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 […]
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.
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 […]
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. […]
“Charter” means certificate of incorporation, articles of incorporation, articles of agreement, articles of association, charter granted by legislative act, or other basic constituent document of a corporation, or the subscribers’ agreement and power of attorney of the attorney-in-fact of a reciprocal insurer or constituent documents of a Lloyds insurer. History: Laws 1984, ch. 127, § […]
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 […]
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 […]
A. Service of process against an insurer for whom the superintendent is attorney shall be made by delivering by email to the superintendent, or the superintendent’s designee, an electronic copy of the process together with the fee specified in Section 59A-6-1 NMSA 1978, taxable as costs in the action. B. Upon such service the superintendent […]
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 […]
A “domestic” insurer is one formed under the laws of New Mexico. History: Laws 1984, ch. 127, § 71.
A “foreign” insurer is generally one organized under the laws of a state other than New Mexico. Except where distinguished by context, “foreign” insurer includes also an “alien” insurer. History: Laws 1984 ch. 127, § 72.
A “Lloyds” insurer is an unincorporated but formally associated group of separate persons (“underwriters” or “underwriting syndicates”) by whom an insurance risk is assumed in whole or part by one or more of such persons. History: Laws 1984, ch. 127, § 73. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 46A C.J.S. Insurance § […]
A “mutual” insurer is an incorporated insurer without capital stock, the governing body of which is elected by its policyholders. This definition shall not be deemed to exclude as “mutual” insurers certain foreign insurers found by the superintendent to be organized on the mutual plan under the laws of the state of domicile, but having […]
A “reciprocal” insurer is an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact common to all such persons to provide insurance on basis of reciprocity among themselves. History: Laws 1984, ch. 127, § 75. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 77 to 83. […]
A “stock” insurer is an incorporated insurer with capital divided into shares, and owned by its shareholders. History: Laws 1984, ch. 127, § 76. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 60 to 64. 44 C.J.S. Insurance § 104 et seq.
