Each insurer authorized to write and writing essential property insurance in New Mexico shall be required to become and remain a member of the FAIR plan and the underwriting association and comply with the requirements thereof as a condition of its authority to transact property insurance business. As a prerequisite to such authority to transact property insurance business each insurer shall automatically subscribe to the articles of agreement on file in the superintendent's office.
History: 1978 Comp., § 59A-29-3, enacted by Laws 1985, ch. 61, § 3.
ANNOTATIONSRepeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-3 NMSA 1978, as enacted by Laws 1984, ch. 127, § 497, relating to the organization of FAIR plan and underwriting association, effective April 1, 1985. For present comparable provisions, see 59A-29-2 NMSA 1978.