2019 New Mexico Statutes
Chapter 59A - Insurance Code
Article 8 - Assets and Liabilities
Section 59A-8-8 - Loss reserves.
A. Each authorized insurer shall maintain reserves in such amount as is requisite to cover losses and claims incurred and unpaid, together with related adjustment and settlement expense, whether reported or unreported as at financial statement date. In computing or approving such reserves the superintendent may estimate any portion which it is not practicable to compute accurately for [due to] failure to receive notice or otherwise.
B. Whenever the loss and loss expense experience of an insurer shows that its loss reserves, however calculated, are inadequate, the superintendent may require the insurer to maintain additional reserves.
History: Laws 1984, ch. 127, § 125.ANNOTATIONS
Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.