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Current as of January 01, 2024 | Updated by FindLaw Staff
A. Self-service storage insurance producers billing and collecting charges shall comply with the fiduciary requirements set forth in Section 59A-12-22 NMSA 1978, except that, pursuant to Paragraph (1) of Subsection B of Section 59A-12-22 NMSA 1978, the self-service storage insurance producer may remit received premiums, less applicable commissions, if any, and return premiums to the insurer or supervising entity within a time established by contract with the insurer or supervising entity, not to exceed sixty days after such receipt.
B. All money received by a self-service storage insurance producer or its employees or authorized representatives from an occupant for the sale of self-service storage insurance shall be held by the self-service storage insurance producer in a fiduciary capacity for the benefit of the insurer. A self-service storage insurance producer may receive compensation for billing and collection services, as established by contract with the insurer or supervising entity.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-62-10. Fiduciary funds - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-62-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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