Any person may file with the superintendent a disclaimer of affiliation with any authorized insurer or a disclaimer may be filed by the authorized insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming an affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report that may arise out of the insurer's relationship with the person unless and until the superintendent, within thirty days after the receipt of a complete disclaimer, disallows the disclaimer. The superintendent shall disallow such a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance.
History: Laws 1984, ch. 127, § 634; 2014, ch. 59, § 37.
The 2014 amendment, effective July 1, 2014, provided a thirty day period in which the superintendent may disallow a disclaimer; in the third sentence, after "until the superintendent", added "within thirty days after the receipt of a complete disclaimer".
Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected.
Structure New Mexico Statutes
Article 37 - Insurance Holding Companies
Section 59A-37-1 - Short title.
Section 59A-37-2 - Definitions.
Section 59A-37-3 - Subsidiaries of insurers.
Section 59A-37-4 - Acquisition of control of or merger with domestic insurer.
Section 59A-37-5 - Contents of statement.
Section 59A-37-6 - Approval by superintendent; review.
Section 59A-37-7 - Mailings to shareholders; expenses.
Section 59A-37-8 - Exemptions.
Section 59A-37-9 - Violations.
Section 59A-37-10 - Jurisdiction; consent to service of process.
Section 59A-37-11 - Registration of insurer member of holding company system.
Section 59A-37-12 - Registration; information; form.
Section 59A-37-13 - Materiality.
Section 59A-37-14 - Summary of registration.
Section 59A-37-15 - Termination of registration.
Section 59A-37-16 - Consolidated filing.
Section 59A-37-17 - Alternative registration.
Section 59A-37-18 - Registration exemptions.
Section 59A-37-19 - Disclaimer.
Section 59A-37-19.1 - Reporting of dividends to shareholders.
Section 59A-37-19.2 - Information of insurers.
Section 59A-37-20 - Transactions with affiliates.
Section 59A-37-21 - Adequacy of surplus.
Section 59A-37-22 - Dividends and other distributions.
Section 59A-37-23 - Examinations.
Section 59A-37-24 - Confidential treatment.
Section 59A-37-25 - Enforcement; voting securities; civil proceedings.
Section 59A-37-26 - Enforcement, criminal proceedings; penalty.
Section 59A-37-27 - Receivership; recovery of distributions.
Section 59A-37-28 - Suspension, revocation, noncontinuance of certificate of authority.
Section 59A-37-29 - Acquisitions that would lessen competition.
Section 59A-37-30 - Enterprise risk filing.
Section 59A-37-31 - Management of domestic insurers subject to registration.