2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 14 - Surplus Line Insurance
Section 59A-14-11 - Duty to file reports and affidavits.
59A-14-11. Duty to file reports and affidavits.
A. The producing broker shall complete, execute and provide to the surplus lines broker a signed statement in substantially the form required by the superintendent, as to the diligent efforts to place the coverage with authorized insurers and the results thereof. The statement shall affirm that the insured was expressly advised prior to placement of the insurance and in the insurance policy that:
(1) the surplus lines insurer with which the insurance was to be placed is not an authorized insurer in this state and is not subject to the superintendent's supervision; and
(2) in the event the surplus lines insurer becomes insolvent, claims will not be paid nor will unearned premiums be returned by any New Mexico insurance guaranty fund.
B. The surplus lines broker shall preserve the original producing broker statements in compliance with Section 59A-14-11 NMSA 1978. The declaration pages shall be confidential and shall not be subject to public inspection. The superintendent's copy of the statements shall be open to public inspection. If the producing broker has failed to provide the producing broker statement, the surplus lines broker shall at the time of quarterly filing notify the superintendent of the producing broker's failure to comply.
C. Each surplus lines broker shall, within sixty days after expiration of each calendar quarter, file with the superintendent a statement under the surplus lines broker's oath of all surplus lines insurance business transacted during such calendar quarter. The statement shall be on forms as prescribed and furnished by the superintendent and shall contain such information relative to the surplus lines insurance transaction as the superintendent may reasonably require for the purposes of Chapter 59A, Article 14 NMSA 1978.
History: 1978 Comp., 59A-14-11, enacted by Laws 1991, ch. 125, 17; 1999, ch. 111, 2; 2017, ch. 130, 10.
