A. The superintendent, after a hearing thereon, may make reasonable rules and regulations necessary for or as an aid to administration or effectuation of any provision of the Insurance Code administered by the superintendent, and from time to time withdraw, modify or amend any such rule or regulation.
B. No such rule or regulation shall extend, modify or conflict with any such provision or other laws of New Mexico.
C. The superintendent shall file all new rules, amendments of rules or repeals of rules in accordance with the State Rules Act [Chapter 14, Article 4 NMSA 1978] not later than the submittal deadline for publication in the New Mexico register on or before the effective date of any such rule, amendment or repeal.
D. Willful violation of any such rule or regulation shall subject the violator to such penalty as may be applicable under the Insurance Code for violation of the provision to which the rule or regulation relates; but no penalty shall apply to any act done or omitted in good faith in conformity with any such rule or regulation, notwithstanding that the rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
History: Laws 1984, ch. 127, § 27; 1997, ch. 121, § 1.
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 1997 amendment, effective June 20, 1997, rewrote Subsection C and made a stylistic change in Subsection D.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 51 to 54.
44 C.J.S. Insurance § 15 et seq.
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