N.M. Admin. Code § 13.8.7.7

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

Section 13.8.7.7 - DEFINITIONS

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.

N.M. Admin. Code § 13.8.7.7

Reserved by New Mexico Register, Volume XXXV, Issue 02, January 30, 2024, eff. 2/1/2024, Adopted by New Mexico Register, Volume XXXV, Issue 13, July 16, 2024, eff. 7/16/2024