N.M. Admin. Code § 13.7.4.11

Current through Register Vol. 35, No. 20, October 22, 2024

Section 13.7.4.11 - CATASTROPHIC CLAIMS SETTLEMENT PRACTICES

A. An insurer shall settle each catastrophic claim within a 90-day period after the superintendent has declared a catastrophic loss and has assigned a catastrophic claim number.

B. If the governor has declared an emergency, then the event giving rise to the governor's emergency declaration may, at the superintendent's discretion, be treated as a catastrophe consistent with the provisions of Section 10 of this rule, without the need for the pre-declaration insurer reports. Under such circumstances, an insurer shall settle each catastrophic claim within a 90-day period after the superintendent has exercised this discretion and declared a catastrophe. However, nothing in this rule shall be construed to reduce any of the superintendent's powers or alter any of the superintendent's duties as provided by Section 59A- 2-7 NMSA 1978, the All Hazard Emergency Management Act, the Public Health Emergency Response Act or any rule implementing those laws.

Adopted by New Mexico Register, Volume XXXIV, Issue 04, February 28, 2023, eff. 3/1/2023