A reciprocal insurer shall: A. have and use a business name. The name shall include the word “reciprocal” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or “underwriting,” or “association”; and B. sue and be sued in its own name. History: Laws 1984, ch. 127, § 661.
A. “Attorney”, as used in Chapter 59A, Article 39 NMSA 1978, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation. B. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this state, shall not, by virtue of the discharge of […]
A. Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the superintendent for a certificate of authority to transact insurance. B. The proposed attorney shall fulfill the requirements of and shall execute and file with the superintendent when applying for a certificate of authority a […]
A. The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. B. The superintendent may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provision of the Insurance Code. History: […]
A. The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. B. The power of attorney must set forth: (1) the powers of the attorney; (2) if a domestic insurer, that the attorney is empowered to accept service of process […]
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, or as to any insurance contract issued prior thereto. History: Laws 1984, ch. 127, § 666.
