N.M. Admin. Code § 13.18.3.8 - LIMITED AUTHORIZATION TO TRANSACT
A. An insurer shall not issue creditor-placed
insurance to a creditor unless the creditor has an insurable interest in the
collateral.
B. No insurer shall
transact creditor-placed insurance without first having obtained from the
superintendent a license to transact general casualty insurance or vehicle
insurance in the case of motor vehicles or property insurance in the case of
all other kinds of property.
C.
Creditor-placed insurance shall be either single interest insurance or limited
dual interest insurance.
D.
Creditor-placed insurance shall not be transacted as inland marine
insurance.
Notes
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