A. The superintendent shall commence a hearing during November of each odd-numbered calendar year to consider promulgation of premium rates and any other matters related to the regulation of the business of title insurance deemed necessary by the superintendent.

B. The superintendent may, in the superintendent's discretion, hold a public hearing at any time to consider promulgation of premium rates and such other matters and subjects related to the regulation of the business of title insurance as the superintendent shall determine necessary or proper.

C. Notice of the public hearings provided for in Subsections A and B of this section shall be as provided in Subsection A of Section 59A-4-16 NMSA 1978.

D. The superintendent may promulgate premium rates and forms of title insurance policies only after a public hearing as provided in Subsections A and B of this section.

E. After the collection of all evidence relevant to the hearing, the superintendent shall file a notice of closure of the administrative record. The superintendent shall issue a decision within sixty days following the filing of the notice of closure of the administrative record for the public hearing provided for in Subsections A and B of this section. However, if the superintendent determines that the data and information presented to the superintendent pursuant to Section 59A-30-7 NMSA 1978 are incomplete, inaccurate or otherwise insufficient to determine whether a change in rates is warranted, the superintendent shall require a party, intervenor or participant at the public hearing to furnish the additional necessary data and information, and, in such event, the period of time allowed for the superintendent to issue a decision shall commence from the date such additional data and information are furnished.

History: 1978 Comp., § 59A-30-8, enacted by Laws 1985, ch. 28, § 8; 1990, ch. 62, § 1; 2009, ch. 80, § 11.

The 2009 amendment, effective July 1, 2009, in Subsection A, before "hearing", deleted "hold an annual" and added "commence", and before "calendar year", added "odd-numbered"; in Subsection E, added the first sentence; in the second sentence, before "public hearing", deleted "conclusion of a" and added "filing of the notice of closure of the administrative record for the"; and in the third sentence, after "require", deleted "the title insurers or the title agents or both" and added "a party, intervenor or participant at the public hearing".

Severability. — Laws 2009, ch. 80, § 15, effective July 1, 2009, provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.