Section 59A-12B-1 – Short title.

Chapter 59A, Article 12B NMSA 1978 may be cited as the “Managing General Agents Law”. History: 1978 Comp., § 59A-12B-1, enacted by Laws 1993, ch. 320, § 27.

Section 59A-12B-2 – Definitions.

As used in the Managing General Agents Law: A. “actuary” means a person who is a member in good standing of the American academy of actuaries; B. “insurer” means any person, firm, association or corporation duly authorized in this state pursuant to the Insurance Code to transact the business of insurance; C. “managing general agent” […]

Section 59A-12B-3 – Licensure.

A. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless such person is a licensed agent or broker in this state. B. No person, firm, association or corporation shall act in the […]

Section 59A-12B-4 – Required contract provisions.

No person, firm, association or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and where both parties share responsibility for a particular function, specifies the division of such […]

Section 59A-12B-5 – Duties of insurers.

A. The insurer shall have on file an independent financial examination, in a form acceptable to the superintendent, of each managing general agent with which it has done business. B. If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves […]

Section 59A-12B-6 – Examination authority.

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. History: 1978 Comp., § 59A-12B-6, enacted by Laws 1993, ch. 320, § 32.

Section 59A-12B-7 – Penalties and liabilities.

A. If the superintendent determines that the managing general agent or any other person has not materially complied with the provisions of Chapter 59A, Article 12B NMSA 1978, or any rule or order promulgated thereunder, after notice and opportunity to be heard, the superintendent may order: (1) for each separate violation, a penalty in an […]

Section 59A-12B-8 – Effective date.

No insurer may continue to utilize the services of a managing general agent on or after July 1, 1993, unless such utilization is in compliance with the Managing General Agents Law. History: 1978 Comp., § 59A-12B-8, enacted by Laws 1993, ch. 320, § 34.