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New Mexico Statutes Chapter 59A. Insurance Code § 59A-7-1. Definitions not mutually exclusive; insuring powers; classification of insurers

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

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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-7-1. Definitions not mutually exclusive; insuring powers; classification of insurers - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-7-1/

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