2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 32: Motor Vehicle Insurance, 59A-32-1 through 59A-32-23
Section 59A-32-5: Requirements of assigned risk plans.
59A-32-5. Requirements of assigned risk plans.
Any such agreement or plan for the assignment of risks involving automobile and motor vehicle bodily injury and property damage liability insurance shall include provision for: reasonable rules governing the equitable distribution of risks by direct insurance, reinsurance or otherwise, and by the assignment of risks to insurers participating in the plan; rates and reasonable rate modifications which shall be applicable to such risks and which shall not be excessive, inadequate or unfairly discriminatory; the limits of liability which any insurer to whom a risk is assigned shall be required to assume; and a method whereby applicants for insurance, persons insured and insurers under the plan may have a hearing on grievances and the right to appeal from the decision on any such grievance to the superintendent.
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