If the underwriters of a Lloyds Plan insurance operation desire to withdraw from the insurance business they may do so if and when they have satisfied the superintendent that adequate provision has been made through reinsurance or otherwise for payment of all unpaid losses and for reinsurance of all outstanding risks of New Mexico residents or covering property located in New Mexico. Upon being so satisfied the superintendent shall release any bond of the attorney-in-fact and release to the underwriters the deposit and remaining assets.
History: Laws 1984, ch. 127, § 653.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 68; 44 Am. Jur. 2d Insurance §§ 1857 to 1867.
Structure New Mexico Statutes
Article 38 - Lloyds Plan Automobile Insurance
Section 59A-38-1 - Lloyds Plan automobile insurance authorized.
Section 59A-38-2 - Approval of policies; attorney-in-fact.
Section 59A-38-3 - Application for certificate of authority.
Section 59A-38-4 - Cash or security deposit.
Section 59A-38-5 - Surplus required.
Section 59A-38-6 - Limit on volume of insurance written.
Section 59A-38-7 - Determining solvency; investments.
Section 59A-38-8 - Distribution of profits; how determined.
Section 59A-38-9 - Impairment.
Section 59A-38-10 - Withdrawal of underwriters.
Section 59A-38-11 - Lloyds Plan insurance producers; licensing.
Section 59A-38-12 - Lloyds Plan an "insurer".