A. If it appears to the superintendent that the interests of policyholders, creditors or the public will be jeopardized by delay incident to requesting a court seizure order, then on any ground which would justify a court seizure order under Section 59A-41-54 NMSA 1978, and without notice and without applying to the court, the superintendent may issue a seizure order which must contain a statement verified by him of the grounds for his action. As directed by the seizure order, the superintendent's representatives shall forthwith take possession and control of all or part of the property, books, accounts and records of the insurer and of the premises in this state occupied by the insurer for transaction of its business. The superintendent shall retain possession and control until the order is vacated or is replaced by an order of court pursuant to Subsection B of this section, or pursuant to a formal proceeding under Chapter 59A, Article 41 NMSA 1978.
B. At any time after seizure under Subsection A of this section, the insurer may apply to the district court for Santa Fe county. The court shall thereupon order the superintendent to appear forthwith and shall thereafter proceed as if the order were a court seizure order issued under Section 59A-41-54 NMSA 1978.
C. Every peace officer of this state shall assist the superintendent in making and enforcing any such seizure, and every sheriff and police department shall furnish the superintendent with such deputies, patrolmen or officers as may be necessary for the purpose.
D. Entry of a seizure order under this section does not constitute an anticipatory breach of any contract of the insurer.
History: Laws 1984, ch. 127, § 747; 1987, ch. 259, § 26.
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.