In addition to any other penalties provided by the laws of this state, any insurer and any agent found to have violated any requirement of this state relating to the regulation of long-term care insurance or the marketing of such insurance shall be subject to a fine of up to three times the amount of any commissions paid for each policy involved in the violation or up to ten thousand dollars ($10,000), whichever is greater.
History: 1978 Comp., § 59A-23A-10, enacted by Laws 1993, ch. 126, § 14.
Structure New Mexico Statutes
Article 23A - Long-Term Care Insurance
Section 59A-23A-1 - Short title.
Section 59A-23A-4 - Definitions.
Section 59A-23A-5 - Extraterritorial jurisdiction; group long-term care insurance.
Section 59A-23A-6 - Long-term care insurance; standards; requirements.
Section 59A-23A-7 - Preexisting condition; definition; coverage.
Section 59A-23A-8 - Incontestability period.
Section 59A-23A-9 - Authority to promulgate regulations.
Section 59A-23A-10 - Penalties.