New Mexico Statutes Chapter 65. Motor Carriers § 65-2A-18. Financial responsibility

A. The department shall prescribe minimum requirements for financial responsibility for all motor carriers.

B. A motor carrier shall not operate on the highways of this state without having filed with the department proof of financial responsibility in the form and amount as the department shall by rule prescribe.

C. In prescribing minimum requirements for financial responsibility for motor carriers, the department shall adopt the same minimum liability insurance requirements as those required by the federal motor carrier safety administration for interstate motor carriers for all motor vehicles for carriage of property or household goods and for all passenger motor vehicles with such capacities. The department shall adopt reasonable minimum liability insurance requirements for the use of passenger motor vehicles with capacities less than those regulated by the federal motor carrier safety administration and in doing so shall consider the number of passengers being transported and the nature of the transportation services provided by the motor carriers using vehicles of those capacities.

D. The department may authorize a motor carrier to carry its own insurance in lieu of filing a policy of insurance, certificate showing the issuance of a policy of insurance or a surety bond. In approving an application to be self-insured, the department shall consider:

E. Notwithstanding any requirement of the New Mexico Insurance Code to the contrary, the department may accept proof of public liability insurance from an insurer not authorized in New Mexico if:

F. All motor carriers shall carry proof of financial responsibility in each motor vehicle they operate in this state.