The state treasurer may designate any solvent trust company or other solvent financial institution having trust powers and with offices located in this state, as the state treasurer's depository to receive and hold any general, special or excess deposit of an insurer under Chapter 59A, Article 10 NMSA 1978. The deposit shall be so handled at the expense, if any, of the insurer, and the state of New Mexico shall not be responsible for safekeeping thereof.
History: Laws 1984, ch. 127, § 165; 2011, ch. 127, § 5.
The 2011 amendment, effective July 1, 2011, broadened the authority of the state treasurer to designate trust companies and financial institutions that have offices in New Mexico as depositories.
Structure New Mexico Statutes
Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer
Section 59A-10-1 - Authorized deposits.
Section 59A-10-2 - Purpose of deposit.
Section 59A-10-3 - Securities eligible for deposit.
Section 59A-10-4 - State treasurer as depository.
Section 59A-10-5 - Depositories designated by treasurer.
Section 59A-10-6 - Excess deposits.
Section 59A-10-7 - Insurer's rights during solvency.
Section 59A-10-8 - Replenishment of deposit.
Section 59A-10-9 - Release of deposit.
Section 59A-10-10 - Special deposit bond in lieu, requirement of new bond.
Section 59A-10-11 - Trusteed assets of alien insurer.
Section 59A-10-12 - Purpose and duration.
Section 59A-10-13 - Trust agreement.
Section 59A-10-14 - Title; separation; accounting.
Section 59A-10-15 - Examination of assets.
Section 59A-10-16 - Withdrawal of assets.
Section 59A-10-17 - Substitution of trustee.