2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 14: Surplus Line Insurance, 59A-14-1 through 59A-14-19
Section 59A-14-4.1: Withdrawal of eligibility from a surplus line insurer.
59A-14-4.1. Withdrawal of eligibility from a surplus line insurer.
The superintendent may at any time declare an eligible surplus lines insurer to be ineligible if the superintendent has reason to believe that the insurer:
A. is in unsound financial condition;
B. is subject to delinquency proceedings in this state or any other jurisdiction;
C. is no longer eligible under Section 59A-14-4 NMSA 1978;
D. has violated the laws of this state, including but not limited to any violation of the Insurance Code or the superintendent's orders;
E. does not make reasonably prompt payment of loss claims or other obligations in this state or elsewhere;
F. has failed within sixty days to satisfy a final judgment rendered against it or against an insured for which it is legally liable under the terms of a contract of surplus lines insurance; or
G. has failed to satisfy the superintendent that it is fit to be allowed to continue to do business in this state.
The superintendent shall promptly mail notice of all such declarations to the insurer and to every surplus lines broker.
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