In determination of the financial condition of any insurer or fraternal benefit society or United States branch of an alien insurer there shall be allowed as assets only such assets as are owned by the insurer or society and which consist of: A. cash, including legal tender or equivalent thereof, in the principal or any […]
As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the superintendent may require the insurer to carry a reserve equal to one hundred percent of premiums on trip risks written during the month ended as of the date of statement. History: Laws 1984, […]
A. As to title insurance the insurer shall set up and maintain unearned premium reserves as follows: (1) as to guaranties and policies on property in this state issued prior to January 1, 1957, the insurer shall reserve initially a sum equal to ten percent of gross premiums therefor. The sum so accumulated may be […]
A. Casualty or surety insurers insuring real property mortgage or deed of trust lenders against loss by nonpayment of the indebtedness shall maintain a contingency reserve for protection of policyholders against the effects of adverse economic cycles. B. The insurer shall contribute to such contingency reserve fifty percent of net premiums (gross premiums less premiums […]
A. Subject to the provisions of Subsections B, C and D of this section, all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (1) if purchased at par, […]
A. Common stocks shall be valued at their market value, as determined by customary method, or, at the option of the company, they may be carried at cost if cost is less than market value. If no publicly traded market quotation is available, the value of the stocks shall be based on the pro rata […]
A. Real property held by a company may be valued at not more than: its cost plus the cost of capitalized additions and permanent improvements, less depreciation, or its fair market value as determined by appraisal within the most recent three years, whichever is less. Depreciation shall be computed under the straight line method or, […]
Purchase money mortgages or deeds of trust on real property referred to in Subsection A of Section 132 [59A-8-15 NMSA 1978] of this article shall be valued in an amount not exceeding acquisition cost of the real property covered thereby or ninety percent of the fair value of the real property, whichever is less. History: […]
A. In addition to assets impliedly excluded by provisions of Section 118 [59A-8-1 NMSA 1978] of this article, the following expressly shall not be allowed as assets in any determination of the financial condition of any insurer or fraternal benefit society: (1) goodwill, trade names and other like intangible assets; (2) advances to directors, officers, […]
A. The superintendent shall disallow as an asset or as a credit against liabilities of an insurer, any sale or transfer of property or accounts or any reinsurance found by him after a hearing thereon to have been arranged for the purpose principally of an apparent but temporary betterment as to the transferor, vendor or […]
In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: A. the amount of its capital stock outstanding, if any; B. the amount, estimated to be consistent with the provisions of the Insurance Code, necessary to pay all of its unpaid losses and […]
A. This subsection shall apply to only those policies and contracts issued prior to the operative date of Section 59A-20-31 NMSA 1978. The legal minimum standard for valuation of life insurance contracts issued before the first day of January, 1926, shall be the method and basis of valuation heretofore applied by the insurer in the […]
History: Laws 1984, ch. 127, § 123; 1993, ch. 320, § 21; recompiled and amended as 59A-8A-3 by Laws 2014, ch. 59, § 17. ANNOTATIONS Recompilations. — Laws 2014, ch. 59, § 17 recompiled and amended former 59A-8-6 NMSA 1978 as 59A-8A-3 NMSA 1978, effective January 1, 2017. See compiler’s note below. Compiler’s notes. — […]
History: 1978 Comp., § 59A-8-7, enacted by Laws 1993, ch. 320, § 22; recompiled and amended as 59A-8A-4 by Laws 2014, ch. 59, § 18. ANNOTATIONS Recompilations. — Laws 2014, ch. 59, § 18 recompiled and amended former 59A-8-7 NMSA 1978 as 59A-8A-4 NMSA 1978, effective January 1, 2017. See compiler’s note below. Compiler’s notes. […]
A ceding insurer shall remain jointly and severally liable with an unauthorized assuming insurer on ceded contracts or policies for which assumption certificates have been issued covering risks resident in this state until such time as: A. the assuming insurer obtains a certificate of authority to transact the applicable kind of insurance in this state; […]
A. Each authorized insurer shall maintain reserves in such amount as is requisite to cover losses and claims incurred and unpaid, together with related adjustment and settlement expense, whether reported or unreported as at financial statement date. In computing or approving such reserves the superintendent may estimate any portion which it is not practicable to […]
As to property, casualty, vehicle and surety insurance, and marine and transportation insurance other than as provided in Section 59A-8-10 NMSA 1978, the insurer shall maintain as a liability an unearned premium reserve on policies in force computed as follows: fifty percent of the gross premium in force on policies having one year or less […]
