A. Risk retention groups chartered and licensed in states other than New Mexico and seeking to do business as a risk retention group in New Mexico shall provide to the superintendent before engaging in the business of insurance in New Mexico:
(1) a notice of operation in New Mexico which shall include the information required by the superintendent;
(2) a copy of its plan of operation or feasibility study submitted to the superintendent of the state in which the risk retention group is chartered or licensed unless exempted by regulation;
(3) as required by the superintendent, a copy of its financial statement prepared by one acceptable to the superintendent and any examinations or audit conducted of the risk retention group; and
(4) a designation of the superintendent as its agent for the purpose of receiving service of legal documents or process, with a filing fee determined by the superintendent.
B. The risk retention group shall also submit to the superintendent a copy of any revisions to its plan of operation or feasibility study required by the superintendent of the state in which it is chartered or licensed as well as any information required to verify its continuing qualification as a risk retention group under Subsection J of Section 3 [59A-55-3 NMSA 1978] of the Risk Retention and Purchasing Group Act.
History: Laws 1988, ch. 125, ยง 5.
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.