reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.36 - SECOND MORTGAGES OR SUBSEQUENT ISSUES

Current through Register Vol. 35, No. 13, July 16, 2024
The premium for a loan policy insuring any mortgage granted
				  by the owner of property subsequent to the original date of his owner's policy
				  shall be determined by the superintendent in a title rate case. In no event
				  shall the premium collected be less than the regular minimum promulgated rate
				  for an owner's policy.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.37 - COMPUTATION OF RATES WHEN INSURED PROPERTY IS NOT IDENTICAL

Current through Register Vol. 35, No. 13, July 16, 2024
When only a portion of the land previously insured is being
				  insured by a reissue owner's policy or by a subsequent issue loan policy, or
				  when the land previously insured is only a portion of the land being insured by
				  a reissue owner's policy or by a subsequent issue loan policy, the rates shall
				  be adjusted in proportion to the areas insured in the original policy and the
				  current policy. For example, if the original policy insured one acre and the
				  current policy insures three acres, the reissue rates will apply to one-third
				  of the current value up to the face amount of the original policy; but, if the
				  situation is reversed, the reissue rates will only apply up to one-third of the
				  face amount of the original policy. In no event shall the reissue rates be
				  applied to allow more than one hundred percent of the face amount of the
				  original policy to be used cumulatively in the computation of reissue
				  rates.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.38 - COMPUTATION OF RATES UPON CONVERSION OF LEASEHOLD OWNER'S POLICY TO STANDARD OWNER'S POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
When a leasehold owner's policy is converted to a standard
				  owner's policy and more insurance is desired or required under the standard
				  owner's policy than was written in the leasehold owner's policy, the difference
				  must be computed at the basic premium rates in the applicable bracket or
				  brackets in the same manner as excess liability is computed.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.39 - SUBSTITUTION RATE ON LOANS TO TAKE UP, RENEW, EXTEND OR SATISFY AN EXISTING INSURED LOAN

Current through Register Vol. 35, No. 13, July 16, 2024
A.For purpose
				of the premium discount on refinanced property pursuant to Section
				59A-30-6.1
				NMSA 1978, the term "same borrower" in Section
				59A-30-6.1
				NMSA 1978 shall have the same meaning as "insured" as defined in Paragraph 1
				(D) of the conditions set forth in NM form 1.
B.The term "same property" in Section
				59A-30-6.1
				NMSA 1978 shall mean the identical property or any portion thereof. The
				reduction in rate pursuant to Section
				59A-30-6.1
				NMSA 1978 shall not apply in any case where any additional property not covered
				by the original policy or policies is included in the policy to be
				issued.
C.If two or more previous
				loan policies insuring different properties are presented to the title
				insurance agency or title insurer for a refinance discount pursuant to Section
				59A-30-6.1
				NMSA 1978, and provided that the new policy will contain the same properties as
				shown in said previous policies, the discount will be computed as follows:
				title insurance agency or title insurer shall base the discount on the date of
				issue of the oldest previous policy and upon a liability amount equal to the
				sum of the liability amounts of the previous policies. In no event shall the
				premium collected be less than the regular minimum promulgated rate for an
				owner's policy.
D.This rule, may be
				applied in connection with the issuance of a series of mortgage policies issued
				by reason of noted being apportioned to individual units in connection with a
				master policy covering the aggregate indebtedness, including improvements.
				Individual loan policies must be issued at the original first loan single issue
				rate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.40 - INSURING CONSTRUCTION LOANS AND DELETING STANDARD EXCEPTION 4 IN LOAN POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A.A loan
				policy may be issued to insure a construction loan mortgage if the loan policy
				contains the following two-year claims made limitation: "Notwithstanding any
				other provision of this policy, the company shall be liable only for such loss
				or damage insured against by this policy which is actually sustained by the
				insured and reported to the company as provided in the conditions and
				stipulations on or before two years after the recording of the mortgage
				described in Schedule A. (Upon payment to the company of the required full loan
				policy premium prior to the expiration of said policy, the term limitation may
				be deleted from this policy)."
B.A
				construction loan policy or a loan policy containing the two-year claims made
				limitations pursuant to Subsection A of this section may be extended beyond its
				initial two-year term for additional premium.
C.The issuance of a construction loan policy,
				or a standard loan policy with a two-year claims made limitation, may not be
				used as the basis for claiming a credit or discount on a refinanced property
				premium pursuant to Section
				59A-30-6.1,
				NMSA 1978; a subsequent issue, or a substitution issue loan.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 9 - GENERAL RATE PROVISIONS › Section 13.14.9.41 - SINGLE POLICY MULTIPLE COUNTIES

