A. A reciprocal insurer may, upon qualifying therefor as provided for by the Insurance Code, transact any kind or kinds of insurance defined by the Insurance Code other than life or title insurances.
B. Such an insurer may purchase reinsurance upon the risk of any subscriber, and may grant reinsurance as to any kind of insurance it is authorized to transact direct.
History: Laws 1984, ch. 127, § 660.
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
Structure New Mexico Statutes
Article 39 - Reciprocal Insurers
Section 59A-39-1 - "Reciprocal" insurance defined.
Section 59A-39-2 - Scope of chapter; existing insurers.
Section 59A-39-3 - Insuring powers of reciprocals.
Section 59A-39-4 - Name; suits.
Section 59A-39-6 - Organization of reciprocal insurer.
Section 59A-39-7 - Certificate of authority.
Section 59A-39-8 - Power of attorney.
Section 59A-39-9 - Modifications.
Section 59A-39-10 - Attorney's bond.
Section 59A-39-11 - Deposit in lieu of bond.
Section 59A-39-12 - Action on bond.
Section 59A-39-13 - Service of process; judgment.
Section 59A-39-14 - Contributions to insurer.
Section 59A-39-15 - Financial condition; method of determining.
Section 59A-39-16 - Who may be subscribers.
Section 59A-39-17 - Subscribers' advisory committee.
Section 59A-39-18 - Subscribers' liability.
Section 59A-39-19 - Subscribers' liability on judgment.
Section 59A-39-20 - Assessments.
Section 59A-39-21 - Time limit for assessments.
Section 59A-39-22 - Aggregate liability.
Section 59A-39-23 - Nonassessable policies.
Section 59A-39-24 - Subscribers' share in assets.