Every insurance contract procured and delivered as surplus lines insurance pursuant to Chapter 59A, Article 14 NMSA 1978 shall bear the name, address and signature of the surplus lines broker who procured it and have stamped, printed or otherwise displayed prominently in boldface ten-point or larger type either upon its declarations page or by attachment of an endorsement, the form of which may be promulgated by the superintendent, the following: "This policy provides surplus lines insurance by an insurer not otherwise authorized to transact business in New Mexico. This policy is not subject to supervision, review or approval by the superintendent of insurance. The insurance so provided is not within the protection of any guaranty fund law of New Mexico designed to protect the public in the event of the insurer's insolvency.".
History: Laws 1984, ch. 127, § 243; 1991, ch. 125, § 16; 1999, ch. 111, § 1.
ANNOTATIONSThe 1999 amendment, effective June 18, 1999, substituted "lines" for "line" in the section heading; in the first sentence, substituted "lines" for "line", deleted "upon its declarations page" following "displayed", and inserted "either upon its declarations page or by attachment of an endorsement, the form of which may be promulgated by the superintendent".
The 1991 amendment, effective April 3, 1991, rewrote this section which read "Every insurance contract procured and delivered as surplus line coverage pursuant to this article shall bear the signature of the surplus line broker who procured it and have stamped, printed or otherwise displayed upon it the following: 'this contract is registered and delivered as a surplus line coverage under the insurance laws of New Mexico by an insurer not otherwise authorized to transact business in that state and not subject to supervision, or examination by the superintendent of insurance. The insurance so provided is not within the protection of any guaranty fund law of New Mexico'."