Current through Register Vol. 35, No. 13, July 16, 2024
In the event a proposed insured requests that a single policy
				  be issued insuring multiple New Mexico properties that may be located in more
				  than one county, the amount of insurance shall be allocated to each county
				  based upon a supported amount as provided in writing by the proposed insured.
				  The premium shall be calculated as if a policy was being issued separately in
				  each county and the aggregated gross premiums shall be combined to determine
				  the gross premium for the single policy. A New Mexico title insurance agency or
				  title insurer that maintains a title insurance agency or direct operation in
				  one of the counties in which the property is located ("direct operation")
				  (collectively "issuing company") must issue the policy and disburse, or direct
				  the payee to disburse, the gross premium attributable to each county to the
				  title insurance agency or direct operation in such county for such policy to be
				  remitted to the title insurer in accordance with the division of premium rule
				  in affect at the time of issuance. The policy schedules applicable to the land
				  located in each county shall be countersigned by the title insurance agency or
				  direct operation and provided to the issuing company. The issuing company shall
				  provide each title insurance agency or direct operation with a complete copy of
				  the final policy which shall be maintained in accordance with underwriter and
				  regulatory requirements. Each title insurance agency or direct operation shall
				  report the policy utilizing the combined policy number but only the gross
				  premium it received attributable to the property within its county shall be
				  reported. Issuance of a single policy shall not be used when the transaction
				  involves property outside of New Mexico. This rule shall not be interpreted to
				  allow a title insurer to issue what is commonly referred to as home office
				  issued policies.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all title insurers, title insurance
				  agencies, and title insurance agents conducting title insurance business in New
				  Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2
				  and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.8 - AGENCY STATISTICAL REPORT

Current through Register Vol. 35, No. 13, July 16, 2024
Every agency shall report income and expenses annually on
				  both county-by-county and summary-of-all counties bases. The agency shall use
				  the agency statistical report form set forth in this rule, Agency Statistical
				  Report, and instructions published by OSI. The superintendent shall annually
				  issue an order to fix the date and location for the filing of each agency
				  statistical report for the calendar year and shall notify each agency of the
				  date at least sixty days prior to the filing deadline; provided, however, that
				  in no event shall an agency be required to file its statistical report prior to
				  May 15th of the year following the end of the calendar year being reported.
				  Each agency shall maintain such minimum basic records on each New Mexico
				  transaction as shall be necessary to accurately report such
				  transactions.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.9 - SCHEDULE A - STATEMENT OF INCOME AND EXPENSES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE A - STATEMENT OF INCOME AND
								EXPENSES
For the Calendar Year Ending December 31,
								20___.
AGENCY NAME
LICENSE NUMBER
ADDRESS
CONTACT NAME
Check one:
INDEPENDENT (NON-AFFILIATED)
Title insurance agencies that are independently
								owned and write title insurance business for one or more title insurers.
AFFILIATED
Title insurance agencies with 10% or greater
								ownership by a title insurer, including wholly-owned agencies.
DIRECT
Agency-type operations performed by the home or
								branch office of a title insurer. This does NOT include wholly-owned
								agencies.
Part A: Revenue
1.
Title insurance written premiums (from Schedule
								B)
2.
Less: Remitted title insurance premiums (from
								Schedule B)
3.
Retained title insurance premiums (from Schedule
								B)
4.
Other income (from Schedule C)
5.
Total Revenue
Part B: Expenses
1.
Employees' salaries and wages
2.
Owners' and partners' salaries and wages
3.
Employee benefits
4.
Rent
5.
Insurance
6.
Legal expense
7.
Licenses, taxes and fees
8.
Title plant expense and maintenance
9.
Office supplies
10.
Depreciation
11.
Automobile expense
12.
Communication expense
13.
Education expense
14.
Bad debts
15.
Interest expense
16.
Employee travel and lodging
17.
Loss and loss adjustment expense (from Schedule
								D)
18.
Accounting and auditing expense
19.
Public relations expense
20.
Other expenses (from Schedule E)
21.
Total Expenses
Part C: Net Income for Ratemaking
								Purposes
1.
Income (Loss) from Operations
Part D: Excluded Expenses
1.
NMLTA lobbying expense
2.
Direct lobbying expense
3.
Political contributions
4.
State and federal income tax expense
5.
½ of meals and entertainment expense
6.
Penalties
7.
Country club dues
8.
Salaries in excess of salary cap
9.
Other excluded expenses (from Schedule E)
10.
Total Excluded Expenses
Part E: Net Income
1.
Net income as reported on the books of the
								agency
Part F: Equity
1.
Total equity as reported on balance sheet of the
								agency
Part G: Number of Employees
1.
Total number of employees
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.10 - SCHEDULE B - PREMIUMS BY INSURER

