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New Mexico Statutes Chapter 59A. Insurance Code § 59A-45-5. Exemptions

Current as of January 01, 2024 | Updated by Findlaw Staff

A. The provisions of this article shall not limit the authority of the following institutions to engage in insurance premium financing or apply to:

(1) any life insurer authorized to do business in the state;

(2) any national banking institution;

(3) any state bank;

(4) any savings and loan association;

(5) any small loan company; or

(6) any credit union.

B. The licensing and bonding provisions of this article shall not apply to:

(1) any insurer, other than those exempt from this article pursuant to Paragraph A(1); and

(2) any insurance agent licensed by this state.

C. This article shall not apply to the financing of insurance premiums in connection with a transaction under the Motor Vehicle Sales Finance Act,  1 or under Sections 56-1-1 to 56-1-15 NMSA 1978.

1 NMSA 1978, § 58-19-1 et seq.
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Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-45-5. Exemptions - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-45-5/

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