2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 17A - Personal Insurance Credit Information Act
Section 59A-17A-8 - Adverse action notification.
59A-17A-8. Adverse action notification.
A. If an insurer takes an adverse action based upon credit information, the insurer shall notify the consumer in writing, or in the same medium as the application or renewal, of the nature of the adverse action, the reasons for the adverse action and the insurer's extraordinary life circumstances exception policies and procedures as provided by Section 5 of the Personal Insurance Credit Information Act [59A-17A-5 NMSA 1978].
B. The notification shall identify, in clear and simple language and in descending order of importance, the four most important factors that prevented the consumer from receiving a more favorable insurance score. The factors shall be identified with sufficient specificity that a consumer can identify the factors on a standard credit report.
C. In addition to the information described in Subsections A and B of this section, the notification shall include any other language prescribed by rule issued by the superintendent.
History: Laws 2005, ch. 275, 8.
