New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 18 - CREDIT INSURANCE
Part 3 - CREDITOR-PLACED INSURANCE
Section 13.18.3.9 - POLICY TERM
Universal Citation: 13 NM Admin Code 13.18.3.9
Current through Register Vol. 35, No. 6, March 26, 2024
A. Effective date: Creditor-placed insurance shall become effective on the latest of the following dates:
(1) the
date of the credit transaction;
(2)
the date prior coverage, including prior creditor-placed insurance coverage,
lapsed;
(3) for personal property,
one year before the date on which the charge for creditor-placed insurance is
made to the debtor's account; or
(4) a later date provided for in the
agreement between the creditor and insurer.
B. Termination date: Creditor-placed insurance shall terminate on the earliest of the following dates:
(1) the date other acceptable
insurance becomes effective, subject to the debtor providing acceptable
evidence of the other insurance to the creditor;
(2) the date the collateralized property is
repossessed, unless the property is returned to the debtor within 10 days of
the repossession;
(3) the date the
collateralized property is damaged beyond repair;
(4) the date the debt is completely
extinguished; or
(5) an earlier
date specified in the individual policy or certificate of insurance.
C. Policy term: The term of a creditor-placed insurance certificate shall not exceed 12 months.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
