Chapter 59A — Chapter 59A
1,829 sections in this chapter.
NMSA 1978, § 59A-4-10 Examination report; conference; adoption orders;
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investigatory hearings. A. Upon completion of the examination and receipt of the examination report, the superintendent shall transmit the report to the person examined and shall allow the person a reasonable period, but not to exceed twenty days, within which to review the repor…
NMSA 1978, § 59A-4-11 Examination report; filing for public inspection;
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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 re…
NMSA 1978, § 59A-4-12 Examination report; information to management of
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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 examine…
NMSA 1978, § 59A-4-13 Examination report as evidence; proceedings during
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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 co…
NMSA 1978, § 59A-4-14 Examination expense; payment
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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 insuran…
NMSA 1978, § 59A-4-15 Hearings; in general
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A. The superintendent may hold a hearing, without request by others, for any purpose within the scope of the Insurance Code [Chapter 59A NMSA 1978]. B. The superintendent shall hold a hearing: (1) if required by any other provision of the Insurance Code; or (2) upon written reque…
NMSA 1978, § 59A-4-16 Notice of hearing
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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 p…
NMSA 1978, § 59A-4-17 Hearing procedure
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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.
NMSA 1978, § 59A-4-18 Informal hearings
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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.
NMSA 1978, § 59A-4-19 Testimony compelled; immunity
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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 incrimina…
NMSA 1978, § 59A-4-2 Investigations; confidentiality of information pending
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completion. A. Evidence relative to the subject of an investigation being conducted by the superintendent shall not be open to public inspection for so long as the superintendent deems reasonably necessary to complete the investigation, to protect the person investigated from unw…
NMSA 1978, § 59A-4-20 Appeal to court
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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 …
NMSA 1978, § 59A-4-21 Immunity from civil liability
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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 provi…
NMSA 1978, § 59A-4-3 Inquiries by superintendent
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The superintendent may direct an inquiry to any person subject to supervision under the Insurance Code with respect to any transaction or matter within the scope of such supervision. Upon receipt of the request, the person shall promptly furnish to the superintendent requested in…
NMSA 1978, § 59A-4-4 Power of examination; in general
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A. In addition to examinations otherwise expressly authorized for purpose of ascertaining financial condition where applicable, compliance with law, relationships and transactions between any such persons and others and treatment accorded its contract holders, subscribers and oth…
NMSA 1978, § 59A-4-5 Examination of insurers
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A. For the purpose of determining financial condition, fulfillment of contractual obligations, methods of doing business, treatment accorded policyholders and compliance with law, the superintendent shall, as often as the superintendent deems advisable, examine or investigate the…
NMSA 1978, § 59A-4-6 Examiners and specialists
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A. The superintendent may appoint one or more competent individuals, sufficiently knowledgeable in applicable accounting and operations, as examiners to represent the superintendent in an examination and shall fix the reasonable compensation of the examiners. B. The superintenden…
NMSA 1978, § 59A-4-7 Conduct of examination; access to information; correction
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of records; penalties. A. Upon determining that an examination should be conducted, the superintendent or the superintendent's designee shall issue an order appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In con…
NMSA 1978, § 59A-4-8 Appraisal of assets
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A. If the superintendent deems it necessary to value any asset involved in an examination, he shall request in writing the person being examined to appoint one or more impartial appraisers who through education, experience or training are competent to appraise the asset. The appr…
NMSA 1978, § 59A-4-9 Examination report; contents
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No later than sixty days following completion of an examination, the examiner in charge shall file with the office of superintendent of insurance a verified, written examination report. The examination report shall comprise only facts appearing upon the books, records or other do…
NMSA 1978, § 59A-5-1 Definitions, in general
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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.
