2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5A - Risk-Based Capital › Section 59A-5A-11 - Foreign insurers.

A. Any foreign insurer or health organization shall, upon the superintendent's written request, submit to the superintendent a risk-based capital report, as of the end of the most recent calendar year, on the same date risk-based capital reports are required to be filed by domestic insurers and health organizations under the Risk-Based Capital Act or fifteen days after the request is received by the foreign insurer or health organization, whichever is later. Any foreign insurer or health organization shall, upon the superintendent's written request, promptly submit to the superintendent a copy of any risk-based capital plan filed with the insurance commissioner of any other state.
B. In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer or health organization as determined pursuant to the risk-based capital statute applicable in an insurer's or health organization's state of domicile, or, if no risk-based capital requirements are in force in that state, under the provisions of the Risk-Based Capital Act, the superintendent may require the foreign insurer or health organization to file a risk-based capital plan with the superintendent unless the insurance commissioner of the insurer's or health organization's state of domicile has previously so required. The failure of the foreign insurer or health organization to timely file a risk-based capital plan with the superintendent shall be grounds to order the insurer or health organization to cease and desist from writing new insurance business in this state or to suspend or revoke its certificate of authority.
C. In the event of a mandatory control level event with respect to any foreign insurer or health organization, the superintendent may proceed in accordance with Subsection B of Section 59A-5A-7 NMSA 1978.
History:
1978 Comp., § 59A-5A-11, enacted by Laws 1995, ch. 149, § 11; 2014, ch. 59, § 10.
ANNOTATIONS
The 2014 amendment,
effective July 1, 2014, subjected health organizations to the Risk-Based Capital Act; in Subsection A, in the first sentence, after "Any foreign insurer", added "or health organization", and after "domestic insurers", added "and health organizations", and after "received by the foreign insurer", added "or health organization", and in the second sentence, after "Any foreign insurer", added "or health organization"; in Subsection B, in the first sentence, after "any foreign insurer", added "or health organization", after "applicable in an insurer's", added "or health organization's", after "require the foreign insurer", added "or health organization", and after "commissioner of the insurer's", added "or health organization's", in the second sentence, after "failure of the foreign insurer", added "or health organization", and after "order the insurer", added "or health organization"; and in Subsection C, after "foreign insurer", added "or health organization".
Severability.
— Laws 2014, ch. 59, § 12 provided that if any part or application of the provisions of the Risk-Based Capital Act is held invalid, the remainder or its application to other situations or persons shall not be affected.