As used in this article:
A. "person" means any individual, corporation, association, partnership or any other legal entity;
B. "insurance policy" or "insurance contract" means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, proposed for issuance or intended for issuance by any person;
C. "insurance premium finance agreement" means an agreement by which an insured or a prospective insured promises to pay to any person engaged in the business of premium financing, the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract; and
D. "insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements.
History: Laws 1984, ch. 127, ยง 832.
Structure New Mexico Statutes
Article 45 - Premium Financing
Section 59A-45-1 - Short title.
Section 59A-45-2 - Definitions.
Section 59A-45-3 - Licensing requirements.
Section 59A-45-4 - Bonding requirements for licensees.
Section 59A-45-5 - Exemptions.
Section 59A-45-6 - Books and records.
Section 59A-45-7 - Form of premium finance agreement.
Section 59A-45-8 - Additional requirements.
Section 59A-45-9 - Assignee subject to defenses.
Section 59A-45-10 - Delinquency charges.
Section 59A-45-11 - Cancellation of insurance contract upon default.
Section 59A-45-12 - Exemption from any filing requirement.
Section 59A-45-13 - Revocation and suspension of licenses.
Section 59A-45-14 - Cease and desist order from the superintendent.