No insurer shall assume an obligation to a person other than a policyholder or other insurers that with it are under common control or management or are members of a joint underwriting organization subject to the provisions of Section 59A-17-25 NMSA 1978, to use or adhere to certain rates or rules, and no other person shall impose a penalty or other adverse consequence for failure of an insurer to adhere to certain rates or rules except as to action by the superintendent in enforcement of Section 59A-17-12 NMSA 1978.
§ 59A-17-26 NMSA 1978
Binding agreements by insurers
Known as the Insurance Rate Regulation Law
The act spans §§ 59–59 (46 sections).
Applied in 1 court decision — leading case Bhasker v. Kemper Cas. Ins. Co. (2018)
Most recently applied in Bhasker v. Kemper Cas. Ins. Co. (January 2018)
Laws 1984, ch. 127, § 321; 2007, ch. 367, § 26.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.