Chapter 59A, Article 31 NMSA 1978 shall apply only as to contracts of surety insurance, as defined in Section 59A-7-8 NMSA 1978 [repealed]. Such contracts are also subject to the applicable provisions of Chapter 59A, Articles 5 and 18 NMSA 1978.
History: Laws 1984, ch. 127, § 508; 2013, ch. 63, § 1.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 2016, ch. 89, § 70 repealed 59A-7-8 NMSA 1978, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com.
The 2013 amendment, effective June 14, 2013, required that surety insurance contracts comply with Article 5 of the Insurance Code; in the first sentence, at the beginning of the sentence, deleted "This article" and added "Chapter 59A, Article 31 NMSA 1978", after "defined in Section", deleted "114 of the Insurance Code" and added "59A-7-8 NMSA 1978", and in the second sentence, after "applicable provisions of", deleted "Article 18 (the insurance contract) of the Insurance Code" and added "Chapter 59A, Articles 5 and 18 NMSA 1978".
Am. Jur. 2d, A.L.R. and C.J.S. references. — Fidelity bond termination clause on taking over of insured by another business entity: construction and effect, 44 A.L.R.4th 1195.
Construction and effect of clause in fidelity bond or insurance policy excluding from coverage losses proved by "inventory computation" or "profit and loss computation," 45 A.L.R.4th 1049.
Computation of net "loss" for which fidelity insurer is liable, 5 A.L.R.5th 132.