Section 59A-12C-1 – Short title.

Chapter 59A, Article 12C NMSA 1978 may be cited as the “Broker Controlled Insurer Law”. History: 1978 Comp., § 59A-12C-1, enacted by Laws 1993, ch. 320, § 35.

Section 59A-12C-2 – Definitions.

As used in the Broker Controlled Insurer Law: A. “accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners; B. “control” or “controlled” has the meaning ascribed in The […]

Section 59A-12C-3 – Applicability.

The Broker Controlled Insurer Law shall apply to authorized insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978], to the extent they are not superseded by […]

Section 59A-12C-4 – Minimum standards.

A. The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling broker is equal to or greater than five percent of the admitted assets of the controlled insurer, as reported in the controlled insurers’ quarterly statement […]

Section 59A-12C-5 – Disclosure.

The broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer; except that, if the business is placed through a subbroker who is not a controlling broker, the controlling broker shall retain in his records a signed commitment […]

Section 59A-12C-6 – Penalties.

A. If the superintendent believes that the controlling broker or any other person has not materially complied with the Broker Controlled Insurer Law, or any regulation or order promulgated thereunder, after notice and opportunity to be heard, the superintendent may order the controlling broker to cease placing business with the controlled insurer, and if it […]

Section 59A-12C-7 – Effective date.

Controlled insurers and controlling brokers who are not in compliance with Section 59A-12C-4 NMSA 1978 on its effective date shall have until July 31, 1993 to come into compliance and shall comply with Section 59A-12C-5 NMSA 1978 beginning with all policies written or renewed on or after August 1, 1993. History: 1978 Comp., § 59A-12C-7, […]