2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 8A - Standard Valuation
Section 59A-8A-12 - Single state exemption. (Contingent effective date. See note.)
59A-8A-12. Single state exemption. (Contingent effective date. See note.)
A. The superintendent may exempt from the requirements of Section 59A-8A-8 NMSA 1978 the specific product forms or product lines of a domestic company that is licensed and doing business only in New Mexico if:
(1) the superintendent has issued a written exemption to the company and has not subsequently revoked the exemption in writing; and
(2) the company computes reserves using the assumptions and methods used prior to the operative date of the valuation manual and using any requirements established by the superintendent and promulgated by rule.
B. For a company granted an exemption pursuant to this section, Sections 59A-8A-4, 59A-8A-6 and 59A-8A-7 NMSA 1978 apply. For a company that applies this exemption, a reference to Section 59A-8A-8 NMSA 1978 that is found in Sections 59A-8A-4, 59A-8A-6 and 59A-8A-7 NMSA 1978 does not apply.
History: 1978 Comp., 59A-8A-12, enacted by Laws 2014, ch. 59, 26.
