A. An insurer may itself establish rates and supplementary rate information for a market segment based on the factors set forth in Section 59A-17-7 NMSA 1978 or it may in its rate filing incorporate by reference loss costs and other supplementary rate information prepared by an advisory organization, with modification for its own loss experience as the credibility of that experience allows.
B. Nothing in the Insurance Rate Regulation Law shall be construed as requiring an insurer to become a member of or subscriber to any advisory organization.
C. The superintendent may adopt rules establishing standards and administrative procedures to carry out the provisions of this section.
History: Laws 1984, ch. 127, § 313; 1987, ch. 244, § 8; 1990 (2nd S.S.), ch. 2, § 93; 2003, ch. 202, § 10; 2007, ch. 367, § 19.
ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed "rate service organizations" to "advisory organizations".
The 2003 amendment, effective June 20, 2003, rewrote this section.