2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 45 - Premium Financing
Section 59A-45-2 - Definitions.
As used in this article:
A. "person" means any individual, corporation, association, partnership or any other legal entity;
B. "insurance policy" or "insurance contract" means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, proposed for issuance or intended for issuance by any person;
C. "insurance premium finance agreement" means an agreement by which an insured or a prospective insured promises to pay to any person engaged in the business of premium financing, the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract; and
D. "insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements.
History: Laws 1984, ch. 127, ยง 832.
