New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 8 - INSURANCE POLICIES AND RATES
Part 2 - RATE FILINGS BY INSURERS AND RATE SERVICE ORGANIZATIONS
Section 13.8.2.28 - NONCOMPETITIVE MARKETS
Universal Citation: 13 NM Admin Code 13.8.2.28
Current through Register Vol. 35, No. 18, September 24, 2024
A. The following markets lack a reasonable degree of competition and are therefore subject to the filing and prior approval requirements of Paragraph B of Section 59A-17-9 NMSA 1978:
(1) farmowners multiple
peril, due to the concentration of market share within a relatively small
number of competitors as well as the increasing dominance of its largest
writer;
(2) medical professional
liability, due to its concentration of market share among relatively few
competitors as well as the increasing dominance in recent years of its largest
writer;
(3) credit, due to its
concentration of market share among relatively few competitors; or
(4) mortgage guaranty, due to the dominance
of market share maintained by two competitors, the infrequent entry and exit of
competitors, and the relatively low number of competitors for the market's
premium volume.
B. The determination of noncompetitive markets in Subsection A of 13.8.2.28 NMAC shall expire on October 1, 2010.
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