0001| SENATE BILL 902 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| WILLIAM H. PAYNE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO UNINSURED MOTORIST COVERAGE; REQUIRING AN ELECTION | 0012| TO STACK COVERAGE LIMITS; ALLOWING EXCLUSION OF COVERAGE FOR | 0013| PUNITIVE AND EXEMPLARY DAMAGES; SPECIFYING THE EXTENT OF | 0014| COVERAGE FOR PROPERTY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. Section 66-5-301 NMSA 1978 (being Laws 1978, | 0018| Chapter 35, Section 325, as amended) is amended to read: | 0019| "66-5-301. INSURANCE AGAINST UNINSURED AND UNKNOWN | 0020| MOTORISTS--REJECTION OF COVERAGE BY THE INSURED.-- | 0021| A. No motor vehicle ~~[or automobile]~~ liability | 0022| policy insuring against loss resulting from liability imposed | 0023| by law for bodily injury or death suffered by any person and | 0024| for injury to or destruction of property of others arising out | 0025| of the ownership, maintenance or use of a motor vehicle shall | 0001| be delivered or issued for delivery in New Mexico with respect | 0002| to any motor vehicle registered or principally garaged in New | 0003| Mexico unless coverage is provided therein or supplemental | 0004| thereto in minimum limits for bodily injury or death and for | 0005| injury to or destruction of property as set forth in Section | 0006| 66-5-215 NMSA 1978 and such higher limits as may be desired by | 0007| the insured, but up to the limits of liability specified in | 0008| bodily injury and property damage liability provisions of the | 0009| insured's policy, for the protection of persons insured | 0010| thereunder who are legally entitled to recover damages from | 0011| owners or operators of uninsured motor vehicles because of | 0012| bodily injury, sickness or disease, including death, and for | 0013| injury to or destruction of property resulting therefrom, | 0014| according to the rules and regulations promulgated by, and | 0015| under provisions filed with and approved by, the superintendent | 0016| of insurance. | 0017| B. The uninsured motorist coverage described in | 0018| Subsection A of this section shall include underinsured | 0019| motorist coverage for persons protected by an insured's policy. | 0020| For the purposes of this subsection, "underinsured motorist" | 0021| means an operator of a motor vehicle with respect to the | 0022| ownership, maintenance or use of which the sum of the limits of | 0023| liability under all bodily injury liability insurance | 0024| applicable at the time of the accident is less than the limits | 0025| of liability under the insured's uninsured motorist coverage. | 0001| ~~[No motor vehicle or automobile liability policy sold in New~~ | 0002| ~~Mexico shall be required to include underinsured motorist~~ | 0003| ~~coverage until January 1, 1980.]~~ | 0004| C. Unless a named insured makes an express | 0005| election to stack uninsured motorist coverage limits for two or | 0006| more insured vehicles by adding such limits together, the | 0007| limits shall not be stacked. An insurer shall notify its | 0008| policyholders in writing that they may elect to stack uninsured | 0009| motorist coverage limits. | 0010| ~~[C.]~~ D. ~~[The]~~ Uninsured motorist coverage | 0011| shall ~~[provide an exclusion]~~ exclude coverage of not more | 0012| than the first ~~[two hundred fifty dollars ($250)]~~ five | 0013| hundred dollars ($500) of loss resulting from injury to or | 0014| destruction of property of the insured in any one accident and | 0015| may exclude coverage of punitive or exemplary damages. The | 0016| named insured shall have the right to reject the uninsured | 0017| motorist coverage ~~[as]~~ described in ~~[Subsections A and B~~ | 0018| ~~of]~~ this section; provided that unless the named insured | 0019| requests such coverage in writing, such coverage need not be | 0020| provided in or supplemental to a renewal policy where the named | 0021| insured has rejected the coverage in connection with a policy | 0022| previously issued to him by the same insurer. | 0023| E. Uninsured motorist coverage for injury to or | 0024| destruction of property extends only to the insured vehicle | 0025| described in the policy and to property not otherwise insured | 0001| carried in or upon the vehicle." | 0002| | 0003| | 0004| | 0005| FORTY-THIRD LEGISLATURE | 0006| FIRST SESSION, 1997 | 0007| | 0008| | 0009| March 18, 1997 | 0010| | 0011| Mr. President: | 0012| | 0013| Your PUBLIC AFFAIRS COMMITTEE, to whom has been | 0014| referred | 0015| | 0016| SENATE BILL 902 | 0017| | 0018| has had it under consideration and reports same with | 0019| recommendation that it DO PASS, and thence referred to the | 0020| JUDICIARY COMMITTEE. | 0021| | 0022| Respectfully submitted, | 0023| | 0024| | 0025| | 0001| | 0002| __________________________________ | 0003| Shannon Robinson, Chairman | 0004| | 0005| | 0006| | 0007| Adopted_______________________ Not | 0008| Adopted_______________________ | 0009| (Chief Clerk) (Chief Clerk) | 0010| | 0011| | 0012| Date ________________________ | 0013| | 0014| | 0015| The roll call vote was 5 For 1 Against | 0016| Yes: 5 | 0017| No: Robinson | 0018| Excused: Garcia, Rodarte, Smith | 0019| Absent: None | 0020| | 0021| | 0022| | 0023| | 0024| S0902PA1 | 0025| | 0001| FORTY-THIRD LEGISLATURE | 0002| FIRST SESSION, 1997 | 0003| | 0004| | 0005| March 19, 1997 | 0006| | 0007| Mr. President: | 0008| | 0009| Your JUDICIARY COMMITTEE, to whom has been referred | 0010| | 0011| SENATE BILL 902 | 0012| | 0013| has had it under consideration and reports same with | 0014| recommendation that it DO PASS. | 0015| | 0016| Respectfully submitted, | 0017| | 0018| | 0019| | 0020| | 0021| __________________________________ | 0022| Fernando R. Macias, Chairman | 0023| | 0024| | 0025| | 0001| Adopted_______________________ Not | 0002| Adopted_______________________ | 0003| (Chief Clerk) (Chief Clerk) | 0004| | 0005| | 0006| Date ________________________ | 0007| | 0008| | 0009| The roll call vote was 5 For 0 Against | 0010| Yes: 5 | 0011| No: 0 | 0012| Excused: Sanchez, Tsosie, Vernon | 0013| Absent: None | 0014| | 0015| | 0016| S0902JU1 | 0017| |