In the Insurance Code words defined in Sections 69 through 76 [59A-5-2 to 59A-5-9 NMSA 1978], inclusive, of this article have the meaning ascribed in the respective such sections. History: Laws 1984, ch. 127, § 68. ANNOTATIONS Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. Am. Jur. 2d, A.L.R. […]
A. No person shall act as an insurer, and no insurer shall transact insurance in this state by direct solicitation or solicitation through the mails or otherwise, unless so authorized by a subsisting certificate of authority issued by the superintendent, except as to such transactions as are expressly otherwise provided for in the Insurance Code. […]
A certificate of authority shall not be required of an insurer with respect to any of the following: A. investigation, settlement or litigation of claims under its policies lawfully written in this state, or liquidation of assets and liabilities of the insurer (other than collection of new premiums), all as resulting from its former authorized […]
A certificate of authority shall not be required of a provider service network, except as provided in the Provider Service Network Act [59A-42A-1 to 59A-42A-9 NMSA 1978]. History: 1978 Comp., § 59A-5-11.1, enacted by Laws 1997, ch. 107, § 10.
To qualify for and hold authority to transact insurance in this state, an insurer must have accepted in writing all of the laws of New Mexico, be otherwise in compliance with the Insurance Code and with its charter powers, and must be an incorporated stock or mutual insurer, or a reciprocal insurer, or Lloyds insurer; […]
A. No foreign insurer which is owned or controlled in whole or substantial part by any government or governmental agency shall be authorized to transact insurance in New Mexico. Membership in a mutual insurer or subscribership in a reciprocal insurer, or ownership of stock in an insurer by the alien property custodian or similar officer […]
A. No insurer shall be formed or authorized to transact insurance in this state which has or uses a name: (1) the same as or deceptively similar to that of another insurer already so authorized; or (2) deceptively similar to that of another insurer, other than a predecessor in interest, authorized to transact insurance in […]
An insurer which otherwise qualifies therefor shall be authorized to transact any one kind or combination of kinds of insurance as defined in Sections 107 through 115 [59A-7-1 to 59A-7-9 NMSA 1978] (kinds of insurance) of the Insurance Code, except: A. a life insurer may grant annuities and may be authorized to transact in addition […]
A. To qualify for certificate of authority to transact any one kind or combination of kinds of insurance in this state, an insurer shall possess: (1) if a stock insurer, paid-in capital stock and, when first so authorized, surplus all as shown in Schedule I of this section; or (2) if a mutual, reciprocal or […]
An insurer while authorized to transact property insurance may include in “homeowners” and similar package policies insuring property against loss, reasonable amounts of supplemental liability and medical benefits coverage without being authorized to transact casualty or health insurances; and such supplemental coverages shall not be deemed otherwise to be subject to provisions of the Insurance […]
A. For certificate of authority to transact insurance in this state the insurer shall make and thereafter maintain while so authorized a general deposit in trust for the benefit of all its policyholders and creditors. The deposit shall consist of assets eligible therefor under Section 59A-10-3 NMSA 1978, and shall be deposited with or through […]
A. To qualify for and continue to hold a certificate of authority to transact insurance in this state, the insurer shall also make a special deposit in trust for the benefit only of all its policyholders and creditors in this state in applicable amount as shown in Schedule I of Section 59A-5-16 NMSA 1978. The […]
An “alien” insurer is one formed under the laws of a country other than the United States. History: Laws 1984, ch. 127, § 69.
A. The superintendent shall not issue or permit to exist a certificate of authority to transact insurance in this state as to an alien insurer unless and while the insurer has made and maintains out of its surplus over its United States’ liabilities a general deposit of assets acceptable to the superintendent with or through […]
A. To apply for an original certificate of authority in this state the insurer shall file with the superintendent its written application therefor on forms as prescribed and furnished by the superintendent, accompanied by the applicable fees as specified or referred to in Section 59A-6-1 NMSA 1978, stating under the oath of the president or […]
A. Upon completion of application of an insurer or proposed insurer for certificate of authority to transact insurance in this state, the superintendent, upon such examination or investigation of the applicant as deemed advisable, shall promptly determine whether the applicant meets financial and other applicable requirements and qualifications for the authority as set forth in […]
A. A certificate of authority shall continue in force as long as the insurer is entitled thereto under the Insurance Code [Chapter 59A NMSA 1978], and until suspended or revoked by the superintendent or terminated at the insurer’s request, subject, however, to continuance of the certificate by the insurer each year by: (1) payment on […]
A. The superintendent shall suspend or revoke an insurer’s certificate of authority: (1) if such action is required by any provision of the Insurance Code; or (2) if a foreign insurer and it no longer meets the qualifications and requirements for a certificate of authority, on account of deficiency of capital or surplus or otherwise, […]
A. For the purposes of Section 91 [59A-5-24 NMSA 1978] (suspension or revocation of certificate of authority – mandatory grounds) of this article, an insurer shall be deemed impaired when the superintendent at any time finds that the excess of the insurer’s admitted assets over its liabilities is less than the minimum basic capital required […]
A. The superintendent may, at his discretion, suspend, limit or revoke an insurer’s certificate of authority if he finds after a hearing thereon, or upon waiver of hearing by the insurer, that the insurer has: (1) violated or failed to comply with any lawful order of the superintendent; (2) willfully violated or willfully failed to […]
