and
(p) the appropriate filing
				fees, including check number and fee amount, if applicable.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.11 - REQUIRED CONTENTS OF POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
No policy forms shall be filed, delivered or issued for
				  delivery in this state unless:
A. a
				statement of the premium or if the insurance is of a character where the exact
				premium is not determinable at inception of the contract, a statement of the
				basis and rates upon which the premium is to be determined and paid, is
				expressed therein;
B. the time the
				insurance takes effect and terminates, if determinable, is expressed
				therein;
C. it purports to express
				therein the person or persons insured;
D. every printed portion of the text matter
				and any endorsement or attached paper is printed in readable and legible
				type;
E. the exclusions, conditions
				and limitations of indemnities are adequately captioned or clearly set forth in
				the policy or contract; and
F.
				every form, including riders and endorsements, is identified by a form
				designation, provided however, that in order that policy forms, endorsements,
				riders or applications which follow the standard provisions filed by a rating
				organization will be readily recognized as standard forms, all these forms
				printed for use in New Mexico shall bear a recognition designation given the
				standard form by the rating organization. Insurers are not precluded from also
				adding their own designation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.12 - POLICY FORM RESTRICTION

Current through Register Vol. 35, No. 13, July 16, 2024
Insurers shall not require their New Mexico insureds or
				  applicants for insurance to make a "warranty" either expressed or implied, of
				  any fact or allegation in the application for an insurance policy. This does
				  not prohibit the use of the word "representations" or words of similar import
				  and does not prohibit the use of the word "warranty" if the application
				  contains a definition of "warranty" in which the language used is clear,
				  understandable and accurate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.13 - INSURERS AFFILIATED WITH ADVISORY ORGANIZATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
All insurers affiliated with advisory organizations shall
				  adhere to the following procedures.
A.
				An insurer newly affiliated with an advisory organization will be presumed to
				be using the forms filed by the advisory organization from the effective date
				of membership or subscribership or affiliation.
B. An insurer retiring from membership or
				subscribership or affiliation with an advisory organization will immediately
				upon retirement be presumed to meet the filing requirements of policy forms as
				provided in 13.8.3.8 NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.14 - AMENDING FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Any pending filing may be amended, provided that the entire
				  filing, including the amendment, shall be deemed made as of the date the
				  amendment was filed, unless waived by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 3 - CASUALTY, PROPERTY, TITLE AND VEHICLE INSURANCE POLICY FORMS › Section 13.8.3.15 - AUTOMATIC ADOPTION OF ADVISORY ORGANIZATION FORM FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
An insurer may satisfy its obligation to make a form filing
				  by authorizing the superintendent of insurance to adopt on its behalf all form
				  filings legally in effect that have been filed by an advisory organization to
				  which the insurer is a member or a subscriber or an affiliate. However, an
				  insurer that proposes to use a form or to deviate from the effective date or
				  any other componenet of the advisory organization from filing, or which fails
				  to file with the superintendent of insurance to accept future form filings of
				  the specified advisory organization, must submit a filing in accordance with
				  the provisions of 13.8.3 NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Public Regulation Commission Insurance
				  Division.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all insurers who cancel, change, or fail
				  to renew, coverage in any policy of property and casualty
				  insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9 and 59A-18-29 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 1, 1980, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to implement Section 59A-18-29
				  NMSA 1978 by establishing minimum requirements for the cancellation,
				  non-renewal or changes in coverage on all policies of property or casualty
				  insurance issued by an insurer to an insured.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The following words and terms shall have the following
				  meanings unless the context otherwise requires:
A.
"agent"
means any person
				licensed by the superintendent to transact the insurer's business in this
				state;
B.
"casualty
				insurance"
has the meaning given in Section 59A-7-6 NMSA 1978;
C.
"insurance binder"
means any
				undertaking by an insurer, or its agent, to issue a policy of insurance to the
				insured;
D.
"insured"
means any person who has been issued a policy of insurance or insurance binder
				by an insurer;
E.
"insurer"
means any insurance company authorized to transact property
				and casualty insurance in this state, and any non-admitted insurance company
				providing property and casualty policies of insurance through a surplus line
				broker in this state;
F.
"mail or mailing"
means the deposit of a written notice to the insured
				in the U.S. mails, first-class postage prepaid, addressed to the insured at his
				last known address;
G.
"marine and transporation insurance"
has the meaning given in Section
				59A-7-5 NMSA 1978;
H.
"personal insurance"
has the meaning given in Section 59A-17A-3 NMSA
				1978;
I.
"policy or policy
				of insurance"
has the meaning given in Section 59A-18-2 NMSA
				1978;
J.
"policy
				term"
means the stated time during which a policy is
				effective;
K.
"property and
				casualty insurance"
, as used in this rule, includes property, casualty,
				vehicle, marine and transportation, wet marine and surety insurance;
L.
"property insurance"
has the
				meaning given in Section 59A-7-4 NMSA 1978;
M.
"surety insurance"
has the
				meaning given in Section 59A-7-8 NMSA 1978;
N.
"vehicle insurance"
has the
				meaning given in Section 59A-7-7 NMSA 1978; and
O.
"wet marine insurance"
has
				the meaning given in Section 59A-7-5 NMSA 1978;
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.8 - CANCELLATION DURING POLICY TERM - MORE THAN SIXTY (60) DAYS AFTER EFFECTIVE DATE OF POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
A. If a policy
				of insurance has been in effect for sixty (60) days or more, an insurer may
				cancel the policy if there has been a substantial change in the risk assumed by
				the insurer since the policy was issued. An insurer, to affect such
				cancellation, shall mail or deliver to the insured a written notice stating the
				reason for such cancellation and stating when, not less than thirty (30) days
				after mailing or delivery, the cancellation shall be effective.
B. If a policy of insurance has been in
				effect for sixty (60) days or more, an insurer may cancel the policy only for
				one or more of the following reasons:
(1) the
				policy was obtained through material misrepresentation, fraudulent statements,
				omissions or concealment of fact material to the acceptance of the risk or to
				the hazard assumed by the insurer;
(2) willful and negligent acts or omission by
				the insured have substantially increased the hazards insured against;
(3) revocation or suspension of driver's
				license of the named insured or other operator who either resides in the same
				household or customarily operates the vehicle; or
(4) the named insured presented a claim based
				on fraud or material misrepresentation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.9 - NON-RENEWAL OF POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
If an insurer or an agent elects not to renew a policy of
				  insurance, the insurer or agent making such election shall mail to the insured,
				  not less than thirty (30) days prior to the expiration date of the policy, a
				  written notice of non-renewal. This section shall not apply to the transfer of
				  a policy upon its expiration to an affiliated insurer.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.10 - NOTICE OF CHANGE IN LIMITS

