reglab/housing_qa huggingface dataset:
NM Stat § 59A-5-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-15 - Insuring power combinations.

An insurer which otherwise qualifies therefor shall be authorized to transact any one kind or combination of kinds of insurance as defined in Sections 107 through 115 [59A-7-1 to 59A-7-9 NMSA 1978] (kinds of insurance) of the Insurance Code, except: A. a life insurer may grant annuities and may be authorized to transact in addition only health insurance; B. a reciprocal insurer or Lloyds insurer shall not transact life insurance; and C. a title insurer shall be a stock or mutual corporation, and shall not transact any additional kind of insurance. History: Laws 1984, ch. 127, § 82. ANNOTATIONSCompiler's notes. — Laws 2016, ch. 89, § 70 repealed Sections 59A-7-5, 59A-7-8 and 59A-7-9 NMSA 1978, effective July 1, 2017. For provisions of former sections, see the 2016 NMSA 1978 on NMOneSource.com.
NM Stat § 59A-5-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-17 - Insuring powers without added basic capital.

An insurer while authorized to transact property insurance may include in "homeowners" and similar package policies insuring property against loss, reasonable amounts of supplemental liability and medical benefits coverage without being authorized to transact casualty or health insurances; and such supplemental coverages shall not be deemed otherwise to be subject to provisions of the Insurance Code relating to casualty or health insurance contracts. History: Laws 1984, ch. 127, § 84. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. Am. Jur. 2d, A.L.R. and C.J.S. references. — Homeowner's liability insurance coverage of injury from formaldehyde insulation in insured premises, 85 A.L.R.4th 956.
NM Stat § 59A-5-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-18 - General deposit.

A. For certificate of authority to transact insurance in this state the insurer shall make and thereafter maintain while so authorized a general deposit in trust for the benefit of all its policyholders and creditors. The deposit shall consist of assets eligible therefor under Section 59A-10-3 NMSA 1978, and shall be deposited with or through the superintendent or in a commercial depository located in the state of New Mexico approved by the superintendent subject to rules and regulations issued by the superintendent. As to foreign insurers, in lieu of such deposit or part thereof in this state, the superintendent shall accept the certificate in proper form of the public official having supervision over insurers in another state to the effect that a like deposit or part thereof by such insurer is being maintained in public custody therein in trust for the purpose (among other reasonable purposes of protection of policyholders and/or creditors) of the protection of all its policyholders and creditors in New Mexico. B. Whenever because of volume of business being transacted by the insurer, or methods of doing business, or for other good cause the superintendent deems advisable for protection of policyholders and creditors, the superintendent may require an insurer to make and maintain a general deposit in reasonable amount greater than required under Schedule I of Section 59A-5-16 NMSA 1978. C. All such deposits made in this state shall be subject to the applicable provisions of Chapter 59A, Article 10 NMSA 1978. D. This section does not apply as to a domestic Lloyds plan motor vehicle insurer, as identified in Chapter 59A, Article 38 NMSA 1978. History: Laws 1984, ch. 127, § 85; 1987, ch. 262, § 2. ANNOTATIONSCompiler's notes. — Laws 1984, ch. 127, § 993, provided that any deposit or surety bond filed in lieu thereof with or through the superintendent or state treasurer by any insurer in conjunction with authority to transact business in the state immediately prior to the effective date of the act (January 1, 1985) shall be given effect to the extent it complies with similar bonds required by the act after that date.
NM Stat § 59A-5-20 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-20 - General deposit of alien insurer.

