N.M. Admin. Code § 13.7.4.7 - DEFINITIONS
A.
"Catastrophe" means a disaster, natural disaster or accident or
series of disasters, natural disasters or accidents arising out of a single
event that results in the submittal of claims against insurers by at least
three percent of the population of the geographic area directly impacted by the
event, results in:
(1) the submittal of
claims against insurers by at least three percent of the population of the
geographic area directly impacted by the event, results in total insured losses
in New Mexico of more than $2,500,000 and takes place within a period of seven
consecutive days; or
(2) the
declaration of an emergency by the Governor of New Mexico under the governor's
statutory powers including, but not necessarily limited to, those enumerated
under the All Hazard Emergency Management Act or the Public Health Emergency
Response Act, followed by the Superintendent's independent determination that a
catastrophe has occurred.
B.
"Catastrophic claim" means a
property insurance claim or a vehicle physical damage insurance claim directly
resulting from a catastrophe. A catastrophic claim does not include a claim for
injury or death to a human, liability for loss or damage to another, loss of
use of property or a vehicle, loss of earnings or other loss or damage
consequential to a catastrophe.
C.
"Catastrophic claim number" means a unique numerical designation
assigned to a given catastrophe for the purpose of referencing information
relating to the catastrophe. A catastrophic claim number may be a combination
of numerals and letters.
D.
"Catastrophic claims bureau" means:
(1) a group of agency staff designated by the
superintendent at the time of the catastrophe to gather information relating to
catastrophic claims, to recommend the declaration of catastrophes, and to
recommend assignment of catastrophic claim numbers;
(2) an independent organization appointed by
the superintendent to gather information relating to catastrophic claims, to
recommend the declaration of catastrophes, and to recommend assignment of
catastrophic claim numbers; or
(3)
a combination of the arrangements described in Paragraphs (1) and (2) of this
subsection.
E.
"Claims settlement" means an agreement between an insurer and
claimant as to the amount of money owed to the claimant on a particular
claim.
F.
"Disaster"
means a fire, flood, explosion, or technological accident that causes severe
property damage or loss.
G.
"Geographic area" means the area adversely affecting a significant
portion of the population within the catastrophe region identified as a town,
city, county or region or combination thereof as determined by the
superintendent.
H.
"Natural
disaster" means a natural event, including a tornado, storm, high water,
wind-driven water, earthquake, volcanic eruption, landslide, mudslide,
snowstorm, wildfire or drought, that causes severe damage or loss to property
located in New Mexico.
I.
"Payment" means loss payment, excluding adjustment expenses and
net of actual salvage and subrogation recoveries. For an applicable line of
business, payment shall include losses associated with loss of use, additional
living expense, fair rental value, and other losses pertinent to that line of
business.
J.
"Post-declaration claim" means a catastrophic claim reported to an
insurer after a catastrophe has been declared.
K.
"Potentially qualifying
event" means a disaster, natural disaster or accident or series of
disasters, natural disasters or accidents that the superintendent, a
catastrophic claims bureau or an insurer reasonably anticipates could result in
a catastrophe declaration.
Notes
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