New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 18 - CREDIT INSURANCE
Part 3 - CREDITOR-PLACED INSURANCE
Section 13.18.3.11 - PROHIBITED COVERAGES

Universal Citation: 13 NM Admin Code 13.18.3.11

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.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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