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE B - PREMIUMS BY
								INSURER
For the Calendar Year Ending December 31,
								20___.
Name of each insurer for which this agency charged
								premiums
Title premiums written by this
								agency
Title premiums remitted or owed by this
								agency to insurers
Title premiums retained by this
								agency
Total
(Carry total forward to Schedule A, line
								A-1)
(Carry total forward to Schedule A, line
								A-2)
(Carry total forward to Schedule A, line
								A-3)
Percentage of premiums remitted: 0.0%
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.11 - SCHEDULE C - IDENTIFICATION OF OTHER INCOME

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE C - IDENTIFICATION OF OTHER
								INCOME
For the Calendar Year Ending December 31,
								20___.
Description of Income Item
A.
Closing fees
B.
Abstracting and title report income
C.
Recording fees
D.
Copy fees
E.
Inspection fees
F.
Interest income
G.
Charges for unusual complexity/extra chain or
								abstract retirement
Itemization of All Other Income
H.
I.
J.
K.
L.
M.
N.
O.
P.
Q.
R.
S.
Total Other Income (Carry forward to Schedule A,
								line A-4)
0
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.12 - SCHEDULE D - LOSSES AND LOSS ADJUSTMENT EXPENSES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE D - LOSSES AND LOSS ADJUSTMENT
								EXPENSES
For the Calendar Year Ending December 31,
								20___.
Description of Expense Item
1.
Closing Losses
2.
Agency Errors
3.
Unfair Trade Practices
4.
Loss Adjustment Expenses
5.
Insurance Premiums (Itemize)
Total (Carry forward to Schedule A, line
								B-17)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.13 - SCHEDULE E - IDENTIFICATION OF OTHER EXPENSES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE E - IDENTIFICATION OF OTHER
								EXPENSES
For the Calendar Year Ending December 31,
								20___.
Part A - Deductible Expenses
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total
(Carry forward to Schedule A,
								line B-20)
0
Part B - Excluded Expenses
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total
(Carry forward to Schedule A,
								line D-9)
0
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.15 - SCHEDULE F - INCOME OR EXPENSE ALLOCATION FROM OTHER AFFILIATES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE F - INCOME OR EXPENSE ALLOCATION
								FROM OTHER AFFILIATES
For the Calendar Year Ending December 31,
								20___.
1
2
3
4
5
Name and Address of Affiliate
Relation to Your Agency
Amount
Description Code
Reported Elsewhere in this
								Report?
Total
0
Description
Code
Income
I
Expense Allocation
E
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.16 - SCHEDULE G - PREMIUMS BY COUNTY

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE G - PREMIUMS BY COUNTY
For the Calendar Year Ending December 31,
								20___.
COUNTY
TITLE PREMIUMS WRITTEN
Bernalillo
Catron
Chaves
Cibola
Colfax
Curry
De Baca
Eddy
Grant
Guadalupe
Harding
Hidalgo
Lea
Lincoln
Los Alamos
Luna
McKinley
Mora
Otero
Quay
Rio Arriba
Roosevelt
San Juan
San Miguel
Sandoval
Santa Fe
Sierra
Socorro
Taos
Torrance
Union
Valencia
TOTAL
Crosscheck with Schedule B
0
Difference
0
Explanation for Difference (if any)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 16 - AGENT'S STATISTICAL REPORT › Section 13.14.16.17 - SCHEDULE H - IDENTIFICATION OF OWNERS

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURANCE AGENCY STATISTICAL
								REPORT
SCHEDULE H - IDENTIFICATION OF
								OWNERS
For the Calendar Year Ending December 31,
								20___.
1
2
3
Name of Each Individual or Entity
								Owner
Percentage of Agency Owned
Description Code (see below)
TOTAL
Description
Code
Attorney
A
Real Estate Agent
REA
Real Estate Developer
RED
Lending institution
L
Underwriter
UW
None of the above
NA
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all title insurers, title insurance
				  agents, and title insurance agents conducting title insurance business in New
				  Mexico.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2
				  and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.8 - ANNUAL STATISTICAL REPORT REQUIRED

