N.M. Stat. » Chapter 59A — Insurance Code
New Mexico Statutes

N.M. Stat. § 59A-17-3 (2026)

Purposes of article

✓ current as of May 2026
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A. The purposes of this article are:

(1) to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;

(2) in general to permit and encourage, as an effective way to produce rates that conform to the foregoing, independent action by and reasonable price competition among insurers;

(3) to provide formal regulatory controls for use where independent actions and price competition fail;

(4) to authorize cooperative action among insurers in the rate-making process, and to regulate such cooperation in order to prevent practices tending to create monopoly or to lessen or destroy competition;

(5) to encourage efficient and economic marketing practices; and

(6) to regulate that part of the insurance business which is subject to this article, in a manner to preclude application of federal antitrust laws.

B. The provisions of this article shall be liberally interpreted to effectuate the above purposes.

History: Laws 1984, ch. 127, § 298.

Notes of Decisions
Cited in 2 cases, 2011–2018 · leading case: Coll v. First Am. Title Ins., 642 F.3d 876 (10th Cir. 2011).
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Coll v. First Am. Title Ins., 642 F.3d 876 (10th Cir. 2011). · cites it 2× “Plaintiffs’ reliance on the Insurance Code, and specifically N.M. Stat. § 59A-17-3, to argue that ”[t]he Insurance Code expressly preserves and promotes competition in insurance” is misplaced.”
Bhasker v. Kemper Cas. Ins. Co., 284 F. Supp. 3d 1191 (D.N.M. 2018). · cites it 2× “' " MTD at 6 (quoting N.M. Stat. Ann. § 59A-17-3 ). Financial Indemnity contends that "[t]he Insurance Code makes it clear that the Superintendent of Insurance has exclusive authority over challenges to filed rates.”
— N.M. Stat. § 59A-17-3(A)(l) — 1 case
Coll v. First Am. Title Ins., 642 F.3d 876 (10th Cir. 2011). “Plaintiffs’ reliance on the Insurance Code, and specifically N.M. Stat. § 59A-17-3, to argue that ”[t]he Insurance Code expressly preserves and promotes competition in insurance” is misplaced.”
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