A. The superintendent shall not issue or permit to exist a certificate of authority to transact insurance in this state as to an alien insurer unless and while the insurer has made and maintains out of its surplus over its United States' liabilities a general deposit of assets acceptable to the superintendent with or through the insurance supervisory officer of a state in which the insurer is authorized to transact insurance, in trust for the benefit of all the insurer's policyholders and creditors in the United States. B. The deposit shall at all times have a value of not less than the capital and surplus required under Schedule I of Section 59A-5-16 NMSA 1978, of a foreign insurer transacting like kinds of insurance in this state. The amount of the deposit shall to like amount offset the amount of general deposit otherwise required of the insurer under Schedule I of Section 59A-5-16 NMSA 1978. History: Laws 1984, ch. 127, § 87; 1991, ch. 125, § 8. ANNOTATIONSCross references. — For existing deposits and bonds, see notes following 59A-5-18 NMSA 1978. The 1991 amendment, effective April 3, 1991, in Subsection B, substituted "capital and surplus" for "capital funds" and substituted "Section 59A-5-16 NMSA 1978" for "Section 83 of this article" in the first sentence and "Schedule I of Section 59A-5-16 NMSA 1978" for "such Schedule I" at the end of the second sentence. Construction. — Former 59-5-3 NMSA 1978 required a foreign insurance company organized under the laws of any country other than the United States, desirous of becoming licensed to transact business in this state, to deposit with the department of insurance of either this state, or some other state in the United States, a sum not less than the minimum capital and surplus required of domestic and foreign companies licensed in this state. 1957 Op. Att'y Gen. No. 57-257. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 63, 72 to 82. 44 C.J.S. Insurance § 81.
NM Stat § 59A-5-22 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-22 - Issuance, refusal of authority; ownership of certificate.

A. Upon completion of application of an insurer or proposed insurer for certificate of authority to transact insurance in this state, the superintendent, upon such examination or investigation of the applicant as deemed advisable, shall promptly determine whether the applicant meets financial and other applicable requirements and qualifications for the authority as set forth in Sections 79 through 87 [59A-5-12 to 59A-5-20 NMSA 1978] of this article. If found to be qualified and in compliance, the superintendent shall promptly issue a certificate of authority to the applicant covering the kind or kinds of insurance so applied and qualified for; otherwise, the superintendent shall issue order to the applicant refusing the certificate of authority and stating therein the reasons for refusal. B. The certificate, if issued, shall state the insurer's name, home office address, state or country of domicile, and the kind or kinds of insurance it is authorized to transact in this state. At the insurer's request the superintendent may issue a certificate limited to particular types of insurance or coverages within a kind of insurance as defined in Article 7 [Chapter 59A, Article 7 NMSA 1978] (kinds of insurance) of the Insurance Code. C. Although issued and delivered to the applicant, the certificate of authority at all times shall be the property of the state of New Mexico. Upon any expiration, suspension or termination thereof the insurer shall promptly deliver the certificate to the superintendent. History: Laws 1984, ch. 127, § 89.
NM Stat § 59A-5-23 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-23 - Continuance, expiration, reinstatement of certificate of authority.

A. A certificate of authority shall continue in force as long as the insurer is entitled thereto under the Insurance Code [Chapter 59A NMSA 1978], and until suspended or revoked by the superintendent or terminated at the insurer's request, subject, however, to continuance of the certificate by the insurer each year by:(1) payment on or before March 1 of the continuation fee referred to in Section 59A-6-1 NMSA 1978;(2) due filing by the insurer of its annual statement for the next preceding calendar year as required by Section 59A-5-29 NMSA 1978; and(3) payment by the insurer when due of premium taxes with respect to the preceding calendar year.B. If not so continued by the insurer its certificate of authority shall expire at midnight on the date of failure of the insurer to continue it in force, unless earlier revoked as provided in Sections 59A-5-24 through 59A-5-26 NMSA 1978.C. Upon the insurer's request made within three months after expiration, the superintendent may reinstate a certificate of authority that the insurer inadvertently permitted to expire, after the insurer has fully cured all its failures that resulted in the expiration, and upon payment by the insurer of the fee for reinstatement specified in Section 59A-6-1 NMSA 1978. Otherwise the superintendent shall grant the insurer another certificate of authority only after filing an application therefor and meeting all other requirements as for an original certificate of authority in this state.D. If an insurer allows a certificate of authority issued by the superintendent to expire, the holder of the expired certificate shall remain subject to the provisions of the Insurance Code but is not authorized to transact any insurance business. If the insurer reinstates the expired certificate of authority within three months after expiration, the reinstatement shall relate back to the date of the expiration; provided that this shall not excuse any violation of the Insurance Code that occurred during the intervening period. History: Laws 1984, ch. 127, § 90; 2021, ch. 108, § 4. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. The 2021 amendment, effective July 1, 2021, provided that if an insurer allows a certificate of authority to expire, the holder of the expired certificate remains subject to the Insurance Code, but is not authorized to transact any insurance business, and provided that if the insurer reinstates the expired certificate of authority within three months after expiration, and the reinstatement shall relate back to the date of the expiration; in Subsection A, Paragraph A(1), changed "101 (fee schedule) of the Insurance Code" to "59A-6-1 NMSA 1978" throughout; in Paragraph A(2), after "Section", changed "96 of this article" to "59A-5-29 NMSA 1978"; in Subsection B, after "Sections", changed "91 through 93 of this article" to "59A-5-24 through 59A-5-26 NMSA 1978"; and added Subsection D.
NM Stat § 59A-5-24 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-24 - Suspension or revocation of certificate of authority; mandatory grounds.

