reglab/housing_qa huggingface dataset:
NM Stat § 59A-12B-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-2 - Definitions.

As used in the Managing General Agents Law: A. "actuary" means a person who is a member in good standing of the American academy of actuaries; B. "insurer" means any person, firm, association or corporation duly authorized in this state pursuant to the Insurance Code to transact the business of insurance; C. "managing general agent" means any person, firm, association or corporation who: (1) manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office; (2) acts as an insurance producer for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced: (a) adjusts or pays claims in excess of an amount determined by the superintendent; or (b) negotiates reinsurance on behalf of the insurer; and (3) notwithstanding the above, the following persons shall not be considered as managing general agents for the purposes of the Managing General Agents Law: (a) an employee of the insurer; (b) a United States manager of the United States branch of an alien insurer; (c) an underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978], and whose compensation is not based on the volume of premiums written; and (d) the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under powers of attorney; and D. "underwrite" means the authority to accept or reject risk on behalf of the insurer. History: 1978 Comp., § 59A-12B-2, enacted by Laws 1993, ch. 320, § 28; 2016, ch. 89, § 51. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, in Subsection C, Paragraph (2), after "acts as an", deleted "agent" and added "insurance producer". Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-12B-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-3 - Licensure.

A. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless such person is a licensed agent or broker in this state. B. No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as an agent or broker in this state pursuant to the provisions of the Managing General Agents Law. C. The superintendent may require a bond in an amount acceptable to him for the protection of the insurer. D. The superintendent may require the managing general agent to maintain an errors and omissions policy. History: 1978 Comp., § 59A-12B-3, enacted by Laws 1993, ch. 320, § 29; 1999, ch. 272, § 17; 1999, ch. 289, § 19. ANNOTATIONSThe 1999 amendment, effective June 18, 1999, deleted the last sentence from Subsection B, which read "Such license may be a nonresident license". Laws 1999, ch. 272, § 17 and Laws 1999, ch. 289, § 19, both effective June 18, 1990, enacted identical amendments to this section. The section was set out as amended by Laws 1999, ch. 289, § 19. See 12-1-8 NMSA 1978.
NM Stat § 59A-12B-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-5 - Duties of insurers.

A. The insurer shall have on file an independent financial examination, in a form acceptable to the superintendent, of each managing general agent with which it has done business. B. If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification. C. The insurer shall periodically, at least semiannually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent. D. Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent. E. Within thirty days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the superintendent. Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the superintendent may request. F. An insurer shall review its books and records each quarter to determine if any insurance producer has become a managing general agent. If the insurer determines that an insurance producer has become a managing general agent, the insurer shall promptly notify the insurance producer and the superintendent of such determination and the insurer and insurance producer must fully comply with the provisions of the Managing General Agents Law within thirty days. G. An insurer shall not appoint to its board of directors an officer, director, employee, insurance producer or controlling shareholder of its managing general agents. This subsection shall not apply to relationships governed by the Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978] or, if applicable, the Broker Controlled Insurer Law [Chapter 59A, Article 12C NMSA 1978]. History: 1978 Comp., § 59A-12B-5, enacted by Laws 1993, ch. 320, § 31; 2016, ch. 89, § 52. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, replaced "agent or broker" with "insurance producer" throughout the section. Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-12B-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-6 - Examination authority.

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. History: 1978 Comp., § 59A-12B-6, enacted by Laws 1993, ch. 320, § 32.
NM Stat § 59A-12B-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-7 - Penalties and liabilities.

A. If the superintendent determines that the managing general agent or any other person has not materially complied with the provisions of Chapter 59A, Article 12B NMSA 1978, or any rule or order promulgated thereunder, after notice and opportunity to be heard, the superintendent may order: (1) for each separate violation, a penalty in an amount not exceeding ten thousand dollars ($10,000); (2) revocation or suspension of the managing general agent's license; and (3) if it was found that because of such material noncompliance that the insurer has suffered any loss or damage, the superintendent may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or seek other appropriate relief. B. If an order of rehabilitation or liquidation of the insurer has been entered pursuant to Chapter 59A, Article 41 NMSA 1978, and the receiver appointed under that order determines that the managing general agent or any other person has not materially complied with the provisions of Chapter 59A, Article 12B NMSA 1978, or any regulation or order promulgated thereunder, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. C. Nothing contained in this section shall affect the right of the superintendent to impose any other penalties provided for in the Insurance Code. D. Nothing contained in the Managing General Agents Law is intended to or shall in any manner limit or restrict the rights of policyholders, claimants or creditors. History: 1978 Comp., § 59A-12B-7, enacted by Laws 1993, ch. 320, § 33; 2016, ch. 89, § 53. ANNOTATIONSThe 2016 amendment, effective July 1, 2017, in Subsection A, in the introductory sentence, after "1978, or any", deleted "regulation" and added "rule", and in Paragraph (2), after "suspension of the", added "managing general". Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-12B-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12B - Managing General Agents|Section 59A-12B-8 - Effective date.

