2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 29: Property Insurance Contracts; Fair Plan Act, 59A-29-1 through 59A-29-12
Section 59A-29-2: Organization of FAIR plan and underwriting association.
59A-29-2. Organization of FAIR plan and underwriting association.
All insurers licensed to write and writing essential property insurance, as defined by the superintendent of insurance, in New Mexico on a direct basis are authorized, subject to approval and regulation by the superintendent of insurance, to establish and maintain a FAIR plan and to establish and maintain an underwriting association and to formulate and from time to time amend the plan and articles of association and rules and regulations in connection therewith and to assess and share on a fair and equitable basis all expenses, income and losses incident to such FAIR plan and underwriting association in a manner consistent with the provisions of the FAIR Plan Act [Chapter 59A, Article 29 NMSA 1978]. Such underwriting association shall be known as the "New Mexico Property Insurance Program."
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