A. The following acts shall be violations of Sections 59A-37-4 through 59A-37-6 NMSA 1978:
(1) the failure to file any statement, amendment or other material required to be filed pursuant to Section 59A-37-4 or 59A-37-5 NMSA 1978; or
(2) the effectuation or any attempt to effectuate an acquisition of control of a domestic insurer unless the superintendent has given approval to it.
B. The failure to timely file a registration statement, a summary of the registration statement or an enterprise risk filing required by Sections 59A-37-11 through 59A-37-19.2 NMSA 1978 and Section 59A-37-30 NMSA 1978 is a violation of Sections 59A-37-11 through 59A-37-19.2 NMSA 1978 and Section 59A-37-30 NMSA 1978.
History: Laws 1984, ch. 127, § 624; 2014, ch. 59, § 34.
The 2014 amendment, effective July 1, 2014, provided that failure to file a registration statement, a summary of a registration statement, or an enterprise risk filing is a violation of the Insurance Holdings Company Law; in Subsection A, after "Sections", deleted "619 through 621 of this article" and added "59A-37-4 through 59A-37-6 NMSA 1978"; in Subsection A, Paragraph (1), after "filed pursuant to", deleted "Sections 619 or 620 of this article" and added "Sections 59A-37-4 or 59A-37-5 NMSA 1978"; and added Subsection B.
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.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance §§ 96, 97.
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.