N.M. Admin. Code § 13.14.2.10

Current through Register Vol. 35, No. 24, December 23, 2024
Section 13.14.2.10 - MAINTENANCE ASSESSMENTS

The superintendent shall annually issue a directive establishing the maintenance assessment authorized by Section 59A-30-12 NMSA 1978 on policies written during the preceding calendar year insuring property or interests in property in New Mexico for each fiscal year commencing on July 1 and ending on June 30. The directive shall be issued at least 30 days before it is to become effective and shall include a brief statement describing how the maintenance assessment was determined. A title insurer shall correctly calculate its assessment based upon its New Mexico gross premium for the most recent preceding full calendar year and shall remit the same to OSI as specified in the superintendent's directive. A title insurer's assessment shall be rounded to the nearest dollar after computation has been performed. Fifty cents or more shall be rounded up; 49 cents or less shall be rounded down.

N.M. Admin. Code § 13.14.2.10

Amended by New Mexico Register, Volume XXVI, Issue 24, December 30, 2015, eff. 10/1/2016, Adopted by New Mexico Register, Volume XXXI, Issue 24, December 29, 2020, eff. 1/1/2021