The receiver shall have a right to recover from an affiliate of the insurer property of the insurer transferred to or for the benefit of the affiliate within the five years preceding the initial petition for receivership. No transfer is recoverable under this section if the affiliate shows that, when the transfer was made:
A. the insurer was solvent;
B. the transfer was lawful; and
C. neither the insurer nor the affiliate knew or should have known that the transfer, under then-applicable statutory accounting standards, would:
(1) place the insurer in violation of applicable capital or surplus requirements;
(2) place the insurer below the risk-based capital level as defined in the Risk-Based Capital Act [Chapter 59A, Article 5A NMSA 1978];
(3) cause the insurer's filed financial statements not to present fairly the capital and surplus of the insurer; or
(4) otherwise cause the insurer to be in a hazardous financial condition.
History: Laws 2012, ch. 9, § 3.
Effective dates. — Laws 2012, ch. 9, § 23 made Laws 2012, ch. 9, § 3 effective July 1, 2012.
Structure New Mexico Statutes
Article 41 - Conservation, Rehabilitation and Liquidation
Section 59A-41-1 - Short title.
Section 59A-41-2 - Scope of article.
Section 59A-41-3 - Definitions.
Section 59A-41-4 - "Ancillary state" defined.
Section 59A-41-5 - "Creditor" defined.
Section 59A-41-6 - "Delinquency proceeding" defined.
Section 59A-41-7 - "Domiciliary state" defined.
Section 59A-41-8 - "Foreign country" defined.
Section 59A-41-9 - "General assets" defined.
Section 59A-41-10 - "Impairment" defined.
Section 59A-41-11 - "Insolvency" defined.
Section 59A-41-12 - "Preferred claim" defined.
Section 59A-41-13 - "Receiver" defined.
Section 59A-41-14 - "Reciprocal state" defined.
Section 59A-41-15 - "Secured claim" defined.
Section 59A-41-16 - "Special deposit claim" defined.
Section 59A-41-17 - Uniform Insurers Liquidation Act; composition, severability and interpretation.
Section 59A-41-18 - Conduct of delinquency proceedings against domestic insurers.
Section 59A-41-20 - Filing, proving claims of nonresidents against delinquent domestic insurers.
Section 59A-41-22 - Priority of preferred claims, special deposit claims and secured claims.
Section 59A-41-23 - Attachment, garnishment of assets.
Section 59A-41-24 - Hazardous financial condition; determination.
Section 59A-41-25 - Requirements of insurer in hazardous financial condition.
Section 59A-41-26 - Hazardous financial condition; failure of insurer to comply with requirements.
Section 59A-41-27 - Deposit of foreign insurer during examination; impoundment of assets.
Section 59A-41-28 - Grounds for rehabilitation, liquidation of domestic insurer.
Section 59A-41-29 - Order of rehabilitation; termination.
Section 59A-41-30 - Order of liquidation of domestic insurer; rights, liabilities.
Section 59A-41-31 - Grounds for conservation of assets of foreign insurer.
Section 59A-41-32 - Order of conservation or ancillary liquidation of foreign or alien insurer.
Section 59A-41-33 - Grounds for dissolution of domestic insurer.
Section 59A-41-34 - Commencement of a delinquency proceeding.
Section 59A-41-35 - Change of venue.
Section 59A-41-36 - Right of guaranty association to participate in delinquency proceeding.
Section 59A-41-37 - Exemption from filing fees.
Section 59A-41-38 - Deposit of monies collected.
Section 59A-41-39 - Borrowing on pledge of assets.
Section 59A-41-40 - Sale, disposition of assets and compromise of certain claims.
Section 59A-41-41 - Time to file claims.
Section 59A-41-42 - Fraudulent transfers prior to petition.
Section 59A-41-43 - Fraudulent transfer after petition.
Section 59A-41-43.1 - Voidable preferences and liens.
Section 59A-41-43.2 - Liability for participation in fraudulent transfer or voidable preference.
Section 59A-41-43.3 - Claims of holders of void or voidable rights.
Section 59A-41-44 - Priorities in distribution.
Section 59A-41-45.1 - Recovery from affiliates.
Section 59A-41-46 - Report for assessment; domestic mutual, reciprocal insurers.
Section 59A-41-47 - Levy of assessment; domestic mutual, reciprocal insurers.
Section 59A-41-48 - Order for payment of assessment; domestic mutual, reciprocal insurers.
Section 59A-41-49 - Assessment order, publication and transmittal.
Section 59A-41-50 - Judgment upon the assessment.
Section 59A-41-51 - Summary proceedings; superintendent's corrective orders authorized.
Section 59A-41-52 - Summary proceedings; appeal from superintendent's order.
Section 59A-41-53 - Summary proceedings; enforcement; penalty.
Section 59A-41-54 - Summary proceedings; seizure under court order.
Section 59A-41-55 - Summary proceedings; seizure under superintendent's order.
Section 59A-41-56 - Summary proceedings; conduct of administrative and judicial hearings.
Section 59A-41-57 - Summary proceedings; penalty for refusal to deliver property, records.