A. The Insurance Rate Regulation Law applies to all kinds and lines of direct insurance written on risks or operations in this state by any authorized insurer, except:
(1) wet marine and transportation insurance, as defined in Section 59A-7-5 NMSA 1978 [repealed];
(2) life insurance;
(3) variable and fixed annuities; and
(4) health insurance.
B. For purposes of the Insurance Rate Regulation Law, "workers' compensation" insurance includes employer's liability insurance.
C. The superintendent may by order exempt any person or class of persons or any market segment from any or all of the provisions of the Insurance Rate Regulation Law to the extent that the superintendent finds the provision or provisions unnecessary to achieve the purposes of that law.
History: Laws 1984, ch. 127, § 297; 2007, ch. 367, § 2.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 2016, ch. 89, § 70 repealed 59A-7-5 NMSA 1978, effective July 1, 2017. For provisions of former section, see the 2016 NMSA 1978 on NMOneSource.com.
The 2007 amendment, effective July 1, 2007, changed statutory references and provided that "workers' compensation" insurance includes employer's liability insurance.
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