New Mexico Register / Volume XXXIII, Issue 2 / January 26, 2022

This is an amendment to 13.14.8 NMAC, Section 14, effective 2/1/2022.

13.14.8.14 RESTRICTIONS, ENCROACHMENTS, AND MINERALS ENDORSEMENTS:

A. Upon being furnished with a satisfactory survey:

(1) NM form 50 and NM form 50.1 may be attached to a loan policy;

(2) NM form 56 and NM form 56.1 may be attached to an owner’s policy covering unimproved land;

(3) NM form 57 and NM form 57.1 may be attached to an owner’s policy covering improved land; and

(4) NM Forms 50, 50.1, 56, 56.1, 57, and 57.1 shall not be attached to policies issued on one to four family residential property.

B. Each endorsement is to be issued only in conjunction with the issuance of survey coverage pursuant to Subsection C of 13.14.5.12 NMAC.

C. Paragraph (3) (b) of NM form 50, Paragraph 4 of NM form 50.1, Paragraph (2) of NM form 56 and NM form 56.1, Paragraph (2) (b) of NM form 57, or Paragraph 3 of NM form 57.1, as appropriate, may be deleted [if minerals rights have been severed and] by the insurer, in its discretion, if the insurer deems the risk of [such] issuing minerals coverage to be [acceptable] unacceptable.

[13.14.8.14 NMAC – Rp, 13.14.8.16 NMAC, 1/1/2021, A, 2/1/2022]