NM | The New Mexico Office of Superintendent of Insurance has issued Bulletin 2022-005, amending Bulletin 2021-001.
The New Mexico Insurance Code, at NMSA 1978, § 59A-16-21(B), as amended by the enactment of New Mexico House Bill 235 (Chapter 108, Section 12) in the 2021 Regular Legislative Session, provides:
Notwithstanding any provision of the Insurance Code [Chapter 59A NMSA 1978], any insurer issuing any policy, certificate or contract of insurance, surety, guaranty or indemnity of any kind or nature that fails for a period of forty-five days, after required proof of loss has been furnished, to pay to the person entitled the amount justly due shall be liable for the amount due and unpaid with interest on that amount at the rate of one and one-half times the prime lending rate for New Mexico banks during the period the claim is unpaid. Interest shall accrue, and the interest rate shall be determined, as of the forty-sixth day after the proof of loss was furnished.
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