2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer
Section 59A-10-7 - Insurer's rights during solvency.
A. So long as the insurer remains solvent and is in compliance with the Insurance Code it may:
(1) demand, receive, and sue for and recover the income from the assets deposited;
(2) exchange and substitute eligible assets of equivalent or greater fair market value for the deposited assets; and
(3) at any reasonable time inspect any such deposit.
B. The superintendent may prescribe or approve reasonable arrangements and safeguards under which a solvent insurer may sell a particular deposited asset, immediately reinvest the proceeds of such sale in other assets eligible for deposit under this article, and deposit such other assets in lieu of that sold, in absence of excess deposit of the insurer adequate to cover such exchange.
History: Laws 1984, ch. 127, § 167.ANNOTATIONS
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.