New Mexico § 59A-12-23 Insurance vending machines

New Mexico Statutes

§ 59A-12-23 — Insurance vending machines

New Mexico § 59A-12-23

Ch. 59AInsurance Code

Art. 12Insurance Producers

This text of New Mexico § 59A-12-23 (Insurance vending machines) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 59A-12-23 (2026).

Text

A. A licensed insurance producer may solicit for and issue personal travel accident insurance policies of an authorized insurer by means of mechanical vending machines supervised by the insurance producer and placed at airports and other places of convenience to the traveling public, if the superintendent finds that:

(1)the policy provides reasonable coverage and benefits, is suitable for sale and issuance by vending machine and use of such a machine in a proposed location would be of material convenience to the public;

(2)the type of machine proposed to be used is reasonably suitable for the purpose;

(3)reasonable means are provided for informing prospective purchasers of policy coverages and restrictions;

(4)reasonable means are provided for refund of money inserted in defective mach

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A. A licensed insurance producer may solicit for and issue personal travel accident insurance policies of an authorized insurer by means of mechanical vending machines supervised by the insurance producer and placed at airports and other places of convenience to the traveling public, if the superintendent finds that: (1) the policy provides reasonable coverage and benefits, is suitable for sale and issuance by vending machine and use of such a machine in a proposed location would be of material convenience to the public; (2) the type of machine proposed to be used is reasonably suitable for the purpose; (3) reasonable means are provided for informing prospective purchasers of policy coverages and restrictions; (4) reasonable means are provided for refund of money inserted in defective machines and for which insurance so paid for is not received; and (5) the cost of maintaining such a machine at a particular location is reasonable. B. For each machine to be used the superintendent shall issue to the applicant a special vending machine license. The license shall state the name and address of the insurer and insurance producer, name of the policy to be sold and serial number and operating location of the machine. The license shall be subject to biennial continuation, to expiration, suspension or revocation coincidentally with that of the insurance producer. The superintendent shall also revoke the license as to any machine as to which the superintendent finds that license qualifications no longer exist. Proof of existence of a subsisting license shall be displayed on or about each machine in use in the manner that the superintendent reasonably requires.