Current through Register Vol. 35, No. 13, July 16, 2024
Every title insurer shall report income and expenses annually
				  on both county-by-county and summary-of-all counties bases. The title insurer
				  shall use the statistical report form set forth in this rule, insurer
				  statistical report, and instructions published by OSI. The superintendent shall
				  annually issue an order to fix the date and location for the filing of each
				  insurer statistical report for the calendar year and shall notify each title
				  insurer of the date at least 60 days prior to the filing deadline; provided,
				  however, that in no event shall a title insurer be required to file its
				  statistical report prior to May 15th of the year following the end of the
				  calendar year being reported. Each insurer shall maintain such minimum basic
				  records on each New Mexico transaction as shall be necessary to accurately
				  report such transactions.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.9 - FORM 1 - STATEMENT OF INCOME AND EXPENSES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURER STATISTICAL
								REPORT
FORM 1 - STATEMENT OF INCOME AND
								EXPENSES
For the Calendar Year Ending December 31,
								20___
NEW MEXICO EXPERIENCE ONLY
Insurer
NAIC Code
Direct Operations
Non-Affiliated
Agency Operations
Affiliated
Agency Operations
Total
NAIC Annual Statement Schedule T
Difference
Part A - Revenue
1
Direct written premiums
0
0
2
Direct written premiums retained by agency
0
3
Direct written premiums remitted to insurer
0
0
0
0
4
Escrow and settlement service charges
0
5
Other title fees and service charges
0
6
Total other income
0
0
0
0
0
7
Total revenue
0
0
0
0
For an insurer that charges rates below the
								promulgated rates:
From Form 3
Difference
8
Direct premiums as if they had been written at
								promulgated rates
0
0
0
Part B - Expenses
Line 1 as defined per NAIC annual statement,
								STATEMENT OF INCOME exhibit.
Lines 2 through 22 as defined per NAIC annual
								statement, EXPENSES exhibit.
All entries should show NEW MEXICO expenses only
								and should NOT include direct charges from direct operations.
1
Losses and loss adjustment expenses
								incurred
0
2
Total personnel costs
0
3
Total production services purchased outside
0
4
Advertising
0
5
Boards, bureaus, and associations
0
6
Title plant rent and maintenance
0
7
Claim adjustment services
0
8
Amounts charged off, net of recoveries
0
9
Marketing and promotional expenses
0
10
Insurance
0
11
Directors' fees
0
12
Travel and travel items
0
13
Rent and rent items
0
14
Equipment
0
15
Cost or depreciation of EDP equipment and
								software
0
16
Printing, stationery, books, and periodicals
0
17
Postage, telephone, messenger, and express
								delivery
0
18
Legal and auditing
0
19
Total taxes, licenses, and fees
0
20
Real estate expenses
0
21
Real estate taxes
0
22
Aggregate write-ins for miscellaneous
								expenses
0
23
Total Expenses
0
0
0
0
Part C - Net Income
1
Income (Loss)
0
0
0
0
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.11 - FORM 2 - RESERVES, INVESTMENT GAIN, AND SURPLUS

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURER STATISTICAL
								REPORT
FORM 2 - RESERVES, INVESTMENT GAIN, AND
								SURPLUS
For the Calendar Year Ending December 31,
								20___
COUNTRYWIDE EXPERIENCE
Insurer
Countrywide
1
Known claims reserve
2
Statutory premium reserve
3
Aggregate of other reserves required by law
4
Supplemental reserve
5
Total reserves
0
6
Net investment income earned
7
Net realized capital gains (losses)
8
Total net investment gain
0
9
Federal and foreign income taxes incurred
10
Surplus as regards policyholders
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.13 - FORM 4 - PREMIUM DISTRIBUTION BY LIABILITY RANGE

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURER STATISTICAL
								REPORT
FORM 4 - PREMIUM DISTRIBUTION BY LIABILITY
								RANGE
For the Calendar Year Ending December 31,
								20___
NEW MEXICO EXPERIENCE ONLY
TRANSACTIONS THAT ARE DEPENDENT ON THE BASIC
								PREMIUM RATE
Note: Include all transactions listed as "Yes" in
								the "Dependent on Basic Premium Rate?" column of Form 3
Insurance Company
Liability Range ($000)
Number of transactions
Direct written premium
More than
But no more than
0
5
5
10
10
20
20
30
30
40
40
50
50
60
60
70
70
80
80
90
90
100
100
200
200
300
300
400
400
500
500
1,000
1,000
2,000
2,000
3,000
3,000
4,000
4,000
5,000
5,000
10,000
10,000
15,000
15,000
25,000
25,000
50,000
50,000
75,000
75,000
100,000
Over 100,000
ALL
0
0
Crosscheck with Form 3:
Difference
Explanation for Difference (if any)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.14 - FORM 5 - DIRECT PAID LOSS DEVELOPMENT