Current through Register Vol. 35, No. 13, July 16, 2024
Written notice of any change in the required limits of
				  underlying coverage for an "umbrella" or "excess liability" policy shall be
				  mailed or delivered to the insured not less than thirty (30) days prior to the
				  expiration date of the affected policy.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.11 - CHANGE IN POLICY FORM

Current through Register Vol. 35, No. 13, July 16, 2024
An insurer shall provide written notice to its agents or its
				  insureds of any change in policy form not less than thirty (30) days prior to
				  the effective date of the change. Change in policy form means any change of
				  limitation, restriction in coverage, or change in deductible.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 4 - CANCELLATION, NONRENEWAL OR CHANGE IN COVERAGES OF PROPERTY AND CASUALTY INSURANCE POLICIES › Section 13.8.4.12 - NOTICE OF CHANGE IN INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
If an insurer, upon expiration of a policy of insurance,
				  transfers the policy to an affiliated insurer, the following notification
				  requirements shall apply.
A. For
				personal insurance policies, the transferring insurer shall send the insured a
				written notice of change of insurer. Such notice shall be mailed to the insured
				not less than thirty (30) days prior to the expiration date of the policy and
				shall include the name and contact information of the insurer accepting the
				transferred policy, the reason for the transfer, the dollar amount of any
				increase or decrease in premium resulting from the transfer and any
				restrictions or changes in coverage terms or provisions resulting from the
				transfer.
B. For other than
				personal insurance policies, the transferring insurer shall provide written
				notice of change of insurer to the agent or the insured prior to the expiration
				date of the policy and shall include the name and contact information of the
				insurer accepting the transferred policy and the reason for the
				transfer.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, P.O. Box 1269, Santa Fe, New Mexico,
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
A. This rule
				applies to authorized property and casualty insurers and rate service
				organizations that file rates, loss costs or supplementary information with the
				department.
B. This rule applies
				only to those classes of insurance (monoline or packaged) commonly known as
				commercial vehicle, commercial general liability, professional liability,
				commercial property, worker's compensation and contract surety bonds.
C. This rule does not apply to boiler and
				machinery insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9, 59A-3-6, 59A-17-5, 59A-17-16, 59A-17-17,
				  59A-17-28, 59A-17-29 and 59A-32-13 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 1, 1995, unless a later date is cited at the end of
				  a section or paragraph. Reformatted in NMAC format effective April 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 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish criteria for the
				  modification of manual rates through the application of insurer rate
				  modification plans and experience rating plans and the reporting of pertinent
				  information concerning the utilization of such plans in order to determine
				  whether rates developed thereunder meet the standards of the rating law. Such
				  information may also be utilized to assist in monitoring competition in
				  accordance with Section 59A-17-3(A)(2) NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Consent
				to rate"
means a deviation from the manual rate agreed to by both the
				insured and insurer.
B.
"Experience rating plan"
means any rating plan or system whereby a
				manual rate for insurance is adjusted or modified based on the past loss
				experience of the insured.
C.
"Manual rate"
means a rate, whether expressed as a single number
				or as a prospective loss cost with an adjustment to account for the treatment
				of expenses, profit and variations based on loss or expense considerations,
				designed to apply on a generic basis to similar risks within the same market,
				filed by an insurer or rate service organization with the department, approved
				by the superintendent, and made part of the rating manual used by an insurer or
				rate service organization.
D.
"Rate modification plan"
means a rating plan or procedure,
				exclusive of experience rating, which provides a listing of various risk
				characteristics or conditions and a range of modification factors which may be
				applied for those characteristics or conditions to the manual rate of a
				particular insurance risk. The effect of the modification factor is to increase
				(debit) or decrease (credit) the manual rate. Rate modification plans include,
				but are not limited to, plans commonly referred to as schedule rating plans and
				individual risk premium modification plans.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.9 - CONSENT TO RATE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Upon written
				application of an insured stating the reasons therefor, filed with the
				superintendent on a form to be prescribed by the superintendent, and upon
				approval of the application by the superintendent, an insurer may charge a rate
				in excess of that otherwise applicable to a specific risk.
B. The insurer shall pay the filing fees
				specified in Section 59A-6-1 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.10 - EXPERIENCE RATING PLANS

