§ 41-5-26 — Malpractice coverage

New Mexico § 41-5-26

• Jurisdiction: New Mexico
• Ch. 41: Torts
• Art. 5: Medical Malpractice Act

Text

A. The filing of proof of financial responsibility with the superintendent, as provided in Section 41-5-5 NMSA 1978, shall constitute a conclusive and unqualified acceptance of the provisions of the Medical Malpractice Act. B. Any provision in a policy attempting to limit or modify the liability of the insurer contrary to the provisions of the Medical Malpractice Act is void. C. Every policy issued under the Medical Malpractice Act is deemed to include the following provisions: (1) the insurer assumes all obligations to pay an award imposed against its insured under the provisions of the Medical Malpractice Act; and (2) any termination of a policy by an insurer shall not be effective unless written notice of such termination has been mailed by certified mail to both the insured and the superintendent at least ninety days prior to the date the cancellation is to become effective, except that an insurer may terminate a policy if a billed premium payment is thirty days past due upon ten days' prior written notice mailed by certified mail to the insured of the failure of the insured to pay premiums, and an insured may terminate his policy by written request to the insurer but the effective date of termination shall be not sooner than ten days after the receipt by the insurer of the written request to terminate. In all cases when a policy is terminated for failure of the insured to pay premiums or at the request of the insured, the insurer shall notify the superintendent in writing immediately of the effective date of termination of the policy. The insurer shall remain liable for all causes of action accruing prior to the effective date of the termination, unless otherwise barred by the provisions of the Medical Malpractice Act.

Legislative History

1953 Comp., § 58-33-26, enacted by Laws 1976, ch. 2, § 26; 1977, ch. 284, §