A. The superintendent may appoint one or more competent individuals, sufficiently knowledgeable in applicable accounting and operations, as examiners to represent the superintendent in an examination and shall fix the reasonable compensation of the examiners.
B. The superintendent may also employ and fix reasonable compensation of independently contracting accountants knowledgeable of insurance accounting principles and practices, actuaries, attorneys, appraisers and other specialists not otherwise part of the insurance department staff, as the superintendent deems necessary for the examination, the cost of which shall be borne by the company which is the subject of the examination. All specialists shall be under the direction and control of the superintendent.
History: Laws 1984, ch. 127, § 50; 1993, ch. 320, § 4; 2011, ch. 127, § 2.
The 2011 amendment, effective July 1, 2011, eliminated the reference to repealed Sections 59A-2-5 and 59A-2-6 NMSA 1978.
The 1993 amendment, effective June 18, 1993, made a stylistic change in Subsection A; in Subsection B, in the first sentence, inserted "attorneys", added the language beginning "the cost of which", and made a stylistic change; and rewrote Subsection C.
Structure New Mexico Statutes
Article 4 - Examinations, Hearings and Appeals
Section 59A-4-1 - Scope of article.
Section 59A-4-2 - Investigations; confidentiality of information pending completion.
Section 59A-4-3 - Inquiries by superintendent.
Section 59A-4-4 - Power of examination; in general.
Section 59A-4-5 - Examination of insurers.
Section 59A-4-6 - Examiners and specialists.
Section 59A-4-7 - Conduct of examination; access to information; correction of records; penalties.
Section 59A-4-8 - Appraisal of assets.
Section 59A-4-9 - Examination report; contents.
Section 59A-4-10 - Examination report; conference; adoption orders; investigatory hearings.
Section 59A-4-11 - Examination report; filing for public inspection; confidentiality.
Section 59A-4-12 - Examination report; information to management of domestic entities.
Section 59A-4-13 - Examination report as evidence; proceedings during examination.
Section 59A-4-14 - Examination expense; payment.
Section 59A-4-15 - Hearings; in general.
Section 59A-4-16 - Notice of hearing.
Section 59A-4-17 - Hearing procedure.
Section 59A-4-18 - Informal hearings.
Section 59A-4-19 - Testimony compelled; immunity.