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Current as of January 01, 2024 | Updated by FindLaw Staff
A. Individuals, partnerships or associations of individuals, hereby designated underwriters, are authorized to make or write fire, theft, collision and comprehensive insurance on motor vehicles, on the Lloyds Plan, by executing articles of agreement expressing their purpose so to do and complying with the requirements of this article.
B. Insurers formed under this article are authorized to transact vehicle insurance as defined in Section 113 of the Insurance Code if they meet the capital fund requirements specified in Section 83 of the Insurance Code and other reasonably applicable requirements for domestic stock vehicle insurers formed and qualified under the Insurance Code.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-38-1. Lloyds Plan automobile insurance authorized - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-38-1/
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