A. The provisions of the Risk-Based Capital Act are supplemental to any other provisions of law, and shall not supersede, preclude the exercise of or limit any other powers or duties of the superintendent under such laws, including but not limited to Chapter 59A, Article 41 NMSA 1978.
B. The superintendent may adopt reasonable rules and regulations for the implementation of the Risk-Based Capital Act.
C. The superintendent may exempt from the application of the Risk-Based Capital Act any domestic insurer which:
(1) writes direct business only in this state;
(2) writes direct annual premiums of two million dollars ($2,000,000) or less; and
(3) assumes no reinsurance in excess of five percent of direct premium written.
History: 1978 Comp., § 59A-5A-10, enacted by Laws 1995, ch. 149, § 10.
Structure New Mexico Statutes
Article 5A - Risk-Based Capital
Section 59A-5A-1 - Short title.
Section 59A-5A-2 - Definitions.
Section 59A-5A-3 - Risk-based capital reports.
Section 59A-5A-4 - Company action level event.
Section 59A-5A-5 - Regulatory action level event.
Section 59A-5A-6 - Authorized control level event.
Section 59A-5A-7 - Mandatory control level event.
Section 59A-5A-8 - Challenge hearings.
Section 59A-5A-9 - Confidentiality; prohibition on announcements; prohibition on use in ratemaking.
Section 59A-5A-10 - Supplemental provisions; rules; exemption.