A. The superintendent shall:
(1) promptly forward to the association a copy of any complaint or petition seeking an order of liquidation with a finding of insolvency against a title insurer;
(2) notify the association that a title insurer has been found to be an insolvent insurer not later than three days after he receives notice of the finding; and
(3) upon request of the board of directors, provide the association with a statement of the net written premiums of each member insurer.
B. The superintendent may:
(1) require that the association or an insolvent insurer's licensed New Mexico agents notify the insurer's New Mexico insureds and other interested parties of the finding of insolvency and of their rights under the Title Insurance Guaranty Act. Notification shall be made by mail at the last known address; provided that if sufficient information for notification by mail is not available, notice by publication in one or more newspapers of general circulation in the state shall be sufficient;
(2) suspend or revoke, after notice and hearing, a member insurer's certificate of authority if the insurer fails to pay any assessment within thirty days after it was due or fails to comply with the association's plan of operation. In the alternative, the superintendent may impose a civil penalty not to exceed five percent of the unpaid assessment per month; provided that no civil penalty shall be less than one hundred dollars ($100) per month; and
(3) revoke the designation of any servicing facility if he finds that claims are not being handled satisfactorily.
History: Laws 1999, ch. 60, § 9.
ANNOTATIONSEffective dates. — Laws 1999, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 1999, 90 days after adjournment of the legislature.