A risk retention group that violates any provision of the Risk Retention and Purchasing Group Act shall be subject to fines and penalties, including revocation of its right to do business in New Mexico, applicable to licensed insurers generally.
History: Laws 1988, ch. 125, ยง 15.
Structure New Mexico Statutes
Article 55 - Risk Retention and Purchasing Groups
Section 59A-55-1 - Short title.
Section 59A-55-3 - Definitions.
Section 59A-55-4 - Risk retention groups authorized in New Mexico.
Section 59A-55-5 - Risk retention groups not having a New Mexico certificate of authority.
Section 59A-55-6 - Risk retention groups; reports.
Section 59A-55-7 - Compliance with unfair claims settlement practices.
Section 59A-55-8 - Deceptive, false or fraudulent practices.
Section 59A-55-9 - Examination regarding financial condition.
Section 59A-55-10 - Notice to purchasers.
Section 59A-55-11 - Prohibited acts regarding solicitation or sale.
Section 59A-55-12 - Prohibition on ownership by an insurance company.
Section 59A-55-13 - Prohibited coverage.
Section 59A-55-14 - Delinquency proceedings.
Section 59A-55-15 - Penalties.
Section 59A-55-16 - Operation prior to enactment of act.
Section 59A-55-17 - Compulsory associations.
Section 59A-55-18 - Purchasing groups' exemption from certain laws.
Section 59A-55-19 - Notice and registration requirements of purchasing groups.
Section 59A-55-20 - Restrictions on insurance purchased by purchasing groups.
Section 59A-55-23 - Penalties.
Section 59A-55-24 - Duty of insurance producers to obtain license.
Section 59A-55-25 - Binding effect of orders issued in United States district court.