A. The Insurance Rate Regulation Law applies to all kinds and lines of direct insurance written on risks or operations in this state by any authorized insurer, except:
(1) wet marine and transportation insurance, as defined in Section 59A-7-5 NMSA 1978 [repealed];
(2) life insurance;
(3) variable and fixed annuities; and
(4) health insurance.
B. For purposes of the Insurance Rate Regulation Law, "workers' compensation" insurance includes employer's liability insurance.
C. The superintendent may by order exempt any person or class of persons or any market segment from any or all of the provisions of the Insurance Rate Regulation Law to the extent that the superintendent finds the provision or provisions unnecessary to achieve the purposes of that law.
History: Laws 1984, ch. 127, § 297; 2007, ch. 367, § 2.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 2016, ch. 89, § 70 repealed 59A-7-5 NMSA 1978, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com.
The 2007 amendment, effective July 1, 2007, changed statutory references and provided that "workers' compensation" insurance includes employer's liability insurance.
Structure New Mexico Statutes
Article 17 - Insurance Rates and Rating
Section 59A-17-1 - Short title.
Section 59A-17-2 - Scope of article; exemptions.
Section 59A-17-3 - Purposes of article.
Section 59A-17-4 - Definitions.
Section 59A-17-5 - Administration of insurance rate regulatory law.
Section 59A-17-5.1 - Underwriting guidelines.
Section 59A-17-6 - Rate standards.
Section 59A-17-6.1 - Competitive market.
Section 59A-17-6.2 - Reverse competitive market.
Section 59A-17-7 - Rating methods.
Section 59A-17-7.1 - Motor vehicle liability; not-at-fault accidents.
Section 59A-17-8 - Making of rates; workers' compensation; rate calculations; rate classifications.
Section 59A-17-9 - Filing of rates.
Section 59A-17-11 - Filings open to inspection.
Section 59A-17-11.1 - Consumer information.
Section 59A-17-12 - Insurer must adhere to rates; consent to rate.
Section 59A-17-13 - Grounds and procedures for disapproval of rates.
Section 59A-17-13.1 - Discounts on homeowners' policies for burglary protections.
Section 59A-17-13.2 - Large commercial policyholders.
Section 59A-17-16 - Requirement for supporting information.
Section 59A-17-17 - Use of advisory organization filings.
Section 59A-17-18 - Advisory organizations; license required; obligation to provide service.
Section 59A-17-19 - Advisory organizations; licensing.
Section 59A-17-20 - Suspension, revocation of license.
Section 59A-17-21 - Conduct of advisory organization.
Section 59A-17-22.1 - Repealed.
Section 59A-17-23 - Advisory organizations; appeal by minority.
Section 59A-17-25 - Joint underwriting, joint reinsurance pool and residual market mechanisms.
Section 59A-17-26 - Binding agreements by insurers.
Section 59A-17-27 - Cooperative activities authorized.
Section 59A-17-28 - Recording, reporting of experience.
Section 59A-17-29 - Exchange of data, consultation authorized.
Section 59A-17-30 - Information to be furnished insureds; hearings and appeals of insureds.
Section 59A-17-31 - False or misleading information.
Section 59A-17-33 - Enforcement; cease and desist, injunctions; penalties.
Section 59A-17-35 - Appeals from superintendent.
Section 59A-17-36 - Rate filing; failure to submit data; penalty.