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURER STATISTICAL
								REPORT
FORM 5 - DIRECT PAID LOSS
								DEVELOPMENT
For the Calendar Year Ending December 31,
								20___
NEW MEXICO EXPERIENCE ONLY
Insurance Company
Years in which policies were
								written
CUMULATIVE PAID LOSSES AND ALLOCATED LOSS
								ADJUSTMENT EXPENSES AT YEAR END (000 OMITTED)
Number of claims closed with loss
								payment
Number of claims closed without loss
								payment
Latest
PY-9
Latest
PY-8
Latest
PY-7
Latest
PY-6
Latest
PY-5
Latest
PY-4
Latest
PY-3
Latest
PY-2
Latest
PY-1
Latest
PY
Prior
Latest PY-19
Latest PY-18
Latest PY-17
Latest PY-16
Latest PY-15
Latest PY-14
Latest PY-13
Latest PY-12
Latest PY-11
Latest PY-10
Latest PY-9
Latest PY-8
Latest PY-7
Latest PY-6
Latest PY-5
Latest PY-4
Latest PY-3
Latest PY-2
Latest PY-1
Latest PY
Note: Use the same reporting instructions as for schedule P,
				  part 2A of the NAIC annual statement, except that loss and ALAE should be
direct of reinsurance
and should be
New Mexico
claims
				  only.
Latest PY-1
Latest PY
Total
0
0
Total payments during Latest PY
0
New Mexico direct losses paid as shown on NAIC
								Annual Statement Schedule T
Difference
0
Explanation for Difference (if any)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 17 - UNDERWRITER'S STATISTICAL REPORT › Section 13.14.17.15 - FORM 6 - DIRECT CASE BASIS RESERVES

Current through Register Vol. 35, No. 13, July 16, 2024
NEW MEXICO TITLE INSURER STATISTICAL REPORT
FORM 6 - DIRECT CASE BASIS RESERVES
For the Calendar Year Ending December 31, 20___
NEW MEXICO EXPERIENCE ONLY
Insurance Company
Years in which policies were issued
Direct Written Premium ($000s)
Amount of insurance written in millions
CASE BASIS LOSS AND ALLOCATED LOSS ADJUSTMENT EXPENSE RESERVES AT YEAR END (000 OMITTED)
Latest PY-9
Latest PY-8
Latest PY-7
Latest PY-6
Latest PY-5
Latest PY-4
Latest PY-3
Latest PY-2
Latest PY-1
Latest PY
Prior
Latest PY-19
Latest PY-18
Latest PY-17
Latest PY-16
Latest PY-15
Latest PY-14
Latest PY-13
Latest PY-12
Latest PY-11
Latest PY-10
Latest PY-9
Latest PY-8
Latest PY-7
Latest PY-6
Latest PY-5
Latest PY-4
Latest PY-3
Latest PY-2
Latest PY-1
Latest PY
Note: Use the same reporting instructions as for schedule P, part 2B of the NAIC annual statement, except that loss and ALAE should be
direct of reinsurance
and should be
New Mexico
claims only.
Latest PY-1
Latest PY
Total
0
0
Increase in reserves during Latest PY
0
Total payments during Latest PY
0
Case incurred loss during Latest PY
0
New Mexico direct losses incurred as shown on NAIC Annual Statement Schedule T
Difference
0
Explanation for Difference (if any)
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 18 - FORMS › Section 13.14.18.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  59A-2-8,
				  59A-2-9,
				  59A-30-4,
				  59A-30-6,
				  59A-30-6.1,
				  59A-30-6.2
				  and
				  59A-30-8 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 18 - FORMS › Section 13.14.18.8 - PROMULGATED FORMS

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of Section
				  59A-30-5 NMSA 1978, the
				  superintendent shall promulgate title insurance forms by order after conducting
				  a hearing pursuant to 13.1.5 NMAC or 13.1.6 NMAC, as the circumstances require.
				  On their own motion, or at the request of an interested person, the
				  superintendent may, at any time, conduct a hearing to consider whether to
				  promulgate a new form, to revoke a previously promulgated form, or to modify a
				  previously promulgated form. The forms compiled and filed with the New Mexico
				  State Rules Center and Archives as the New Mexico Title Insurance Forms shall
				  be the promulgated forms, and those forms are incorporated into this rule by
				  reference. The superintendent shall publish a table of the promulgated title
				  insurance forms with the corresponding rates in a form that is easily
				  accessible by the public on the OSI's website.
A. A title insurer or title insurance agency
				shall not use any new promulgated form unless:
(1) the superintendent promulgates a rate for
				the form, if the order promulgating the form states that a rate is required to
				issue the form;
(2) the
				superintendent has promulgated a rule for the form, if the order promulgating
				the form states that use of the form is contingent on promulgating a rule;
				and
(3) the title insurer has
				provided to its title insurance agencies underwriting guidelines, compliant
				with these rules, to govern the use of the form.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 18 - FORMS › Section 13.14.18.9 - ALTERATION OF FORMS PROHIBITED; EXCEPTIONS; AND LETTERS OF INTERPRETATION OR WAIVER THAT CHANGE THE TERMS, PROHIBITED

