A. Every person engaged in the business of financing insurance premiums shall maintain records of his premium finance transactions and the records shall be open to examination and investigation by the superintendent. The superintendent may at any time require any such persons to bring such records as he may direct to the superintendent's office for examination.
B. Every person who is engaged in the business of financing insurance premiums shall preserve his records of premium finance transactions, including cards used in a card system, for at least three (3) years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic forms shall constitute compliance with this requirement.
History: Laws 1984, ch. 127, ยง 836.
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.