A. For the purposes of Section 91 [59A-5-24 NMSA 1978] (suspension or revocation of certificate of authority - mandatory grounds) of this article, an insurer shall be deemed impaired when the superintendent at any time finds that the excess of the insurer's admitted assets over its liabilities is less than the minimum basic capital required to be maintained by the insurer under this article, and the insurer has failed to make good the deficiency within the period provided for below.
B. The superintendent shall give the insurer written notice of the deficiency stating the amount thereof, and require the insurer to eliminate the deficiency within sixty (60) days after notice was so given. If the insurer fails to cure the deficiency within the sixty-day period the superintendent shall immediately suspend or revoke its certificate of authority. This provision shall not be deemed to prevent the superintendent, within such sixty-day period or at any other time, from taking other action as to the insurer as authorized under any provision of Article 41 [Chapter 59A, Article 41 NMSA 1978] (conservation, rehabilitation, liquidation) of the Insurance Code.
History: Laws 1984, ch. 127, § 92.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 126.
44 C.J.S. Insurance §§ 135, 136.
Structure New Mexico Statutes
Article 5 - Authorization of Insurers and General Requirements
Section 59A-5-1 - Definitions, in general.
Section 59A-5-2 - "Alien" insurer defined.
Section 59A-5-3 - "Charter" defined.
Section 59A-5-4 - "Domestic" insurer defined.
Section 59A-5-5 - "Foreign" insurer defined.
Section 59A-5-6 - "Lloyds" insurer defined.
Section 59A-5-7 - "Mutual" insurer defined.
Section 59A-5-8 - "Reciprocal" insurer defined.
Section 59A-5-9 - "Stock" insurer defined.
Section 59A-5-10 - Certificate of authority required; penalty.
Section 59A-5-11 - Exemptions from authority requirement.
Section 59A-5-11.1 - Exemption from authority requirement; provider service networks.
Section 59A-5-12 - General eligibility for certificate of authority.
Section 59A-5-13 - General eligibility for authority; ownership and management.
Section 59A-5-14 - Name of insurer.
Section 59A-5-15 - Insuring power combinations.
Section 59A-5-16 - Capital funds, deposits, required for certificate of authority.
Section 59A-5-17 - Insuring powers without added basic capital.
Section 59A-5-18 - General deposit.
Section 59A-5-19 - Special deposit or bond.
Section 59A-5-20 - General deposit of alien insurer.
Section 59A-5-21 - Application for certificate of authority.
Section 59A-5-22 - Issuance, refusal of authority; ownership of certificate.
Section 59A-5-23 - Continuance, expiration, reinstatement of certificate of authority.
Section 59A-5-24 - Suspension or revocation of certificate of authority; mandatory grounds.
Section 59A-5-25 - Impairment as grounds for suspension or revocation of certificate of authority.
Section 59A-5-27 - Duration of suspension; insurer's obligations during suspension; reinstatement.
Section 59A-5-28 - General corporation statutes inapplicable to foreign insurers.
Section 59A-5-29 - Annual statement.
Section 59A-5-29.1 - Quarterly reports.
Section 59A-5-30 - Penalties for late, false annual statements.
Section 59A-5-31 - Appointment of superintendent as process agent.