reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-11 - Examination report; filing for public inspection; confidentiality.

A. When the superintendent has adopted a report of examination he shall so notify the examinee in writing and file the report for public inspection in the insurance department. If deemed advisable the superintendent may, after adoption of the report, cause the results of the examination to be published in one or more newspapers of general circulation in the state. The superintendent shall expedite review and adoption of the report and cause it to be filed for public inspection as soon as reasonably possible.
B. Except as expressly otherwise provided, pending, during or after examination of any insurer or other person, the superintendent shall not make public, or permit to be made public, any financial statement, report or finding affecting the status, standing or rights of the insurer or person until after the report of examination has been adopted by the superintendent, and all working papers, recorded information, documents and copies thereof produced by, obtained by or disclosed to the superintendent or any other person in the course of an examination shall remain confidential, are not subject to subpoena and may not be made public by the superintendent or any other person, except to the extent permitted by Sections 59A-4-7 and 59A-4-13 NMSA 1978. The superintendent may grant access to the national association of insurance commissioners on condition that it agree in writing prior to receiving the information to accord it the same confidential treatment as required by this section, unless the prior written consent of the insurer or person to which it pertains has been obtained.
History:
Laws 1984, ch. 127, § 55; 1993, ch. 320, § 7.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, added the language beginning "and all working papers, recorded information" at the end of the first sentence in Subsection B.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-12 - Examination report; information to management of domestic entities.

If the examination is of a domestic insurer or other person domiciled in New Mexico, when the examination report has been filed for public inspection, the chief executive officer of the insurer or person shall cause to be delivered to each member of the examinee's board of directors, or other similar governing body, a copy of the report, or summary thereof, and of its recommendations approved by the superintendent. Within ninety days of the issuance of the adopted report or within fifteen days after the first board meeting after the issuance of the adopted report, whichever occurs first, the insurer shall file affidavits executed by each of its directors stating under oath that they have received a copy of the adopted report and related orders.
History:
Laws 1984, ch. 127, § 56; 2017, ch. 130, § 3.
ANNOTATIONS
The 2017 amendment,
effective July 1, 2017, required an examined insurer to file signed affidavits from its board members that they received the examination report within ninety days of the issuance of the adopted report or within fifteen days after the first board meeting after the issuance of the adopted report, whichever comes first; after "recommendations approved by the superintendent", deleted "and the officer's certificate to the effect that the report or summary has been so delivered shall be deemed to constitute proof that the contents of the report or summary are known to each such member" and added the remainder of the section.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-13 - Examination report as evidence; proceedings during examination.

A. In any proceeding by or against the examinee or any officer or agent thereof the examination report as adopted by the superintendent shall be admissible as evidence of the facts stated therein, and shall constitute prima facie evidence of such facts.
B. Nothing contained in the Insurance Code shall prevent or be construed as prohibiting the superintendent from disclosing the content of an examination report, preliminary examination report or results, or any matter relating thereto, to the insurance department of this or any other state or country, or to law enforcement officials of this or any other state or agency of the federal government at any time, so long as such agency or office receiving the report or matters relating thereto agrees in writing to hold it confidential and in a manner consistent with Chapter 59A, Article 4 NMSA 1978.
C. In the event the superintendent determines that regulatory action is appropriate as a result of any examination, whether completed, adopted or not, he may initiate any proceedings or actions as provided by law, and the superintendent or examiners may testify and give evidence, including any evidence received by them during the course of the examination.
History:
Laws 1984, ch. 127, § 57; 1993, ch. 320, § 8.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 1993 amendment,
effective June 18, 1993, substituted Subsection B for former provisions, relating to insurers found to be in unsound financial condition; and added Subsection C.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-14 - Examination expense; payment.

