New Mexico § 59A-18-22 Binders

New Mexico Statutes

§ 59A-18-22 — Binders

New Mexico § 59A-18-22

Ch. 59AInsurance Code

Art. 18The Insurance Contract

This text of New Mexico § 59A-18-22 (Binders) 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-18-22 (2026).

Text

A.While acting within the scope of authority granted by the insurer, binders or other contracts for temporary insurance may be made by a producer orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are designated in the binder, except as superseded by the clear and express terms of the binder.

B.No binder shall be valid beyond the issuance of the policy as to which given, or beyond ninety days for written binders, fifteen days for oral, from its effective date, whichever period is the shorter.

C.If the policy has not been issued, a binder may be extended or renewed beyond such ninety or fifteen days with the written approval of the insurer.

D.This section shall not apply as

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A. While acting within the scope of authority granted by the insurer, binders or other contracts for temporary insurance may be made by a producer orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are designated in the binder, except as superseded by the clear and express terms of the binder. B. No binder shall be valid beyond the issuance of the policy as to which given, or beyond ninety days for written binders, fifteen days for oral, from its effective date, whichever period is the shorter. C. If the policy has not been issued, a binder may be extended or renewed beyond such ninety or fifteen days with the written approval of the insurer. D. This section shall not apply as to life or health insurances; and binders under the standard fire policy are governed by Section 492 of the Insurance Code and not by this section.