2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 5A: Risk-Based Capital, 59A-5A-1 through 59A-5A-13
Section 59A-5A-11: Foreign insurers.

59A-5A-11. Foreign insurers.

A. Any foreign insurer shall, upon the superintendent's written request, submit to the superintendent a risk-based capital report as of the end of the most recent calendar year the same date risk-based capital reports are required to be filed by domestic insurers under the Risk-Based Capital Act [Chapter 59A, Article 5A NMSA 1978], or fifteen days after the request is received by the foreign insurer, whichever is later. Any foreign insurer shall, upon the superintendent's written request, promptly submit to the superintendent a copy of any risk-based capital plan filed with the insurance commissioner of any other state.

B. In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined pursuant to the risk-based capital statute applicable in an insurer's state of domicile, or, if no risk-based capital requirements are in force in that state, under the provisions of the Risk-Based Capital Act, the superintendent may require the foreign insurer to file a risk-based capital plan with the superintendent unless the insurance commissioner of the insurer's state of domicile has previously so required. The failure of the foreign insurer to timely file a risk-based capital plan with the superintendent shall be grounds to order the insurer to cease and desist from writing new insurance business in this state or to suspend or revoke its certificate of authority.

C. In the event of a mandatory control level event with respect to any foreign insurer, the superintendent may proceed in accordance with Subsection B of Section 59A-5A-7 NMSA 1978.