A. The person examined shall pay all reasonable costs and expenses of the examination upon presentation by the superintendent, upon completion of the examination, of a detailed statement of accrued costs and expenses. Remuneration and expenses of salaried personnel of the insurance department serving in the examination shall be paid to the superintendent, and upon receipt thereof, the superintendent shall deposit the payment with the state treasurer to the credit of the "insurance examination fund" which is hereby created in the state treasury. Money in the fund is appropriated to the superintendent to be used by the superintendent exclusively for expenses for examinations. All money in excess of twenty thousand dollars ($20,000) remaining in the fund and unencumbered at the end of any fiscal year shall revert to the general fund. The examinee, upon the superintendent's written request and approval of the amount thereof, shall pay direct to the examiners or specialists remuneration and expenses of independently contracting examiners and specialists used by the superintendent in the examination, which remuneration shall be based on but not limited to the suggested compensation amounts of a national association of insurance commissioners.
B. If another state in examination of a person domiciled in this state charges per diem and other allowances in excess of those generally charged by this state in a similar examination, the superintendent in examination of a person domiciled in that state shall charge per diem and allowances at the same rate charged by the other state.
History:
Laws 1984, ch. 127, § 58; 1985, ch. 3, § 1; 1987, ch. 119, § 2.
ANNOTATIONS
Cross references.
— For the general fund,
see
6-4-2 NMSA 1978.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-16 - Notice of hearing.

A. Except where a different period is expressly provided, the superintendent shall give written notice of the hearing not less than twenty days in advance. The notice shall state the date, time and place of the hearing and specify the matters to be considered thereat.
B. If any person is entitled to a hearing by any provision of the Insurance Code before any proposed action is taken, or if the superintendent otherwise deems advisable, notice of the hearing may be in the form of a notice to show cause, stating that proposed action may be taken unless such person shows cause at a hearing to be held as specified in the notice why the action should not be taken, and stating the basis of the proposed action.
C. If a hearing is to be held for consideration of rules of the superintendent, the superintendent may give notice of the hearing by publication thereof in a newspaper of general circulation in this state, and once in the New Mexico register; and the superintendent shall mail the notice to all persons who had requested the same in writing in advance and shall have paid to the superintendent the reasonable costs of such mailing as fixed by the superintendent.
D. If the hearing is for a purpose other than the consideration of rules of the superintendent, and if the persons to be given notice are not specified in the provision pursuant to which the hearing is held, the superintendent shall give the notice to all persons whose pecuniary interests, to the superintendent's knowledge or belief, are to be directly and immediately affected by the hearing.
E. All such notices, except published notice, shall be given as provided for in 59A-2-10 NMSA 1978.
F. The superintendent shall specify in the notice of hearing whether the hearing is to be an administrative hearing pursuant to Section 59A-4-17 NMSA 1978 or an informal hearing pursuant to Section 59A-4-18 NMSA 1978.
History:
Laws 1984, ch. 127, § 60; 1997, ch. 121, § 2.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 1997 amendment,
effective June 20, 1997, deleted the last sentence in Subsection A, which read: "If the persons to be given notice are not specified in the provision pursuant to which the hearing is held, the superintendent shall give the notice to all persons whose pecuniary interests, to the superintendent's knowledge or belief, are to be directly and immediately affected by the hearing"; rewrote Subsection C; added Subsection D and redesignated the remaining subsections accordingly; substituted "59A-2-10 NMSA 1978" for "Subsection G of Section 28 of the Insurance Code" in Subsection E; in Subsection F, substituted "59A-4-17 NMSA 1978" for "61 of the Insurance Code" and substituted "Section 59A-4-18 NMSA 1978 " for "Section 62 of that act"; and made stylistic changes in Subsections A and F.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-17 - Hearing procedure.

Administration hearings shall be held in accordance with the applicable provisions of Sections 12-8-10 through 12-8-13 and Section 12-8-15 NMSA 1978.
History:
Laws 1984, ch. 127, § 61.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-18 - Informal hearings.

Informal hearings shall be held in accordance with the rules and regulations for such hearings promulgated by the superintendent in accordance with Section 27 [59A-2-9 NMSA 1978] of the Insurance Code.
History:
Laws 1984, ch. 127, § 62.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-19 - Testimony compelled; immunity.

