N.M. Admin. Code § 13.12.4.15

Current through Register Vol. 35, No. 17, September 10, 2024

Section 13.12.4.15 - MINIMUM LIMITS OF SELF-INSURANCE COVERAGE

A. For motor carriers required to obtain an operating authority from the motor transportation division of the public regulation commission, the minimum limits of self-insurance coverage per vehicle owned by the applicant shall be the same as the minimum limits of insurance coverage required by Section 232.03 of SCC Rule 232, Insurance Requirements, or its successor provision.

B. For motor carriers not required to obtain an operating authority from the motor transportation division of the public regulation commission, the minimum limits of self-insurance coverage shall be one hundred thousand dollars ($100,000) combined single limit per vehicle owned by the applicant.

C. For rental cars and other private passenger vehicles, the minimum limits of self-insurance coverage shall be twenty-five thousand dollars ($25,000)/fifty thousand dollars ($50,000) bodily injury liability and ten thousand dollars ($10,000) property damage liability per vehicle owned by the applicant.

D. The superintendent may require higher limits of coverage than specified in this section based on evidence of the need to protect the public from a higher exposure than the norm or other existing or anticipated circumstances requiring higher limits of liability coverage. The superintendent may take into account:

(1) the financial stability of the applicant;

(2) the previous loss history of the applicant;

(3) the safety record of the applicant;

(4) the size, nature of operations, and other characteristics of the applicant.

N.M. Admin. Code § 13.12.4.15

4/1/99; Recompiled 11/30/01