A. The superintendent shall suspend or revoke an insurer's certificate of authority: (1) if such action is required by any provision of the Insurance Code; or (2) if a foreign insurer and it no longer meets the qualifications and requirements for a certificate of authority, on account of deficiency of capital or surplus or otherwise, subject to Section 92 [59A-5-25 NMSA 1978] of this article relative to impairment; or (3) if a domestic insurer and it has failed to cure an impairment of capital or surplus within the time allowed therefor by the superintendent under the Insurance Code or is otherwise no longer qualified for the certificate of authority; or (4) if the insurer's certificate of authority to transact insurance therein is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer. B. Except in case of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in Paragraph (4) of Subsection A, the superintendent shall give the insurer at least twenty (20) days written notice in advance of suspension or revocation under this section, and the reasons therefor. History: Laws 1984, ch. 127, § 91. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-5-25 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-25 - Impairment as grounds for suspension or revocation of certificate of authority.

A. For the purposes of Section 91 [59A-5-24 NMSA 1978] (suspension or revocation of certificate of authority - mandatory grounds) of this article, an insurer shall be deemed impaired when the superintendent at any time finds that the excess of the insurer's admitted assets over its liabilities is less than the minimum basic capital required to be maintained by the insurer under this article, and the insurer has failed to make good the deficiency within the period provided for below. B. The superintendent shall give the insurer written notice of the deficiency stating the amount thereof, and require the insurer to eliminate the deficiency within sixty (60) days after notice was so given. If the insurer fails to cure the deficiency within the sixty-day period the superintendent shall immediately suspend or revoke its certificate of authority. This provision shall not be deemed to prevent the superintendent, within such sixty-day period or at any other time, from taking other action as to the insurer as authorized under any provision of Article 41 [Chapter 59A, Article 41 NMSA 1978] (conservation, rehabilitation, liquidation) of the Insurance Code. History: Laws 1984, ch. 127, § 92. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 126. 44 C.J.S. Insurance §§ 135, 136.
NM Stat § 59A-5-27 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-27 - Duration of suspension; insurer's obligations during suspension; reinstatement.

