Section 59A-5-33 – Reciprocity provision.
A. When by or pursuant to the laws of any other state or foreign country or province, any licenses and other fees, in the aggregate, and any fines, penalties, deposit requirements or other material requirements, obligations, prohibitions or restrictions are or would be imposed upon New Mexico insurers doing business or that might seek to […]
Section 59A-5-24 – Suspension or revocation of certificate of authority; mandatory grounds.
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, […]
Section 59A-5-25 – Impairment as grounds for suspension or revocation of certificate of authority.
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 […]
Section 59A-5-26 – Suspension, limitation or revocation of authority; discretionary and special grounds.
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 […]
Section 59A-5-27 – Duration of suspension; insurer’s obligations during suspension; reinstatement.
A. Suspension of an insurer’s certificate of authority shall be for a fixed period of time not to exceed two years or until the occurrence of a specific event necessary for remedying the reasons for suspension. During the suspension period the superintendent may modify or rescind the suspension by further order. B. During the suspension […]
Section 59A-5-28 – General corporation statutes inapplicable to foreign insurers.
The general corporation statutes of New Mexico shall not apply to foreign insurers holding certificate of authority to transact insurance in this state. History: Laws 1984, ch. 127, § 95.
Section 59A-5-29 – Annual statement.
A. Each authorized insurer shall annually on or before March 1, or within any reasonable extension of time that the superintendent for good cause may have granted on or before such date, file with the superintendent and with the national association of insurance commissioners a full and true statement of its financial condition and of […]
Section 59A-5-29.1 – Quarterly reports.
The superintendent may, in his sole discretion at any time and for any reason, including those set forth in Sections 59A-41-24 through 59A-41-26 NMSA 1978, require any authorized insurer to file quarterly financial statements with the superintendent and with the national association of insurance commissioners in accordance with the provisions of Section 59A-5-29 NMSA 1978. […]
Section 59A-5-30 – Penalties for late, false annual statements.
A. Any insurer failing, without just cause reasonably beyond control of the insurer, to file its annual statement as required in Section 59A-5-29 NMSA 1978 shall be required to pay a penalty of one hundred dollars ($100) for each day’s delay, but not to exceed five thousand dollars ($5,000) in aggregate amount. This penalty may […]
Section 59A-5-31 – Appointment of superintendent as process agent.
A. Before the superintendent authorizes it to transact insurance in this state, each insurer shall appoint the superintendent and [his] successors in office as its attorney to receive service of legal process issued against the insurer in this state. The appointment shall be on form as designated and furnished by the superintendent, accompanied by copy […]