A. The bureau shall require each licensee to have combined single limit public liability insurance of a reasonable amount determined by the commission. Such coverage shall be filed on a certificate to be prescribed by the commission, and the coverage shall be effective until canceled by either the carrier or the licensee. The provisions of this subsection do not apply to manufacturers of LP gas.
B. The licensee may file as an alternative to insurance described in Subsection A of this section a corporate surety bond of a reasonable amount determined by the commission.
C. The insurance or the surety bond shall be purchased from a company licensed to do business in New Mexico.
D. The certificate of insurance or the surety bond filed with the bureau shall continue to be effective until thirty days after the date the bureau is notified in writing of the cancellation of the insurance or surety bond.
History: 1953 Comp., § 65-7-11, enacted by Laws 1973, ch. 362, § 11; 1977, ch. 245, § 133; 1989, ch. 6, § 56.
Repeals and reenactments. — Laws 1973, ch. 362, § 11, repealed former 65-7-11, 1953 Comp., relating to proof of financial responsibility, and enacted a new 70-5-11 NMSA 1978.
The 1989 amendment, effective July 1, 1989, substituted "commission" for "committee" and made minor stylistic changes throughout Subsections A and B, and inserted "described in Subsection A of this section" in Subsection B.
Structure New Mexico Statutes
Article 5 - Liquefied and Compressed Gases
Section 70-5-4 - Acts concerning LP gas or CNG subject to commission rules and regulations.
Section 70-5-5 - Power to adopt and promulgate rules and regulations; exceptions to act.
Section 70-5-6 - License; exceptions.
Section 70-5-8 - Authority of inspectors.
Section 70-5-9 - Annual license fees; inspection fees.
Section 70-5-10 - Revenue; suspense fund.
Section 70-5-11 - Proof of responsibility.
Section 70-5-12 - Power of bureau and commission to refuse to grant, suspend or cancel a license.
Section 70-5-13 - Provisions for hearings.
Section 70-5-14 - Notice; hearing.
Section 70-5-15 - Finding; record.
Section 70-5-17 - No formal notice required of hearing on application for license; appeal.
Section 70-5-18 - Civil penalty for failure to comply with act or any order, rule or regulation.
Section 70-5-19 - Municipalities; taxes; license fees.
Section 70-5-20 - Enforcement.
Section 70-5-21 - Misdemeanor.
Section 70-5-22 - Administrative penalty assessments.
Section 70-5-23 - Containers to be filled only by owner or upon the owner's authorization.