Section 59A-5A-1 – Short title.

Chapter 59A, Article 5A NMSA 1978 may be cited as the “Risk-Based Capital Act”. History: 1978 Comp., § 59A-5A-1, enacted by Laws 1995, ch. 149, § 1.

Section 59A-5A-10 – Supplemental provisions; rules; exemption.

A. The provisions of the Risk-Based Capital Act are supplemental to any other provisions of law, and shall not supersede, preclude the exercise of or limit any other powers or duties of the superintendent under such laws, including but not limited to Chapter 59A, Article 41 NMSA 1978. B. The superintendent may adopt reasonable rules […]

Section 59A-5A-11 – Foreign insurers.

A. Any foreign insurer or health organization shall, upon the superintendent’s written request, submit to the superintendent a risk-based capital report, as of the end of the most recent calendar year, on the same date risk-based capital reports are required to be filed by domestic insurers and health organizations under the Risk-Based Capital Act or […]

Section 59A-5A-12 – Immunity.

There shall be no civil liability on the part of, and no civil cause of action shall arise against the superintendent, the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under the Risk-Based Capital Act. History: 1978 Comp., § 59A-5A-12, enacted by […]

Section 59A-5A-13 – Notices.

The superintendent’s notices to an insurer or health organization pursuant to the Risk-Based Capital Act shall be effective upon mailing by certified mail or, in the case of any other mode of transmission, shall be effective upon the insurer’s or health organization’s receipt. History: 1978 Comp., § 59A-5A-13, enacted by Laws 1995, ch. 149, § […]

Section 59A-5A-2 – Definitions.

As used in the Risk-Based Capital Act: A. “adjusted risk-based capital report” means a risk-based capital report adjusted in accordance with Subsection E of Section 59A-5A-3 NMSA 1978; B. “authorized control level risk-based capital” means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions bearing the same designation; C. […]

Section 59A-5A-3 – Risk-based capital reports.

A. On or before March 1 each year, every domestic insurer and health organization shall prepare and submit to the superintendent a report of its risk-based capital levels as of December 31 of the immediately preceding calendar year, in a form and containing such information as is required by the risk-based capital instructions. In addition, […]

Section 59A-5A-4 – Company action level event.

A. As used in the Risk-Based Capital Act, a “company action level event” means any of the following events: (1) the filing of a risk-based capital report by an insurer or health organization that indicates: (a) that the insurer or health organization has total adjusted capital greater than or equal to its regulatory action level […]

Section 59A-5A-5 – Regulatory action level event.

A. For purposes of the Risk-Based Capital Act, “regulatory action level event” means any of the following events: (1) the filing of a risk-based capital report by an insurer or health organization that indicates that the insurer’s or health organization’s total adjusted capital is greater than or equal to its authorized control level risk-based capital […]

Section 59A-5A-6 – Authorized control level event.

A. As used in the Risk-Based Capital Act, “authorized control level event” means any of the following events: (1) the filing of a risk-based capital report by an insurer or health organization that indicates that the insurer’s or health organization’s total adjusted capital is greater than or equal to its mandatory control level risk-based capital […]

Section 59A-5A-7 – Mandatory control level event.

A. As used in the Risk-Based Capital Act, “mandatory control level event” means any of the following events: (1) the filing of a risk-based capital report that indicates that an insurer’s or health organization’s total adjusted capital is less than its mandatory control level risk-based capital; (2) the superintendent’s notification to an insurer or health […]

Section 59A-5A-8 – Challenge hearings.

Any insurer or health organization has the right to a confidential administrative hearing of record in accordance with Chapter 59A, Article 4 NMSA 1978 at which the insurer or health organization may challenge any determination or action by the superintendent pursuant to the Risk-Based Capital Act. A. The insurer or health organization shall file and […]

Section 59A-5A-9 – Confidentiality; prohibition on announcements; prohibition on use in ratemaking.

A. To the extent not set forth in any other form accessible to the public, all information in risk-based capital reports, risk-based capital plans, results or reports of any examination or analysis of an insurer or health organization performed exclusively for the purposes required by the Risk-Based Capital Act and all corrective orders issued by […]