2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 48 - Prepaid Dental Plans
Section 59A-48-7 - Reserve requirement; exception.
59A-48-7. Reserve requirement; exception.
A. A prepaid dental plan organization at all times shall maintain for protection of the members a financial reserve consisting of two percent of prepaid charges collected from members for the plan, until such reserve totals five hundred thousand dollars ($500,000). Such reserve shall be in addition to the deposit prescribed by Section 885 [59A-48-6 NMSA 1978] of this article.
B. The reserve prescribed by Subsection A of this section shall not apply with respect to a prepaid dental plan organization which is funded by the federal, state or a municipal government or any political subdivision or body and meets the requirement of Subsection F of Section 885 of this article.
History: Laws 1984, ch. 127, 886.