A. If any individual refuses to attend or testify or to produce any books, papers, records, contracts, correspondence or other documents in connection with any examination, hearing or investigation on the ground that the testimony or evidence required of him may tend to incriminate him or subject him to penalty or forfeiture, and is nonetheless, upon written application by a prosecuting attorney, directed by a court of competent jurisdiction in a written order finding that the testimony, or the record, document or other object may be necessary to the public interest and that the person has refused or is likely to refuse to testify or to produce the record, document or other subject on the basis of his privilege against self-incrimination, to give such testimony or produce such evidence, he must comply with such direction; but no testimony so given or evidence produced shall be used against him upon any criminal action, investigation or proceedings. However, no such individual so testifying or producing evidence shall be exempt from:
(1) prosecution or punishment for any perjury committed by him in such testimony, and the testimony or evidence so given or produced shall be admissible against him upon any criminal action, investigation or proceeding concerning such perjury; or
(2) refusal, suspension or revocation of any license, permission or authority conferred pursuant to the Insurance Code.
B. Any such individual may execute, acknowledge and file in the offices of the superintendent and attorney general a statement expressly waiving such immunity or privilege in respect to any transaction, matter or thing specified in such statement, and thereupon the testimony of such individual or such evidence in relation to such transaction, matter or thing may be received or produced before any judge or court, tribunal, grand jury or otherwise; and if such testimony or evidence is so received or produced the individual shall not be entitled to any immunity or privileges on account of the testimony or evidence given or produced.
History:
Laws 1984, ch. 127, § 63; 1993, ch. 320, § 9.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
The 1993 amendment,
effective June 18, 1993, rewrote Subsection A.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-20 - Appeal to court.

A. Except in matters arising from Sections 6 [59A-18-13.3 NMSA 1978] and 7 [repealed] of this 2011 act, a party may appeal from an order of the superintendent made after an informal hearing or an administrative hearing. The appeal shall be taken to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
B. This section shall not apply as to matters arising pursuant to Chapter 59A, Article 17 NMSA 1978.
History:
Laws 1984, ch. 127, § 67; 1987, ch. 259, § 3; 1998, ch. 55, § 61; 1999, ch. 265, § 65; 2011, ch. 144, § 13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Section 7 (Laws 2011, ch. 144, § 7), referred to in the first sentence, was compiled as 59A-18-13.4 NMSA 1978. Laws 2013, ch. 74, § 40 repealed 59A-18-3.4 NMSA 1978, effective March 29, 2013.
Cross references.
— For procedures governing administrative appeals to the district court,
see
Rule 1-074 NMRA.
For scope of review of the district court,
see
Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.2d 182 (1995).
The 2011 amendment,
effective January 1, 2012, excepted matters arising from orders of the superintendent on health insurance rates under Section 6 [59A-18-13.3 NMSA 1978] of this act and decisions of the public regulation commission on health insurance rates under Section 7 [59A-18-13.4 NMSA 1978] of this act from appeals to the district court.
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection A.
The 1998 amendment,
effective September 1, 1998, rewrote this section to the extent that a detailed comparison is impracticable.
Direct appeal of superintendent's order not authorized.
— While this section allows a licensee to appeal to the district court after a hearing by either the corporation commission (now public regulation commission) or the insurance board, a direct appeal to the court is not authorized from an order of the superintendent.
Madrid v. Dep't of Ins.
, 1985-NMSC-027, 102 N.M. 442, 697 P.2d 125.
Appeal of rate determination.
— An appeal of a rate determination by the insurance board should not proceed under this section, but under 59A-17-35 NMSA 1978, "in the same manner as provided for taking appeals in other civil actions."
Nat'l Council on Comp. Ins. v. N.M. SCC
, 1986-NMSC-005, 103 N.M. 707, 712 P.2d 1369.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 4 - Examinations, Hearings and Appeals › Section 59A-4-21 - Immunity from civil liability.

A. No cause of action shall arise nor shall any liability be imposed against the superintendent, the superintendent's authorized representatives or any examiner appointed by the superintendent for any statements made or conduct performed in good faith while carrying out the provisions of Chapter 59A, Article 4 NMSA 1978.
B. No cause of action shall arise nor shall any liability be imposed against any person for the act of communicating or delivering information or data to the superintendent or the superintendent's authorized representative or examiner pursuant to an examination made under Chapter 59A, Article 4 NMSA 1978, if such act of communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive.
C. This section does not abrogate or modify in any way any common law or statutory privilege or immunity heretofore enjoyed by any person identified in Subsection A of this section.
D. A person identified in Subsection A of this section shall be entitled to an award of attorneys' fees and costs if he is the prevailing party in a civil cause of action for libel, slander or any other relevant tort arising out of activities in carrying out the provisions of Chapter 59A, Article 4 NMSA 1978 and the party bringing the action was not substantially justified in doing so. For purposes of this section a proceeding is "substantially justified" if it had a reasonable basis in law or fact at the time that it was initiated.
History:
1978 Comp., § 59A-4-21, enacted by Laws 1993, ch. 320, § 10.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-1 - Definitions, in general.

