N.M. Admin. Code § 13.8.4.7

Current through Register Vol. 35, No. 17, September 10, 2024

Section 13.8.4.7 - DEFINITIONS

The following words and terms shall have the following meanings unless the context otherwise requires:

A. "agent" means any person licensed by the superintendent to transact the insurer's business in this state;

B. "casualty insurance" has the meaning given in Section 59A-7-6 NMSA 1978;

C. "insurance binder" means any undertaking by an insurer, or its agent, to issue a policy of insurance to the insured;

D. "insured" means any person who has been issued a policy of insurance or insurance binder by an insurer;

E. "insurer" means any insurance company authorized to transact property and casualty insurance in this state, and any non-admitted insurance company providing property and casualty policies of insurance through a surplus line broker in this state;

F. "mail or mailing" means the deposit of a written notice to the insured in the U.S. mails, first-class postage prepaid, addressed to the insured at his last known address;

G. "marine and transporation insurance" has the meaning given in Section 59A-7-5 NMSA 1978;

H. "personal insurance" has the meaning given in Section 59A-17A-3 NMSA 1978;

I. "policy or policy of insurance" has the meaning given in Section 59A-18-2 NMSA 1978;

J. "policy term" means the stated time during which a policy is effective;

K. "property and casualty insurance", as used in this rule, includes property, casualty, vehicle, marine and transportation, wet marine and surety insurance;

L. "property insurance" has the meaning given in Section 59A-7-4 NMSA 1978;

M. "surety insurance" has the meaning given in Section 59A-7-8 NMSA 1978;

N. "vehicle insurance" has the meaning given in Section 59A-7-7 NMSA 1978; and

O. "wet marine insurance" has the meaning given in Section 59A-7-5 NMSA 1978;

N.M. Admin. Code § 13.8.4.7

2/1/80, 7/1/97; 13.8.4.7 NMAC - Rn & A, 13 NMAC 8.4.7, 12/31/07