2018 New Mexico Statutes
Chapter 59A - Insurance Code
Article 37 - Insurance Holding Companies
Section 59A-37-32 - Supervisory colleges.
A. In order to determine compliance with the Insurance Holding Company Law by an insurer registered pursuant to Section 59A-37-11 NMSA 1978, the superintendent may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations. Concerning a supervisory college, the superintendent may:
(1) initiate its establishment;
(2) clarify its membership and the participation of other supervisors;
(3) clarify its functions and the role of other regulators, including the establishment of a group-wide supervisor;
(4) coordinate its ongoing activities, including planning meetings, supervision and processes for information sharing; and
(5) establish a crisis management plan.
B. A registered insurer subject to this section shall pay the reasonable expenses, including for travel, associated with the superintendent's participation in a supervisory college pursuant to Subsection C of this section. A supervisory college may be convened as a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates. The superintendent may establish a regular assessment to the insurer for the payment of these expenses.
C. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes of an insurer, and as part of the examination of individual insurers pursuant to Section 59A-37-23 NMSA 1978, the superintendent may participate in a supervisory college with other regulators charged with the supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The superintendent may enter into agreements in accordance with Subsection C of Section 59A-37-24 NMSA 1978 that provide the basis for cooperation between the superintendent and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the superintendent to regulate or supervise the insurer or its affiliates within its jurisdiction.
History: 1978 Comp., § 59A-37-32, enacted by Laws 2014, ch. 59, § 46.
Effective dates. — Laws 2014, ch. 59, § 55 made Laws 2014, ch. 59, § 46 effective July 1, 2014.
Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected.
