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-5-16 – Capital funds, deposits, required for certificate of authority.
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 […]
Section 59A-5-17 – Insuring powers without added basic capital.
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 […]
Section 59A-5-18 – General deposit.
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 […]
Section 59A-5-19 – Special deposit or bond.
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 […]
Section 59A-5-20 – General deposit of alien insurer.
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 […]
Section 59A-5-21 – Application for certificate of authority.
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 […]
Section 59A-5-22 – Issuance, refusal of authority; ownership of certificate.
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 […]
Section 59A-5-23 – Continuance, expiration, reinstatement of certificate of authority.
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 […]
Section 59A-5-14 – Name of insurer.
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 […]