A. The purpose of the New Mexico Title Insurance Law is to provide a comprehensive body of law for the effective regulation and active supervision of the business of title insurance transacted within this state in accordance with the McCarran-Ferguson Act (P.L. 79-15, 15 U.S.C. Sections 1011-1015).
B. The legislature intends that the business of title insurance be regulated by the state to provide for the protection of consumers and purchasers of title insurance policies and the financial stability of the title insurance industry.
C. The legislature intends that the title insurance market be competitive for all title insurance agents, that regulation of the title insurance industry does not disproportionately impact independent title agencies and that regulation of the industry does not place independent title insurance agents at a competitive disadvantage with underwriter-owned title companies.
History: 1978 Comp., § 59A-30-2, enacted by Laws 1985, ch. 28, § 2; 2009, ch. 80, § 4.
The 2009 amendment, effective July 1, 2009, in Subsection A, before "the McCarran-Ferguson Act", changed "response to" to "accordance with"; in Subsection B, before "regulated", deleted "totally"; and added Subsection C.
Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.
Regulation of title insurance. — New Mexico's statutory scheme regulating title insurance is not contrary to state law. Coll v. First Am. Title Ins. Co., 642 F.3d 876 (10th Cir. 2011).
Structure New Mexico Statutes
Section 59A-30-1 - Short title.
Section 59A-30-2 - Purpose and legislative intent of article.
Section 59A-30-3 - Definitions.
Section 59A-30-4 - Control and supervision by superintendent.
Section 59A-30-4.1 - Reporting by superintendent.
Section 59A-30-5 - Policy forms.
Section 59A-30-5.1 - Available funds required to issue policy.
Section 59A-30-6 - Premiums; agency agreements; duty to promulgate reasonable rates; exception.
Section 59A-30-6.1 - Premiums; refinanced property.
Section 59A-30-6.2 - Premiums; Indian nation, tribe or pueblo trust property.
Section 59A-30-7 - Reporting of experience.
Section 59A-30-8 - Hearings; notice.
Section 59A-30-9 - Review; appeals.
Section 59A-30-10 - Reserve for losses and loss expenses.
Section 59A-30-11 - Underwriting standards and record retention.
Section 59A-30-12 - Maintenance assessment.
Section 59A-30-13 - Title insurance maintenance assessment fund created; appropriation.