SENATE BILL 192

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

Phil A. Griego

AN ACT

RELATING TO INSURANCE; AMENDING A SECTION OF THE INSURANCE CODE TO PROVIDE FOR SURETY INSURANCE CONTRACTS COMPLIANCE WITH PROVISIONS OF ARTICLE 5 OF THE INSURANCE CODE.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 59A-31-1 NMSA 1978 (being Laws 1984, Chapter 127, Section 508) is amended to read:

     "59A-31-1. SCOPE OF ARTICLE.--[This article] Chapter 59A, Article 31 NMSA 1978 shall apply only as to contracts of surety insurance, as defined in Section [114 of the Insurance Code] 59A-7-8 NMSA 1978. Such contracts are also subject to the applicable provisions of [Article 18 (the insurance contract) of the Insurance Code] Chapter 59A, Articles 5 and 18 NMSA 1978."

.191295.1