2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-33 - Reciprocity provision.

A. When by or pursuant to the laws of any other state or foreign country or province, any licenses and other fees, in the aggregate, and any fines, penalties, deposit requirements or other material requirements, obligations, prohibitions or restrictions are or would be imposed upon New Mexico insurers doing business or that might seek to do business in such state, country or province, or upon the agents or representatives of such insurers or upon brokers or adjusters, which are in excess of such licenses and other fees, in the aggregate, or which are in excess of the fines, penalties, deposit or other requirements, obligations, prohibitions or restrictions directly imposed upon similar insurers, or upon the agents or representatives of such insurers, or upon brokers, or upon adjusters, of such other state, country, or province under the statutes of this state, so long as such laws of such other state, country or province continue in force or are so applied, the same licenses and other fees, in the aggregate, or fines, penalties or deposit requirements or other material requirements, obligations, prohibitions or restrictions of whatever kind may be imposed by the superintendent upon the insurers, or upon the agents or representatives of such insurers, or upon brokers of such other state, country or province, doing business or seeking to do business in New Mexico. Any license or other fee or obligation imposed by any city, county or other political subdivision or agency of such other state, country or province on New Mexico insurers or their agents, representatives, brokers or adjusters shall be deemed to be imposed by such state, country or province within the meaning of this section.
B. This section does not apply to special purpose obligations or assessments, or assessments under insurance guaranty fund laws, imposed by another state in connection with particular kinds of insurance, except that assessment of insurers for financing of public safety, health, and protection purposes is not exempt under this subsection.
C. For purposes of this section, domicile of an alien insurer, other than Canadian insurer, shall be the state designated by the insurer in writing and filed with the superintendent at the time of authorization in this state or within six months after the effective date of the Insurance Code, whichever date is the later, and may be any one of the following states:
(1) that in which the insurer was first authorized to transact insurance;
(2) that in which is located the insurer's principal place of business in the United States; or
(3) that in which is held the largest deposit of trusteed assets of the insurer for protection of its policyholders in the United States.
D. If the insurer makes no designation pursuant to Subsection C of this section, the insurer's domicile shall be deemed to be that state in which is located its principal place of business in the United States.
E. The domicile of a Canadian insurer shall be Canada and the province of Canada in which its head office is located.
History:
Laws 1984, ch. 127, § 100; 2018, ch. 57, § 13.
ANNOTATIONS
Compiler's notes.
— The phrase "effective date of the Insurance Code" means January 1, 1985, the effective date of Laws 1984, Chapter 127.
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 2018 amendment,
effective January 1, 2020, removed taxes from the reciprocity provisions of this section; removed "tax" and "taxes" throughout the section; in Subsection B, deleted Paragraphs B(1), B(2), and paragraph designation "(3)", and after "not exempt under this subsection.", deleted "Except that deductions from premium taxes or other taxes otherwise payable, allowed on account of real or personal property taxes paid, shall be taken into consideration by the superintendent in determining propriety and extent of reciprocity action under this section."; in Subsection C, after "within six", deleted "(6)"; added new subsection designation "D." and redesignated former Subsection D as Subsection E; and in Subsection D, after "designation", deleted "its" and added "pursuant to Subsection C of this section, the insurer's".
Temporary provisions.
— Laws 2018, ch. 57, § 30 provided that:
A. On January 1, 2020, all personnel directly involved with the audit and collection of the taxes imposed pursuant to the New Mexico Insurance Code prior to the effective date of this act, functions, appropriations, money, records, furniture, equipment and other property of, or attributable to, the financial audit bureau of the office of superintendent of insurance shall be transferred to the taxation and revenue department.
B. On January 1, 2020, no contractual obligations of the office of superintendent of insurance shall be binding on the taxation and revenue department.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
43 Am. Jur. 2d Insurance §§ 85, 86.
44 C.J.S. Insurance § 76.