Current through Register Vol. 35, No. 13, July 16, 2024
A. No person, firm
				or organization may alter or otherwise change any title insurance form
				promulgated by the superintendent, or use any non-promulgated endorsement,
				whether by deletion or omission of terms, except:
(1) upon a determination by the
				superintendent following a hearing pursuant to 13.1.5 or 13.1.6 NMAC, as
				applicable, that the same be proper; or
(2) in a manner specifically authorized by
				these regulations.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 18 - FORMS › Section 13.14.18.10 - ADDITIONAL AFFIRMATIVE COVERAGES

Current through Register Vol. 35, No. 13, July 16, 2024
In a commitment issued for a loan policy, but not with
				  respect to any other type of commitment or policy:
A. The following language may be added to
				each covenant, deed, or other recorded restriction exception: "Violations of
				this restriction (or these restrictions), if any, and any future violation
				thereof shall not cause a forfeiture or reversion of title and will not affect
				the validity or priority of the lien of the mortgage herein insured. This
				assurance does not extend to restriction(s) relating to environmental
				protection unless a notice of a violation thereof has been recorded or filed in
				the public records and is not referenced in Schedule B. However, this policy
				insures that any violation of this restriction (or these restrictions) relating
				to environmental protection shall not cause a forfeiture or reversion of title
				and will not affect the validity or priority of the lien of the mortgage
				insured herein."
B. When
				protrusions, encroachments or overlaps into or upon easements, rights-of-way,
				adjacent property, the property to be insured, or building set-back lines (as
				described in restrictive covenants or plats filed of record) are revealed by a
				survey, the following paragraph may be added as a separate specific exception:
				"Encroachment (protrusion or overlap) of the improvements over (on, onto, in,
				into or upon) the (here describe the easement, right-of-way, adjacent property,
				the land to be insured, or building set-back line) as shown on a survey
				prepared by ______________ dated _____________. This policy insures against
				loss or damage as defined in this policy by reason of the entry of any final
				decree entered in a court of competent jurisdiction and of last resort ordering
				the removal of said improvements presently situate on the land which constitute
				the (protrusion, overlap or encroachment)." This affirmative coverage language
				may also be inserted into the NM form 61.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
NMSA 1978 Sections 59A-30-4 and 59A-30-6.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish standards and
				  procedures by which a title insurance rate lower than the promulgated rate
				  shall be filed and may be approved.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.8 - STANDARDS FOR RATES THAT ARE LOWER THAN THE PROMULGATED RATES

Current through Register Vol. 35, No. 13, July 16, 2024
Rates that are lower than the promulgated rates must meet the
				  standards set forth in Section 59A-30-6(C) NMSA 1978 and the superintendent
				  shall also consider the interests and protection of consumers and independent
				  title insurance agents and the potential impact on competition within the title
				  insurance industry.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.9 - FILING OF RATES THAT ARE LOWER THAN THE PROMULGATED RATE

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurer that proposes to charge rates that are lower
				  than the promulgated rates shall file with the superintendent its proposed
				  rates, supplementary rate information and supporting information at least
				  ninety days before the proposed effective date. Such filing shall specify the
				  county or counties in which these proposed rates would apply and shall be
				  submitted electronically via the national association of insurance
				  commissioners' system for electronic rate and form filing
				  ("SERFF").
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.10 - NOTICE OF RATE FILING

Current through Register Vol. 35, No. 13, July 16, 2024
Within ten days of receipt of a filing submitted under
				  13.14.19.9
				  NMAC, the superintendent shall provide notice of the filed title insurance
				  rates to the attorney general and to all title insurance agents and title
				  insurers doing business in the county or counties in which the filed rates
				  would apply. The superintendent shall promptly provide a complete copy of the
				  filing, including supplementary rate information and supporting information, to
				  any party that, upon receiving the superintendent's notification of the filing,
				  requests such information.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.11 - OPPORTUNITY TO OPINE ON RATE FILING

