The superintendent shall not issue or continue a certificate of authority as to a Lloyds Plan underwriters under this article unless it has initially and thereafter maintained a surplus, over all liabilities, of admitted assets in amount of not less than fifty thousand dollars ($50,000). The initial such surplus as contributed to the attorney-in-fact shall consist of cash or of securities approved by the superintendent, and shall include the amount of cash, securities, or surety bond deposited pursuant to Section 647 [59A-38-4 NMSA 1978] of this article.
History: Laws 1984, ch. 127, § 648.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 62.
46A C.J.S. Insurance §§ 1710, 1719.
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".