A. Title insurers and title insurance producers shall operate in New Mexico under the control and supervision of the superintendent. The superintendent shall promulgate such rules and regulations as are necessary to carry out the provisions of the New Mexico Title Insurance Law. The superintendent may adopt uniform rules and regulations to address underwriting standards and practices, including but not limited to rules and regulations that prohibit title insurers from insuring specified risks that the superintendent determines may pose an unreasonable risk to the financial stability of title insurers.
B. No title insurer or title insurance producer shall collect any premium, issue any title insurance policy or agency agreement, or reinsure any portion of the risk assumed under any title insurance policy, other than in conformance with the New Mexico Title Insurance Law and rules and regulations adopted by the superintendent as authorized by the New Mexico Title Insurance Law.
History: 1978 Comp., § 59A-30-4, enacted by Laws 1985, ch. 28, § 4; 2009, ch. 80, § 6; 2016, ch. 89, § 61.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, in Subsection A, after "title insurance", deleted "agents" and added "producers"; and in Subsection B, after "title insurance", deleted "agent" and added "producer".
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2009 amendment, effective July 1, 2009, in Subsection A, after "Title Insurance Law", deleted "including rules and regulations requiring uniform forms of policy and uniform premiums" and in the third sentence, before "underwriting standards" added "address".
Regulation mandating arbitration disallowed. — Regulation mandating arbitration clause in title insurance contract is in conflict with New Mexico Const., art. II, § 12, and in conflict with 59A-16-30 and 57-12-10 NMSA 1978; therefore, plaintiff in suit against title company may have common law and statutory claims heard in a court of law. Lisanti v. Alamo Title Ins. of Tex., 2001-NMCA-100, 131 N.M. 334, 35 P.3d 989, aff'd, 2002-NMSC-032, 132 N.M. 750, 55 P.3d 962.