If it is determined by a consumer reporting agency that a consumer's credit information is inaccurate or incomplete and the insurer is notified of this determination by the consumer reporting agency or the consumer, the insurer or its group of affiliated insurers shall re-underwrite and rerate the consumer's personal insurance coverage within thirty days of receiving the notice, refund any overpaid premium and, if necessary, make a related adjustment, including company placement, consistent with its filed underwriting and rating guidelines.
History: Laws 2005, ch. 275, § 6.
Effective dates. — Laws 2005, ch. 275, § 13 made Laws 2005, ch. 275, § 6 effective January 1, 2006.
Applicability. — Laws 2005, ch. 275, § 12 provided that Laws 2005, ch. 275, §§ 1 through 11 apply to personal insurance policies written to be effective or renewed on or after January 1, 2006.
Structure New Mexico Statutes
Article 17A - Personal Insurance Credit Information Act
Section 59A-17A-1 - Short title.
Section 59A-17A-2 - Purpose and application.
Section 59A-17A-3 - Definitions.
Section 59A-17A-4 - Use of credit information; limits on use.
Section 59A-17A-5 - Exception procedures.
Section 59A-17A-6 - Error correction.
Section 59A-17A-7 - Initial notification of use of credit information.
Section 59A-17A-8 - Adverse action notification.
Section 59A-17A-9 - Insurance scoring filings.