New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 18 - CREDIT INSURANCE
Part 3 - CREDITOR-PLACED INSURANCE
Section 13.18.3.11 - PROHIBITED COVERAGES
Current through Register Vol. 35, No. 6, March 26, 2024
Nothing in this section shall be construed to prohibit the issuance of a separate policy providing the coverages listed below to the creditor. Creditor-placed insurance may not include:
A. coverage for the cost of repossession or the cost of storing repossessed collateral;
B. skip, confiscation and conversion coverage;
C. coverage that pays the credit transaction deficiency or insurance premium deficiency;
D. coverage for payment of mechanics' or other liens that do not arise from a covered loss or occurrence;
E. coverage that indemnifies creditors for losses caused by their failure to record instruments which provide evidence of collateral security;
F. for motor vehicles, coverage other than collision and comprehensive; or
G. for mobile homes, coverage that is broader than a basic fire and extended coverage policy such as ISO Form DP001 06 96.