1. A. An insurer shall not issue creditor-placed insurance to a creditor unless the creditor has an insurable interest in the collateral.
2. B. No insurer shall transact creditor-placed insurance without first having obtained from the superintendent a license to transact general casualty insurance or vehicle insurance in the case of motor vehicles or property insurance in the case of all other kinds of property.
3. C. Creditor-placed insurance shall be either single interest insurance or limited dual interest insurance.
4. D. Creditor-placed insurance shall not be transacted as inland marine insurance.

[13.18.3.8 NMAC – Rp, 13.18.3.8 NMAC, 7/24/2018]