NMSA 1978, § 59A-5-10 Certificate of authority required; penalty
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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 transac…
NMSA 1978, § 59A-5-11 Exemptions from authority requirement
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A certificate of authority shall not be required of an insurer with respect to any of the following: A. investigation, settlement or litigation of claims under its policies lawfully written in this state, or liquidation of assets and liabilities of the insurer (other than collect…
NMSA 1978, § 59A-5-11.1 Exemption from authority requirement; provider service
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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.
NMSA 1978, § 59A-5-12 General eligibility for certificate of authority
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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…
NMSA 1978, § 59A-5-13 General eligibility for authority; ownership and
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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 …
NMSA 1978, § 59A-5-14 Name of insurer
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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 in…
NMSA 1978, § 59A-5-15 Insuring power combinations
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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 a…
NMSA 1978, § 59A-5-16 Capital funds, deposits, required for certificate of
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authority. A. To qualify for certificate of authority to transact any one kind or combination of kinds of insurance in this state, an insurer shall possess: (1) if a stock insurer, paid-in capital stock and, when first so authorized, surplus all as shown in Schedule I of this sec…
NMSA 1978, § 59A-5-17 Insuring powers without added basic capital
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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 i…
NMSA 1978, § 59A-5-18 General deposit
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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 Se…
NMSA 1978, § 59A-5-19 Special deposit or bond
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A. To qualify for and continue to hold a certificate of authority to transact insurance in this state, the insurer shall also make a special deposit in trust for the benefit only of all its policyholders and creditors in this state in applicable amount as shown in Schedule I of S…
NMSA 1978, § 59A-5-2 "Alien" insurer defined
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An "alien" insurer is one formed under the laws of a country other than the United States. History: Laws 1984, ch. 127, § 69.
NMSA 1978, § 59A-5-20 General deposit of alien insurer
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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 ac…
NMSA 1978, § 59A-5-21 Application for certificate of authority
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A. To apply for an original certificate of authority in this state the insurer shall file with the superintendent its written application therefor on forms as prescribed and furnished by the superintendent, accompanied by the applicable fees as specified or referred to in Section…
NMSA 1978, § 59A-5-22 Issuance, refusal of authority; ownership of certificate
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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 me…
NMSA 1978, § 59A-5-23 Continuance, expiration, reinstatement of certificate of
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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 continua…
NMSA 1978, § 59A-5-24 Suspension or revocation of certificate of authority;
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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 …
NMSA 1978, § 59A-5-25 Impairment as grounds for suspension or revocation of
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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 insure…
NMSA 1978, § 59A-5-26 Suspension, limitation or revocation of authority;
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discretionary and special grounds. A. The superintendent may, at his discretion, suspend, limit or revoke an insurer's certificate of authority if he finds after a hearing thereon, or upon waiver of hearing by the insurer, that the insurer has: (1) violated or failed to comply wi…
NMSA 1978, § 59A-5-27 Duration of suspension; insurer's obligations during
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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 superinte…
NMSA 1978, § 59A-5-28 General corporation statutes inapplicable to foreign
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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.
NMSA 1978, § 59A-5-29 Annual statement
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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 f…
NMSA 1978, § 59A-5-29.1 Quarterly reports
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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 associat…
NMSA 1978, § 59A-5-3 "Charter" defined
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"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-i…
NMSA 1978, § 59A-5-30 Penalties for late, false annual statements
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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 dolla…
NMSA 1978, § 59A-5-31 Appointment of superintendent as process agent
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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 f…
NMSA 1978, § 59A-5-32 Serving process; time to plead
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A. Service of process against an insurer for whom the superintendent is attorney shall be made by delivering by email to the superintendent, or the superintendent's designee, an electronic copy of the process together with the fee specified in Section 59A-6-1 NMSA 1978, taxable a…
NMSA 1978, § 59A-5-33 Reciprocity provision
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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 up…
NMSA 1978, § 59A-5-4 "Domestic" insurer defined
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A "domestic" insurer is one formed under the laws of New Mexico. History: Laws 1984, ch. 127, § 71.