2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 55 - Risk Retention and Purchasing Groups
Section 59A-55-6 - Taxation of risk retention groups.
59A-55-6. Taxation of risk retention groups.
A. Each risk retention group shall be liable for the payment of premium taxes and taxes on premiums of direct business for risks resident or located within New Mexico and shall report to the superintendent the net premium written for risks resident or located within New Mexico. The risk retention group shall be subject to taxation and any applicable fines and penalties related thereto, on the same basis as an admitted insurer.
B. To the extent licensed insurance producers are utilized pursuant to Section 59A-55-24 NMSA 1978, they shall report to the superintendent the premiums for direct business for risks resident or located within this state, which the insurance producers have placed with or on behalf of a risk retention group not licensed in this state.
C. To the extent that insurance producers are utilized pursuant to Section 59A-55-24 NMSA 1978, the insurance producer shall keep a complete and separate record of all policies procured from each such risk retention group, which record shall be open to examination by the superintendent and shall contain the information required by the superintendent by rule.
History: Laws 1988, ch. 125, 6; 2016, ch. 89, 68.