In the Insurance Code words defined in Sections 69 through 76 [59A-5-2 to 59A-5-9 NMSA 1978], inclusive, of this article have the meaning ascribed in the respective such sections.
History:
Laws 1984, ch. 127, § 68.
ANNOTATIONS
Cross 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. —
43 Am. Jur. 2d Insurance §§ 55 to 58.
Liability of insurer or agent of insurer for failure to advise insured as to coverage needs, 88 A.L.R.4th 249.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-3 - "Charter" defined.

"Charter" means certificate of incorporation, articles of incorporation, articles of agreement, articles of association, charter granted by legislative act, or other basic constituent document of a corporation, or the subscribers' agreement and power of attorney of the attorney-in-fact of a reciprocal insurer or constituent documents of a Lloyds insurer.
History:
Laws 1984, ch. 127, § 70.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-5 - "Foreign" insurer defined.

A "foreign" insurer is generally one organized under the laws of a state other than New Mexico. Except where distinguished by context, "foreign" insurer includes also an "alien" insurer.
History:
Laws 1984 ch. 127, § 72.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-6 - "Lloyds" insurer defined.

A "Lloyds" insurer is an unincorporated but formally associated group of separate persons ("underwriters" or "underwriting syndicates") by whom an insurance risk is assumed in whole or part by one or more of such persons.
History:
Laws 1984, ch. 127, § 73.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
46A C.J.S. Insurance § 1709 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-7 - "Mutual" insurer defined.

A "mutual" insurer is an incorporated insurer without capital stock, the governing body of which is elected by its policyholders. This definition shall not be deemed to exclude as "mutual" insurers certain foreign insurers found by the superintendent to be organized on the mutual plan under the laws of the state of domicile, but having temporary share capital or providing for election of the governing body on other reasonable basis.
History:
Laws 1984, ch. 127, § 74.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
43 Am. Jur. 2d Insurance §§ 65 to 76.
44 C.J.S. Insurance § 114 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-8 - "Reciprocal" insurer defined.

A "reciprocal" insurer is an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact common to all such persons to provide insurance on basis of reciprocity among themselves.
History:
Laws 1984, ch. 127, § 75.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
43 Am. Jur. 2d Insurance §§ 77 to 83.
46A C.J.S. Insurance § 1709 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-9 - "Stock" insurer defined.

A "stock" insurer is an incorporated insurer with capital divided into shares, and owned by its shareholders.
History:
Laws 1984, ch. 127, § 76.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
43 Am. Jur. 2d Insurance §§ 60 to 64.
44 C.J.S. Insurance § 104 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-10 - Certificate of authority required; penalty.

A. No person shall act as an insurer, and no insurer shall transact insurance in this state by direct solicitation or solicitation through the mails or otherwise, unless so authorized by a subsisting certificate of authority issued by the superintendent, except as to such transactions as are expressly otherwise provided for in the Insurance Code.
B. No insurer from offices or by personnel or facilities located in this state shall solicit insurance applications or otherwise transact insurance in another state or country unless it holds a subsisting certificate of authority granted by the superintendent authorizing it to transact the same kind or kinds of insurance in this state. As to domestic insurers, this provision is further subject to Section 579 [59A-34-33 NMSA 1978] (unauthorized business in other states) of the Insurance Code.
C. Any officer, director, agent, representative or employee of any insurer who wilfully authorizes, negotiates, makes or issues any insurance contract in violation of this section commits a misdemeanor, subject on conviction to a fine of not over one thousand dollars ($1,000).
History:
Laws 1984, ch. 127, § 77.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-11.1 - Exemption from authority requirement; provider service networks.

A certificate of authority shall not be required of a provider service network, except as provided in the Provider Service Network Act [59A-42A-1 to 59A-42A-9 NMSA 1978].
History:
1978 Comp., § 59A-5-11.1, enacted by Laws 1997, ch. 107, § 10.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-12 - General eligibility for certificate of authority.