No insurer may continue to utilize the services of a managing general agent on or after July 1, 1993, unless such utilization is in compliance with the Managing General Agents Law. History: 1978 Comp., § 59A-12B-8, enacted by Laws 1993, ch. 320, § 34.
NM Stat § 59A-12C-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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.
NM Stat § 59A-12C-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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 Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]; C. "controlled insurer" means an authorized insurer which is controlled, directly or indirectly, by a broker; D. "controlling broker" means a broker who, directly or indirectly, controls an insurer; E. "authorized insurer" or "insurer" means any person, firm, association or corporation duly authorized to transact a property or casualty insurance business in this state. The following are not authorized insurers for the purposes of the Broker Controlled Insurer Law: (1) all risk retention groups as defined in: the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986); the Risk Retention Amendments of 1986, 15 U.S.C. Section 3901 et seq. (1982 & Supp. 1986); and Article 55 of the Insurance Code; (2) all residual market pools and joint underwriting authorities or associations; and (3) all captive insurers; for the purposes of the Broker Controlled Insurer Law, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates; and F. "broker" means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation. History: 1978 Comp., § 59A-12C-2, enacted by Laws 1993, ch. 320, § 36. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-12C-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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 the Broker Controlled Insurer Law, shall continue to apply to all parties within holding company systems subject to this article. History: 1978 Comp., § 59A-12C-3, enacted by Laws 1993, ch. 320, § 37.
NM Stat § 59A-12C-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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 from the subbroker that the subbroker is aware of the relationship between the insurer and the broker and that the subbroker has or will notify the insured. History: 1978 Comp., § 59A-12C-5, enacted by Laws 1993, ch. 320, § 39.
NM Stat § 59A-12C-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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 was found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the superintendent may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief. B. If an order for liquidation or rehabilitation of the controlled insurer has been entered and the receiver appointed under that order 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, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. C. Nothing contained in this section shall affect the right of the superintendent to impose any other penalties provided for in the Insurance Code. D. Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties. History: 1978 Comp., § 59A-12C-6, enacted by Laws 1993, ch. 320, § 40. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-12C-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12C - Broker Controlled Insurers|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, enacted by Laws 1993, ch. 320, § 41.
NM Stat § 59A-12D-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12D - Reinsurance Intermediaries|Section 59A-12D-1 - Short title.

Chapter 59A, Article 12D [NMSA 1978] may be cited as the "Reinsurance Intermediary Law". History: 1978 Comp., § 59A-12D-1, enacted by Laws 1993, ch. 320, § 42. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.
NM Stat § 59A-12D-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12D - Reinsurance Intermediaries|Section 59A-12D-4 - Required contract provisions; reinsurance intermediary-brokers.

The transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: A. the insurer may terminate the reinsurance intermediary-broker's authority at any time; B. the reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing, to the reinsurance intermediary-broker and remit all funds due to the insurer within thirty days of receipt; C. all funds collected for the insurer's account shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank which is a qualified United States financial institution; D. the reinsurance intermediary-broker shall comply with Section 59A-12D-5 NMSA 1978; E. the reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks; and F. the reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded. History: 1978 Comp., § 59A-12D-4, enacted by Laws 1993, ch. 320, § 45.
NM Stat § 59A-12D-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12D - Reinsurance Intermediaries|Section 59A-12D-5 - Books and records; reinsurance intermediary-brokers.

A. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: (1) the type of contract, limits, underwriting restrictions, classes or risks and territory; (2) period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; (3) reporting and settlement requirements of balances; (4) rate used to compute the reinsurance premium; (5) names and addresses of assuming reinsurers; (6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker; (7) related correspondence and memoranda; (8) proof of placement; (9) details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded; (10) financial records, including but not limited to, premium and loss accounts; and (11) when the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer: (a) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (b) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative. B. The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer. History: 1978 Comp., § 59A-12D-5, enacted by Laws 1993, ch. 320, § 46.
NM Stat § 59A-12D-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12D - Reinsurance Intermediaries|Section 59A-12D-6 - Duties of insurers utilizing the services of a reinsurance intermediary-broker.

A. An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless such person is licensed as required by Subsection A of Section 59A-12D-3 NMSA 1978. B. An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]. C. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business. History: 1978 Comp., § 59A-12D-6, enacted by Laws 1993, ch. 320, § 47.
NM Stat § 59A-12D-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 12D - Reinsurance Intermediaries|Section 59A-12D-8 - Prohibited acts.

The reinsurance intermediary-manager shall not: A. cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsures with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured and commission schedules; B. commit the reinsurer to participate in reinsurance syndicates; C. appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed; D. without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year; E. collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report shall be promptly forwarded to the reinsurer; F. jointly employ an individual who is employed by the reinsurer unless such reinsurance intermediary-manager is under common control with the reinsurer subject to The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]; G. appoint a sub-reinsurance intermediary-manager. History: 1978 Comp., § 59A-12D-8, enacted by Laws 1993, ch. 320, § 49.