2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 5 - Authorization of Insurers and General Requirements › Section 59A-5-29 - Annual statement.

A. Each authorized insurer shall annually on or before March 1, or within any reasonable extension of time that the superintendent for good cause may have granted on or before such date, file with the superintendent and with the national association of insurance commissioners a full and true statement of its financial condition and of its transactions and affairs as of the December 31 next preceding. The statement shall be prepared in the form of the annual statement blank prescribed by the national association of insurance commissioners for use in the United States for the type of insurer and kinds of insurance to be reported upon, in accordance with the annual statement instructions and the accounting practices and procedures manual published by the national association of insurance commissioners, or such other form and instructions as the superintendent may prescribe, and supplemented by additional information reasonably required by the superintendent; the superintendent may require that the annual statement data be filed in electronically readable format or in lieu of filing, may accept a statement or supplemental information filed in electronic format with the national association of insurance commissioners that is readily available to the superintendent and that the superintendent can reproduce or otherwise make available to the public for a period of at least five years from the date that the filing is due. The statement shall be verified by the oath of the insurer's president or vice president and secretary or actuary, as applicable; or, in absence of the foregoing, by two other principal officers; or if a reciprocal insurer or Lloyds insurer, the oath of the attorney-in-fact or its like officers if a corporation.
B. The statement of an alien insurer shall be verified by its United States manager or other officer duly authorized and shall relate only to the insurer's transactions and affairs in the United States unless the superintendent requires otherwise. If the superintendent requires a statement as to the alien insurer's affairs throughout the world, the insurer shall file such statement with the superintendent as soon as reasonably possible.
C. If the insurer's statement is in any language other than English or in monetary amounts other than United States dollars, the statement shall be accompanied by an English-language translation and monetary amounts shall be shown in United States dollars with statement of the basis upon and date as of which the monetary conversion was made.
D. The superintendent may suspend or revoke the certificate of authority of any insurer failing to file its annual statement when due.
E. At time of filing, the insurer shall pay the fee for filing its annual statement with the superintendent as prescribed by Section 59A-6-1 NMSA 1978, and pay to the national association of insurance commissioners the fee established for filing, review or processing of the information, unless such fee has been disapproved by the superintendent.
F. In the absence of actual malice, members of national association of insurance commissioners, their duly authorized committees, subcommittees and task forces, their delegates, employees and all others charged by the superintendent or the national association of insurance commissioners with the responsibility of collecting, reviewing, analyzing and disseminating the information developed from the filing of the annual statement blanks shall be acting as agents of the superintendent under the authority of the Insurance Code [Chapter 59A NMSA 1978] and shall not be subject to civil liability for libel, slander or any other cause of action by virtue of their collection, review and analysis or dissemination of the data and information collected from the filings required hereunder.
G. As to publication of nonstatutory financial statements, refer to Section 59A-16-9 NMSA 1978.
History:
Laws 1984, ch. 127, § 96; 1986, ch. 78, § 1; 1993, ch. 320, § 12; 2007, ch. 282, § 2.
ANNOTATIONS
Cross references.
— For electronic authentication and substitution for signature,
see
14-3-15.2 NMSA 1978.
For existing forms and filings,
see
notes following 59A-5-21 NMSA 1978.
The 2007 amendment,
effective June 15, 2007, amended Subsection A to provide for the electronic filing of information filed with the national association of insurance commissioners.
The 1993 amendment,
effective June 18, 1993, in Subsection A, made a stylistic change in the first sentence and rewrote the second sentence; added the language beginning "and pay to the national" in Subsection E; added Subsection F; and redesignated former Subsection F as Subsection G.