To qualify for and hold authority to transact insurance in this state, an insurer must have accepted in writing all of the laws of New Mexico, be otherwise in compliance with the Insurance Code and with its charter powers, and must be an incorporated stock or mutual insurer, or a reciprocal insurer, or Lloyds insurer; except that:
A. no foreign insurer shall be authorized in this state which does not maintain reserves as required by Sections 121 through 129 [59A-8-4 to 59A-8-12 NMSA 1978], inclusive, of Article 8 [Chapter 59A, Article 8 NMSA 1978] (assets and liabilities) of the Insurance Code, as applicable to the insurance transacted by the insurer in the United States, or which transacts business anywhere in the United States on the assessment plan, or stipulated premium plan, or any similar plan;
B. no insurer shall be authorized to transact a kind of insurance in this state unless duly authorized or qualified to transact such insurance in the state or country of its domicile;
C. no insurer shall be authorized to transact in this state any kind of insurance not within the definitions set forth in Article 7 [Chapter 59A, Article 7 NMSA 1978] (kinds of insurance) of the Insurance Code; and
D. no such authority shall be granted or continued to any insurer while in arrears to this state for fees, licenses, taxes, assessments, fines or penalties accrued on business previously transacted.
History:
Laws 1984, ch. 127, § 79.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-13 - General eligibility for authority; ownership and management.

A. No foreign insurer which is owned or controlled in whole or substantial part by any government or governmental agency shall be authorized to transact insurance in New Mexico. Membership in a mutual insurer or subscribership in a reciprocal insurer, or ownership of stock in an insurer by the alien property custodian or similar officer of the United States or ownership of stock or other security without voting rights as to the insurer management, or supervision of an insurer by public authority, shall not be deemed to be an ownership or control of the insurer under this subsection.
B. The superintendent shall not grant or continue authority to transact insurance to any insurer or proposed insurer:
(1) of which any director, officer or other individual materially part of its management is found by him after investigation or upon reliable information to be incompetent, or dishonest, or untrustworthy, or of unfavorable business repute; or
(2) of which the managers are so lacking in insurer managerial experience in operations as existing or proposed in this state as to make such operations currently or prospectively hazardous to or contrary to the best interests of the insurance-buying or investing public of this state; or
(3) which he has reason to believe is affiliated directly or indirectly through ownership, control, management, reinsurance or other business relations with any person or persons of unfavorable business repute; or
(4) the business operations of whose director, officer, manager or controlling owner are or have been marked, to the injury of insurers, stockholders, policyholders, creditors or the public, by illegality, or by manipulation of assets, or of accounts, or of reinsurance, or by bad faith; or
(5) as to which the superintendent is not satisfied that its business policies and methods would be in the best interests of the people of New Mexico.
History:
Laws 1984, ch. 127, § 80.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-14 - Name of insurer.

A. No insurer shall be formed or authorized to transact insurance in this state which has or uses a name:
(1) the same as or deceptively similar to that of another insurer already so authorized; or
(2) deceptively similar to that of another insurer, other than a predecessor in interest, authorized to transact insurance in this state within the preceding ten (10) years if policies originally issued by such other insurer are still outstanding in this state; or
(3) the same as or deceptively similar to that of any insurer, or proposed insurer, not so authorized if such insurer has within the next preceding twelve (12) months signified its intention to secure an incorporation in this state under such name, or to do business as a foreign insurer in this state under such name, by filing notice of such intention with the superintendent, unless written consent to use of such name or deceptively similar name has been given by such insurer.
B. No insurer shall be so authorized which has or uses a name tending to mislead as to its type of organization.
C. In case of conflict of names between two insurers, or a conflict otherwise prohibited under this section, the superintendent may permit (or shall require as condition to issuance of an original certificate of authority to an applicant insurer) the insurer to use in this state such supplementation or modification of its name or such business name as may reasonably be necessary to avoid the conflict.
D. Except as provided in Subsection C, above, an insurer shall conduct its business in its own corporate or proper name.
E. Subsections A and C of this section shall not apply as to a corporation or insurer formed under [a] plan approved by the superintendent and court for rehabilitation of a domestic insurer pursuant to Article 41 [Chapter 59A, Article 41 NMSA 1978] (conservation, rehabilitation and liquidation) of the Insurance Code, or as to a corporation or insurer resulting from consolidation or merger, or acquisition of substantially all the assets and assumption of liabilities of another insurer through bulk reinsurance or otherwise, so long as the name used is [the] same as or similar to that of the predecessor corporation or insurer and is not in conflict with or deceptively similar to that of any other insurer then authorized or proposed (as provided in Subsection A(3) above) to transact insurance in this state. Subsections A and C shall not apply as to an insurer which is [a] subsidiary or affiliate of an authorized insurer and using name factors similar to those of the parent or insurer with which affiliated.
History:
Laws 1984, ch. 127, § 81.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 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.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
43 Am. Jur. 2d Insurance § 126.
44 C.J.S. Insurance §§ 135, 136.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Repeals 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.