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 period the insurer shall not solicit or write any new business in this state, but shall file its annual statement, pay fees, licenses and taxes as required under the Insurance Code, and may service its business already in force in this state, as if the certificate of authority had continued in full force. Upon failure of the insurer to continue its certificate of authority in accordance with this subsection, the insurer's certificate of authority shall be revoked. C. If the suspension of the certificate of authority is for a fixed period of time and the certificate of authority has not been otherwise terminated, upon expiration of the suspension period, the insurer's certificate of authority shall automatically reinstate unless the superintendent finds that the insurer is not in compliance with the requirements of the Insurance Code. D. If the suspension of the certificate of authority was until the occurrence of a specific event and the certificate of authority has not been otherwise terminated, upon the presentation of evidence satisfactory to the superintendent that the specific event has occurred, the insurer's certificate of authority shall be reinstated unless the superintendent finds that the insurer is otherwise not in compliance with the requirements of the Insurance Code. The superintendent shall promptly notify the insurer of such reinstatement, and the insurer shall not consider its certificate of authority reinstated until so notified by the superintendent. If satisfactory evidence as to the occurrence of the specific event has not been presented to the superintendent within two years of the date of the suspension, the certificate of authority shall be revoked. E. Nothing contained in this section shall prevent the superintendent from revoking a certificate of authority at any time upon any ground specified in the Insurance Code. History: Laws 1984, ch. 127, § 94; 1993, ch. 320, § 11. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. The 1993 amendment, effective June 18, 1993, rewrote Subsections A and C, added the last sentence in Subsection B and added Subsections D and E.
NM Stat § 59A-5-28 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-28 - General corporation statutes inapplicable to foreign insurers.

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.
NM Stat § 59A-5-29.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-29.1 - Quarterly reports.

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. History: 1978 Comp., § 59A-5-29.1, enacted by Laws 1993, ch. 320, § 13. ANNOTATIONSRepeals and reenactments. — Laws 1993, ch. 320, § 13 repealed former 59A-5-29.1 NMSA 1978, as enacted by Laws 1986, ch. 78, § 2, and enacted a new section, effective June 18, 1993.
NM Stat § 59A-5-30 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-30 - Penalties for late, false annual statements.

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 be in addition to any refusal to continue, or suspension or revocation of, the insurer's certificate of authority for such failure. B. Any director, officer, agent or employee of any insurer who subscribes to, makes or concurs in making or publishing any annual or other statement of the insurer required by law, knowing the same to contain any material statement that is false, shall upon conviction thereof be guilty of a misdemeanor and upon conviction shall be sentenced to a fine of not more than one thousand dollars ($1,000), unless by its extent and nature the offense is punishable under other statutes as a felony. History: Laws 1984, ch. 127, § 97; 2017, ch. 130, § 4. ANNOTATIONSThe 2017 amendment, effective July 1, 2017, removed the requirement that a civil action be brought by the New Mexico attorney general in order for the superintendent of insurance to collect penalties for late or false annual statements; in Subsection A, after "Section", changed "96 of this article" to "59A-5-29 NMSA 1978", and after "in aggregate amount", deleted "to be recovered in a civil action brought against the insurer in the name of the State of New Mexico by the attorney general.", and deleted "Such", and added "This".
NM Stat § 59A-5-31 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5 - Authorization of Insurers and General Requirements|Section 59A-5-31 - Appointment of superintendent as process agent.

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 of resolution of the board of directors or like governing body of the insurer, or other appropriate instrument acceptable to the superintendent, showing that those who executed the appointment were duly authorized to do so on behalf of the insurer. B. The appointment shall be irrevocable, shall bind the insurer and any successor in interest to the assets or liabilities of the insurer, and shall remain in effect as long as there exists any contract of the insurer in this state or any obligation of the insurer arising out of its transactions in this state. C. The insurer shall file the appointment with the superintendent as part of its application for certificate of authority, together with a designation of the person to whom the superintendent shall forward process against the insurer served upon the superintendent. The insurer may change such designation by a new filing. History: Laws 1984, ch. 127, § 98. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 59A-5A-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5A - Risk-Based Capital|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.
NM Stat § 59A-5A-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5A - Risk-Based Capital|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 and regulations for the implementation of the Risk-Based Capital Act. C. The superintendent may exempt from the application of the Risk-Based Capital Act any domestic insurer which: (1) writes direct business only in this state; (2) writes direct annual premiums of two million dollars ($2,000,000) or less; and (3) assumes no reinsurance in excess of five percent of direct premium written. History: 1978 Comp., § 59A-5A-10, enacted by Laws 1995, ch. 149, § 10.
NM Stat § 59A-5A-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 5A - Risk-Based Capital|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 Laws 1995, ch. 149, § 12.