2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer
Section 59A-10-11 - Trusteed assets of alien insurer.

Universal Citation: NM Stat § 59A-10-11 (2017)

59A-10-11. Trusteed assets of alien insurer.

A. An alien insurer may use New Mexico as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a bank or trust company domiciled in this state and designated or approved by the state treasurer and the superintendent and by obtaining a certificate of authority to transact the business of insurance in this state in accordance with Chapter 59A, Article 5 NMSA 1978.

B. The deposit shall be in an amount not less than as required of an alien insurer under Section 59A-5-20 NMSA 1978 and shall consist of assets eligible for deposit under Subsection B of Section 59A-10-3 NMSA 1978.

C. Such a deposit may be referred to as "trusteed assets".

History: Laws 1984, ch. 127, 171; 1991, ch. 125, 9.

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