New Mexico Insurance Code

This act establishes the general framework governing the business of insurance within a state, defining what constitutes insurance, who qualifies as an insurer, and what activities amount to transacting insurance business. It divides coverage into recognized classes — life, accident and health, property, marine and transportation, vehicle, general casualty, and surety, among others — and sets out the foundational rules of the insurance contract, including who has capacity to contract, the requirement of an insurable interest, and the consent and application procedures for personal insurance. It also imposes plain-language standards on policy forms, requiring insurers to meet measurable readability thresholds and certify compliance, alongside disclosure obligations and recordkeeping and reporting duties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.