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General Information
The Program is a not-for-profit underwriting association and is not an insurance company required to obtain a certificate of authority to transact property insurance business in the State of New Mexico. The Program is not authorized to appoint agents nor is it required to pay premium tax. The applicant may apply directly to the program for coverage or may choose to use a representative or an insurance agent to act on the applicant's behalf. We pay a 10% service fee to licensed producers of record as
independent contractors on all fire policies written. As independent
contractors, the Internal Revenue Service has ruled that a Form 1099-MICS is
required for payments aggregating $600 or more to an individual not an
employee or agent as fees. We are located at 2201 San Pedro Drive, NE-Bldg. 20, Albuquerque, NM 87110. Our telephone number is (505) 878-9563. We are open Monday through Friday and our operating hours 8:00 A.M. - 4:30 P.M. We are closed for lunch from 12:00 P.M. - 1:00 P.M. Our servicing carrier is Audubon Insurance Company. PLEASE MAKE CHECKS PAYABLE TO THEM. ALL CLAIMS WILL BE FAXED TO AUDUBON AT 225-612-2800.
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The New Mexico Property Insurance Program (hereinafter
referred to as "The Program") is the underwriting association for the New
Mexico FAIR Plain (Fair Access to Insurance Requirements). The New
Mexico FAIR Plan Act which is contained in Article 29 of the New Mexico
Insurance Code was enacted by the legislature to provide essential property
insurance to responsible and qualified applicants in the State of New Mexico
who are unable to secure such insurance in the normal insurance market.
Under the FAIR Plan Act, all insurers licensed to write and writing
essential property insurance are required to become and remain a member of
the New Mexico FAIR Plan and the Program and subscribe to the articles of
agreement on file in the superintendent's office. The New Mexico FAIR
Plan and Program are subject to approval and regulation by the
Superintendent of Insurance.
