A. It is intended that certain insurance coverages may come within more than one "kind" of insurance as defined in Chapter 59A, Article 7 NMSA 1978, and inclusion of such coverage within one definition shall not exclude it as to any other kind of insurance within the definition of which the coverage is likewise reasonably includable.
B. No insurer shall be authorized to transact any kind or kinds of insurance other than those defined in Chapter 59A, Article 7 NMSA 1978. Insurers shall be classified as to insuring powers according to kind or kinds of insurance for which so authorized.
C. An insurer may apply to engage in insurance activities in one or more of the following lines of insurance:
(1) life and annuities;
(2) accident and health;
(3) property;
(4) casualty; and
(5) variable life and annuity.
History: Laws 1984, ch. 127, § 107; 2016, ch. 89, § 4.
ANNOTATIONSThe 2016 amendment, effective July 1, 2017, listed the major lines of insurance in which insurers may apply to engage in business; in Subsection A, after "as defined in", deleted "this article" and added "Chapter 59A, Article 7 NMSA 1978"; in Subsection B, after "those defined in", deleted "this article" and added "Chapter 59A, Article 7 NMSA 1978"; and added new Subsection C.
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.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 461 to 467.