Every insurance contract procured and delivered as surplus lines insurance pursuant to Chapter 59A, Article 14 NMSA 1978 shall bear the name, address and signature of the surplus lines broker who procured it and have stamped, printed or otherwise displayed prominently in boldface ten-point or larger type either upon its declarations page or by attachment of an endorsement, the form of which may be promulgated by the superintendent, the following: "This policy provides surplus lines insurance by an insurer not otherwise authorized to transact business in New Mexico. This policy is not subject to supervision, review or approval by the superintendent of insurance. The insurance so provided is not within the protection of any guaranty fund law of New Mexico designed to protect the public in the event of the insurer's insolvency.".
History: Laws 1984, ch. 127, § 243; 1991, ch. 125, § 16; 1999, ch. 111, § 1.
The 1999 amendment, effective June 18, 1999, substituted "lines" for "line" in the section heading; in the first sentence, substituted "lines" for "line", deleted "upon its declarations page" following "displayed", and inserted "either upon its declarations page or by attachment of an endorsement, the form of which may be promulgated by the superintendent".
The 1991 amendment, effective April 3, 1991, rewrote this section which read "Every insurance contract procured and delivered as surplus line coverage pursuant to this article shall bear the signature of the surplus line broker who procured it and have stamped, printed or otherwise displayed upon it the following: 'this contract is registered and delivered as a surplus line coverage under the insurance laws of New Mexico by an insurer not otherwise authorized to transact business in that state and not subject to supervision, or examination by the superintendent of insurance. The insurance so provided is not within the protection of any guaranty fund law of New Mexico'."
Structure New Mexico Statutes
Article 14 - Surplus Line Insurance
Section 59A-14-1 - Scope of article; purpose; necessity for regulation.
Section 59A-14-2 - Definitions.
Section 59A-14-3 - Placement of surplus lines insurance.
Section 59A-14-4 - Eligible surplus lines insurers required.
Section 59A-14-4.1 - Withdrawal of eligibility from a surplus lines insurer.
Section 59A-14-5 - Signature and special endorsement of surplus lines policy.
Section 59A-14-6 - Surplus line insurance valid.
Section 59A-14-7 - Surplus lines broker license required; qualifications for license.
Section 59A-14-10 - Office and records.
Section 59A-14-11 - Duty to file reports and affidavits.
Section 59A-14-13 - Examination of surplus line broker.
Section 59A-14-14 - Evidence of insurance; policy changes; penalties.
Section 59A-14-15 - Liability of insurer.
Section 59A-14-16 - Legal process against surplus line insurer; venue.
Section 59A-14-17 - Certain other provisions applicable.
Section 59A-14-19 - National database; participation required.