Current through Register Vol. 35, No. 13, July 16, 2024
Within thirty days after the superintendent's issuance of
				  notification of the filed rates under
				  13.14.19.10
				  NMAC, a party receiving such notification may submit to the superintendent in
				  writing its comments on the propriety of the proposed rates or may request a
				  hearing pursuant to Section 59A-30-8 NMSA 1978 to argue the propriety of the
				  proposed rates.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.12 - APPROVAL OF FILED RATES

Current through Register Vol. 35, No. 13, July 16, 2024
In determining whether to approve a filing submitted under
				  13.14.19.9
				  NMAC, the superintendent shall consider the provisions of
				  13.14.19.8
				  NMAC as well as any comments or testimony provided under
				  13.14.19.11
				  NMAC The superintendent shall issue a final order approving or disapproving a
				  filing submitted under
				  13.14.19.9
				  NMAC within 60 days after receipt of the filing or, if a hearing regarding the
				  filing is held pursuant to
				  13.14.19.11
				  NMAC, within 60 days after the conclusion of such a hearing.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.13 - MAINTENANCE OF DOUBLE-RATING RECORD SYSTEM

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurer that uses filed and approved rates that are
				  lower than the promulgated rates shall maintain a record of both the charged
				  rate and the promulgated rate for each policy and endorsement
				  issued.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.14 - EFFECT OF RATE PROMULGATIONS UPON FILED AND APPROVED RATES

Current through Register Vol. 35, No. 13, July 16, 2024
If a rate promulgation by the superintendent produces rates
				  that are lower than those contained in a previously approved rate filing, those
				  rates in the previously approved rate filing that are in excess of the
				  promulgated rates shall expire upon the effective date of the rate
				  promulgation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.15 - CANCELLATION OF FILED AND APPROVED RATES

Current through Register Vol. 35, No. 13, July 16, 2024
A title insurer using filed and approved rates that wishes
				  to revert to the use of promulgated rates shall file with the superintendent
				  the effective date of cancellation of its filed and approved rates. Such filing
				  shall be submitted at least 30 days prior to the insurer's reversion to
				  promulgated rates, shall specify the county or counties in which the reversion
				  will apply and shall be submitted electronically via the national association
				  of insurance commissioners' system for electronic rate and form filing
				  ("SERFF"). Such filing shall not be subject to the prior approval of the
				  superintendent. The title insurer shall provide notice of the reversion, at
				  least 30 days prior to the effective date of the reversion, to its appointed
				  agents in the county or counties where the reversion will
				  apply.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 14 - TITLE INSURANCE › Part 19 - TITLE INSURER RATE FILINGS › Section 13.14.19.16 - REVIEW OF THE SUPERINTENDENT'S ACTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Any person aggrieved by the superintendent's refusal to hold
				  a hearing requested under
				  13.14.19.11
				  NMAC or by a final order issued by the superintendent under
				  13.14.19.12
				  NMAC shall have the rights to review and appeal provided in Section 59A-30-9
				  NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to grievances relating to experience
				  modification factors, classification assignments and manual rules and other
				  related matters deemed pertinent by the superintendent, as applied to specific
				  workers' compensation insurance policies, which are to be heard by the New
				  Mexico workers' compensation dispute board.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
NMSA 1978 Sections 59A-2-9, 59A-3-6, 59A-17-5, 59A-17-8,
				  59A-17-19, 59A-17-27 and 59A-17-30.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 1993, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish a workers
				  compensation dispute board to provide a mechanism by which aggrieved parties
				  may obtain review of the application of the rules of the workers' compensation
				  system to their individual workers' compensation policies, and to engage in
				  other activities as more clearly set forth in
				  13.17.2.2
				  NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
"Advisory organization" means an entity as defined by Section
				  59A-17-4(A) NMSA 1978, licensed in accordance with Section 59A-17-19 NMSA 1978
				  and designated by the superintendent pursuant to Section 59A-17-8(A) NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.8 - COMPOSITION OF DISPUTE BOARD

