New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 8 - INSURANCE POLICIES AND RATES
Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT
Section 13.8.7.7 - DEFINITIONS
Universal Citation: 13 NM Admin Code 13.8.7.7
Current through Register Vol. 35, No. 18, September 24, 2024
As used in this part, the following terms are defined:
A. "bureau" means the property and casualty bureau of the OSI.
B. "delivering" means sending via electronic mail to the bureau chief listed on the OSI website or sending via U. S. mail addressed to the bureau chief listed on the OSI website.
C. "discontinue or discontinuation" means any of the following:
(1) an insurer's unilateral decision to
terminate an insurance product during a policy term or to not renew an
insurance product after the end of a policy term;
(2) such termination of an insurance product
by an insurer when a replacement insurance product is offered by an affiliate
or by the insurer; or
(3) an
insurer's unilateral decision to no longer offer an insurance
product.
D. "insurance product" means the coverage or subline that is the subject of a policy, contract, or certificate of insurance, including any application, endorsement or related form that is attached to and made a part of the policy or contract.
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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