The purpose of this article is to provide a mechanism for payment of covered claims under certain insurance policies to avoid excessive delay in payment and financial loss to claimants or policyholders because of insolvency of an insurer, to assist in detection and prevention of insurer insolvencies and provide an association to assess the cost of such protection among insurers.
History: Laws 1984, ch. 127, § 768.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 6 Am. Jur. 2d Associations and Clubs § 2.
7 C.J.S. Associations § 1.
Structure New Mexico Statutes
Article 43 - Property and Casualty Insurance Guaranty Fund
Section 59A-43-1 - Short title.
Section 59A-43-4 - Definitions.
Section 59A-43-5 - Organization of association.
Section 59A-43-6 - Board of directors.
Section 59A-43-7 - Powers and duties of the association.
Section 59A-43-8 - Plan of operation.
Section 59A-43-9 - Duties and powers of superintendent.
Section 59A-43-10 - Effect of paid claims.
Section 59A-43-11 - Nonduplication of recovery.
Section 59A-43-12 - Prevention of insolvencies.
Section 59A-43-13 - Examination of association; financial reports.
Section 59A-43-15 - Recognition of assessment in rates.
Section 59A-43-17 - Stay of proceedings; reopening of default judgments.