Current through Register Vol. 35, No. 13, July 16, 2024
Experience rating plans shall comply with the following
				  standards:
A. Premium and loss figures
				used in the calculation of experience rating plan rates must be verifiable and
				justifiable. Loss figures shall fairly reflect the expected value of salvage,
				subrogation, subsequent injury fund recoveries and other recoveries, whether
				paid or unpaid.
B. Underwriting
				files must document the basis of the experience rating in sufficient detail so
				that the superintendent can verify compliance with this rule.
C. Once an insurer or rate service
				organization has filed an experience rating plan, its use is mandatory. The
				experience rating plan must be applied uniformly in a non-discriminatory manner
				for all eligible classes of risk even if the application of the experience
				rating plan results in a "1.0" experience modification or no change in a
				previously applied experience modification.
D. An experience rating plan must provide
				that an applicant will be notified in writing by the insurer at the issuance of
				a new policy of the experience rating modification, whether a debit or credit.
				The insured must also be notified in writing by the insurer at the issuance of
				a renewal policy of any changes in the experience rating modification. In the
				case of contingent, temporary, or provisional experience rating modifications,
				notice should be provided within 30 days of modification to premium.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.11 - REPORTING PERTINENT INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. At the request of the superintendent, an
				insurer authorized to write any insurance in this state to which this rule
				applies shall submit data to the superintendent establishing the relationship
				of aggregated premiums actually charged to policyholders by the insurer for
				each line of commercial insurance to the aggregate premium that would have been
				produced by the insurers' filed unmodified rates for that line of commercial
				insurance. A rate service organization may file the data on behalf of the
				insurer.
B. The rate modification
				plan filed by the national council of compensation insurance shall be for
				workers' compensation insurance. The national council of compensation insurance
				shall perform an independent audit of insurer records to verify accurate
				recording at the policy level and tabulation of total debits and credits. The
				national council of compensation insurance shall annually submit data to the
				superintendent establishing the relationship of aggregated premiums actually
				charged to policyholders by insurers for workers' compensation insurance to the
				aggregate premium that would have been produced by the insurers' filed
				unmodified rates.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.12 - RATE COMPLIANCE EXAMINATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
To determine compliance with this rule, the superintendent
				  may order a rate compliance examination be made of any insurer to which this
				  rule applies.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.13 - PENALTIES

Current through Register Vol. 35, No. 13, July 16, 2024
Any insurer that fails to comply with the provisions of this
				  rule shall be subject to the penalties or sanctions provided in the Insurance
				  Code.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 5 - RATE MODIFICATION PLANS › Section 13.8.5.14 - TRANSITION

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any new
				insurance program to which this rule is applicable, instituted on or after the
				effective date of this rule, must meet all requirements of this rule.
B. Insurers must use only filed and approved
				programs. Insurers currently offering insurance programs to which this rule is
				applicable shall file revised rate modification plans, experience rating plans,
				and revised base rates to minimize the impact on policyholders, if necessary,
				to meet the requirements of this rule. Workers' compensation filings should be
				made at least 90 days in advance of the effective date of this rule. All other
				applicable insurance programs should be filed at least 60 days in advance of
				the effective date of this rule.