N.M. Admin. Code § 13.9.20.12 - COMPLIANCE MITIGATION; PENALTIES; ENFORCEMENT

A. An insurer is responsible for compliance with this rule. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the superintendent may order:

(1) an insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this rule by the insurer, an entity contracted to perform the insurer's supervisory duties or by an insurance producer;

(2) a general agency, independent agency or an insurance producer to take reasonably appropriate corrective action for any consumer harmed by an insurance producer's violation of this rule; and

(3) appropriate penalties and sanctions.

B. Any applicable penalty under Section 59A-1-18 NMSA 1978 for a violation of this rule may be reduced or eliminated according to a schedule adopted by the superintendent if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

Notes

N.M. Admin. Code § 13.9.20.12

Adopted by New Mexico Register, Volume XXXIII, Issue 05, March 8, 2022, eff. 10/1/2022