Current through Register Vol. 35, No. 13, July 16, 2024
The superintendent shall appoint the members of the dispute
				  board, which shall consist of five voting members, one non-voting regulatory
				  participant and two non-voting advisors as follows:
A. The one non-voting regulatory participant
				shall be from the staff of the office of superintendent of insurance.
B. The five voting members shall be from the
				private sector as follows:
(1) one voting
				member shall be a private sector employer or a representative of a private
				sector employer located in New Mexico;
(2) one voting member shall be affiliated
				with a local chamber of commerce, small business federation, or similar
				business association in New Mexico;
(3) two voting members shall be independent
				insurance agents licensed in New Mexico;
(4) one voting member shall be a
				representative from a New Mexico self-insurance group;
(5) each voting member shall be knowledgeable
				concerning workers' compensation insurance, rules, and classifications and
				shall be familiar with the business environment and business community of New
				Mexico;
(6) no voting member shall
				be, or be an employee of, an insurance company, insurance broker, law firm,
				actuary, or any association of any such entities; neither shall any such member
				be under contract to any such entity;
(7) no two voting memberships shall be
				affiliated with the same business organization, affiliated group, business
				league, or labor organization and
(8) all voting memberships shall be held in
				the name of the individual.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.10 - TERMS OF DISPUTE BOARD MEMBERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Each member's term on the dispute board
				shall be for three years, staggered per the discretion of the superintendent so
				that the terms of no more than two voting members shall expire concurrently. No
				voting member shall be permitted to serve more than two consecutive three-year
				terms. There shall be no limitation on a non-voting regulatory participant's or
				a non-voting advisor's reappointment to serve successive terms.
B. The term of each dispute board member
				shall commence on April 1 and expire on March 31 three years later.
C. If a vacancy occurs on the dispute board,
				the superintendent shall appoint a replacement for the remainder of the
				unexpired term. Such replacement shall be from the same class as the retiring
				member.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.12 - REIMBURSEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
The advisory organization shall reimburse members for
				  reasonable expenses connected with dispute board functions including, but not
				  limited to, travel expenses, food and lodging. Such reimbursement may be
				  provided as a per diem allowance. Members shall receive no other compensation
				  for their participation.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.13 - CHAIR

Current through Register Vol. 35, No. 13, July 16, 2024
The dispute board shall meet either in person or by
				  teleconference at the beginning of each term for purpose of electing a chair.
				  The chair shall be responsible for organizing the agenda of each meeting and
				  each hearing, arranging facilities, providing notice as required, and for the
				  conduct of each hearing. The chair may appoint from among the members a
				  secretary to which it may delegate any of its administrative
				  functions.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.14 - HEARING PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
The dispute board shall meet as needed and in accordance with
				  the provisions of state law.
A. Upon
				receipt of a grievance, the dispute board shall schedule a hearing within sixty
				(60) days, unless state law mandates a shorter period.
B. The dispute board shall provide written
				notice of hearing to the appellant, the insurer, the policyholder, the
				producing agent and the advisory organization within thirty (30) days after
				receipt of the grievance, but not less than ten (10) days prior to the
				hearing.
C. Hearings may not be
				held unless a majority of the dispute board is present either in person or by
				teleconference.
D. Any party to a
				hearing may request permission to have a court reporter or other recording
				method present at the hearing at the cost of the requesting party. The
				requested permission to record the hearing must be made in writing to the
				chairman of the dispute board at least fifteen (15) days before the date of the
				hearing. The request must explain the intended purpose and use of the recorded
				record of the hearing. The chairman shall call a meeting of the dispute board,
				in person or by telephone to consider such request and the dispute board may
				consent or deny permission to record the hearing procedure. The requesting
				shall be notified in writing of the decision of the dispute board, at least two
				working days before the hearing date.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.15 - CONFLICTS OF INTEREST

Current through Register Vol. 35, No. 13, July 16, 2024
A. If a
				dispute board member has a conflict of interest with respect to a hearing
				scheduled before the dispute board, a substitute shall be appointed by the
				chair for purposes of that particular hearing. A substitute member shall be
				from the same class as the member being replaced.
B. A member will be deemed to have a conflict
				of interest if:
(1) the member is associated
				with either party to the appeal;
(2) the member is a direct competitor of
				either party;
(3) the member is
				part of an affiliated group, any member of which is a direct competitor of
				either party; or
(4) the member has
				any other material conflicting interest which would call into question that
				member's ability to render an unbiased decision.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 17 - WORKERS' COMPENSATION INSURANCE › Part 2 - WORKERS' COMPENSATION DISPUTE BOARD › Section 13.17.2.16 - DECISIONS OF DISPUTE BOARD

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				decision of the dispute board will be by majority vote of those voting members
				of the dispute board who are present at the hearing. A member's vote may be
				cast only by the member or, in the member's absence, by the member's alternate
				who has been designated in writing. Otherwise, proxy voting shall not be
				permitted.
B. Each decision shall
				be supported by a written memorandum stating the reason(s) for the decision,
				which memorandum shall be sent to both parties and to the
				superintendent.
C. The votes of
				each member shall not be recorded on this memorandum.
D. This memorandum shall be prepared by the
				chair of the dispute board or by a member or non-voting advisor designated by
				the chair.