Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with the article shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects and to the same effect as like contracts issued by authorized insurers.
History: Laws 1984, ch. 127, ยง 244.
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.