In New Mexico, insurance fraud consists of intentionally providing false, incomplete, or misleading information for the purpose of obtaining insurance benefits. The Land of Enchantment specifically outlaws insurance fraud and penalties vary depending upon the actual or potential loss to the victim.
For example, for losses that are $250 or less, the crime is punishable by up to 6 months in prison and up to $500 in fines but for losses that are over $20,000, the crime is punishable by up to 9 years in prison and up to $10,000 in fines. In addition to those fines, victims may also seek restitution and other costs. The following is a quick summary of New Mexico's insurance fraud laws.
New Mexico Insurance Fraud Laws
The following table outlines insurance fraud laws in New Mexico.
|What is Prohibited?||
Criminal penalties and fines:
Insurers, brokers, or agents who commit insurance fraud may also have their licenses suspended or revoked.
|Remedies||An insured may bring an action against the insurer, broker, or agent to recover damages and request costs such as attorney's fees.|
|Defenses||The insurer or service provider had no knowledge of the insurance fraud and the fraudulent act was committed by an employee who was acting without authority.|
|How do I File a Complaint Against a New Mexico Insurance Company?|
New Mexico Insurance Fraud Law: Related Resources
Insurance fraud laws can sometimes be confusing. If you have been charged with insurance fraud, you may want to consult an experienced New Mexico criminal defense attorney for questions about your specific situation. You can also visit FindLaw's section on insurance fraud for more information on this topic.
Contact a qualified attorney.