All member insurers shall remain members of the association as a condition of their authority to transact insurance in this state. The association may take the form of any appropriate legal entity under New Mexico law, including a corporation, partnership or unincorporated association, as approved by the superintendent. For purposes of administration and assessment, the association shall have two separate accounts:
A. the administrative account; and
B. the title guaranty account.
History: Laws 1999, ch. 60, § 5.
Effective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.
Structure New Mexico Statutes
Article 30A - Title Insurance Guaranty
Section 59A-30A-1 - Short title.
Section 59A-30A-4 - Definitions.
Section 59A-30A-5 - Organization of association.
Section 59A-30A-6 - Board of directors.
Section 59A-30A-7 - Duties and powers of the association.
Section 59A-30A-8 - Plan of operation.
Section 59A-30A-9 - Duties and powers of superintendent.
Section 59A-30A-10 - Effect of paid claims.
Section 59A-30A-11 - Nonduplication of recovery.
Section 59A-30A-12 - Prevention of insolvencies.
Section 59A-30A-13 - Examination of association; financial reports.
Section 59A-30A-15 - Recognition of assessment in rates.
Section 59A-30A-16 - Immunity; confidentiality.
Section 59A-30A-17 - Stay of proceedings; reopening of default judgments.