2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 42: Life and Health Insurance Guaranty Fund, 59A-42-1 through 59A-42-16
Section 59A-42-4: Definitions.

59A-42-4. Definitions.

As used in Chapter 59A, Article 42 NMSA 1978:

A. "account" means any one of the three accounts created by Section 59A-42-5 NMSA 1978;

B. "association" means the life insurance guaranty association;

C. "covered policy" means any policy or contract within the scope of Chapter 59A, Article 42 NMSA 1978;

D. "contractual obligation" means any obligation under covered policies;

E. "insolvent insurer" means an insurer:

(1) authorized to transact in this state insurance covered by Chapter 59A, Article 42 NMSA 1978 either at the time the policy was issued or when the insured event occurred; and

(2) against which an order of liquidation with a finding of insolvency has been entered after the effective date of the Insurance Code by a court of competent jurisdiction in the insurer's state of domicile, or of this state under the provisions of Section 59A-41-30 NMSA 1978, and which order of liquidation has not been stayed or been the subject of a writ of supersedeas or other comparable order;

F. "member insurer" means any person who:

(1) holds a certificate of authority to transact in this state any kind of insurance to which Chapter 59A, Article 42 NMSA 1978 applies, including any insurer whose certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn; or

(2) assumes directly or indirectly from an insurer described in Paragraph (1) of this subsection a contract or policy of insurance to which Chapter 59A, Article 42 NMSA 1978 applies, or issues an assumption certificate pertaining to such a contract or policy of insurance;

G. "premiums" means direct gross insurance premiums and annuity considerations written on covered policies, less return premiums and considerations thereon and dividends paid or credited to policyholders on such direct business. "Premiums" does not include premiums and considerations on contracts between insurers and reinsurers;

H. "person" means any individual, corporation, partnership, association or voluntary organization; and

I. "resident" means any person who resides in this state at the time the insolvency is determined and to whom contractual obligations are owed.