New Mexico Register / Volume
XXXIII, Issue 2 / January 26, 2022
This is an amendment
to 13.14.9 NMAC, Sections 8, 10, 12, 17 and 37, effective 2/1/2022.
13.14.9.8 SCHEDULE OF PREMIUM RATES: The rates and charges authorized by these rules shall be established by order of the superintendent in a title rate case conducted pursuant to Subsection A of Section 59A-30-8 NMSA 1978, or as amended or supplemented by order issued after a hearing conducted pursuant to Subsection B of Section 59A-30-8 NMSA 1978. All references to rates and charges in these rules shall mean the rates and charges established by the superintendent’s order in the most recent rate hearing case, including any amending or supplementing order, in effect at the time the premium or charge is incurred. On his own motion, or at the request of an interested person, the superintendent may, at any time, conduct a formal or informal hearing to consider whether to promulgate a new or amended rate or charge.
[13.14.9.8 NMAC – Rp, 13.14.9.8 NMAC, 1/1/2021; A, 2/1/2022]
13.14.9.10 PREMIUM
RATES INCLUSIVE: The
premium rates and charges established by the superintendent include all
premiums for title insurance, examination of the title or titles to be insured,
determining that each insured estate has been created, conveyed or modified as
shown in the policy, and determining what exceptions, if any, to insert in or
delete from the policies to be issued as provided in these rules. No other rates
or charges [may] shall be charged for title insurance or title
services.
[13.14.9.10 NMAC – Rp, 13.14.9.10 NMAC,
1/1/2021; A, 2/1/2022]
13.14.9.12 REBATES AND
UNAUTHORIZED DISCOUNTS: A title insurance agency or title insurer
shall charge the applicable rates and charges for each transaction and shall
not offer or grant a credit, discount or rebate that is not authorized by
these rules.
[13.14.9.12 NMAC – Rp, 13.14.9.12 NMAC, 1/1/2021; A, 2/1/2022]
13.14.9.17 NON-PAYMENT
OF PREMIUM: No policy or endorsement (excluding pro formas) shall be
issued without payment in full of the premium for such policy or endorsement
within 15 days of the issuance of any policy or endorsement in accordance with
Section 59A-30-5.1 NMSA 1978. In the event that [all premium due is not paid in full] payment in available funds is not made within 15 days of the issuance of any policy
or endorsement, the title insurer shall cancel the policy or endorsement. The
title insurer shall mail the insured(s) and lender notice of the cancellation
by certified mail, return receipt requested, to the last known address, and by
first class mail. Cancellation shall be effective 10 days after mailing notice
to the insured. A title insurance agency shall promptly notify the title insurer
of the non-receipt of premiums within the period specified herein.
[13.14.9.17 NMAC – Rp, 13.14.9.17 NMAC, 1/1/2021; A, 2/1/2022]
13.14.9.37 COMPUTATION
OF RATES WHEN INSURED PROPERTY IS NOT IDENTICAL: When
only a portion of the land previously insured is being insured by a reissue
owner’s policy or by a subsequent issue loan policy, or when the land
previously insured is only a portion of the land being insured by a reissue
owner’s policy or by a subsequent issue loan policy, the rates shall be
adjusted in proportion to the areas insured in the original policy and the
current policy. For example, if the original policy insured one acre and the
current policy insures three acres, the reissue rates will apply to one-third
of the current value up to the face amount of the original policy; but, if the
situation is reversed, the reissue rates will only apply up to one-third of the
face amount of the original policy. In no event shall the reissue rates be
applied to allow more than [100%] one hundred percent of the face
amount of the original policy to be used cumulatively in the computation of
reissue rates.
[13.14.9.37 NMAC – Rp, 13.14.9.37 NMAC, 1/1/2021; A, 2/1/2022]