The purpose of this article is to provide a mechanism for payment of covered claims under certain insurance policies to avoid excessive delay in payment and financial loss to claimants or policyholders because of insolvency of an insurer, to assist in detection and prevention of insurer insolvencies and provide an association to assess the cost of such protection among insurers.
§ 59A-43-2 NMSA 1978
Purpose
Known as the Property and Casualty Insurance Guaranty Law
The act spans §§ 59–59 (18 sections).
Laws 1984, ch. 127, § 768.
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.