New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 12 - MOTOR VEHICLE INSURANCE
Part 4 - AUTOMOBILE SELF-INSURANCE
Section 13.12.4.20 - TERMINATION OR REVOCATION OF A CERTIFICATE

Universal Citation: 13 NM Admin Code 13.12.4.20

Current through Register Vol. 35, No. 18, September 24, 2024

A. A certificate of self-insurance may be terminated at the request of the self-insured. The superintendent shall not grant the request of a self-insured to terminate its certificate unless the self-insured makes arrangements to otherwise guarantee payment of any known or unknown obligations covered by the certificate. The self-insured shall file proof of such arrangements with the superintendent, subject to the superintendent's prior written approval.

B. A certificate may be revoked by the superintendent for the grounds specified in Section 66-5-207.1 NMSA 1978 , or for any of the following reasons:

(1) failure of a self-insured to comply with any provisions or requirements of this rule, or with any lawful order or communication of the superintendent;

(2) insolvency or bankruptcy of the self-insured or any surety or guarantor;

(3) impairment of any aspect of the self-insured's financial responsibility requirements; or

(4) failure to abide by the provisions of Section 59A-16-20 NMSA 1978 regarding unfair claims practices.

C. Revocation of a certificate of self-insurance shall be made by an order signed by the superintendent. Every such order shall state its effective date and shall concisely state what is ordered, the grounds on which the order is based, and the provision of this rule pursuant to which the action is taken.

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