2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 4 - Examinations, Hearings and Appeals
Section 59A-4-4 - Power of examination; in general.
A. In addition to examinations otherwise expressly authorized for purpose of ascertaining financial condition where applicable, compliance with law, relationships and transactions between any such persons and others and treatment accorded its contract holders, subscribers and others served by it, the superintendent as often as he deems advisable may examine the accounts, records, documents, transactions and affairs of the following persons subject to the superintendent's supervision under the Insurance Code or other laws and within the lawful scope of such supervision:
(1) any person engaged or purporting or proposing to engage in this state in the business of provision of services on a prepaid basis for health care, dental care, funerals or burial or in premium financing, together with the managers, parent organization and affiliates of any such person;
(2) any person having a contract under which he enjoys in fact the exclusive or dominant right to manage or control an insurer or to produce substantially all of its business;
(3) any insurance holding company and its affiliates and any person holding the shares of voting stock or the policyholder proxies of a domestic insurer for the purpose of controlling management thereof as voting trustee or otherwise;
(4) any subsidiary of an insurer;
(5) any person engaged or proposing or purporting to be engaged in this state in, or in this state assisting in, promotion, formation or financing of an insurer or insurance holding corporation, or corporation or other group to finance an insurer or its business;
(6) any self-insureds;
(7) any insurer that insures or administers a multiple employer welfare arrangement covering risks in this state; and
(8) any person transacting insurance in this state.
B. In lieu of making the examination of a foreign or alien person authorized to do business in this state or applying for such authority and subject to examination under the above provisions, the superintendent may accept a full report of a recent examination of such person by the appropriate examining official of another state, certified by such official.
History: Laws 1984, ch. 127, § 48; 1987, ch. 119, § 1; 1991, ch. 125, § 4.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 1991 amendment, effective April 3, 1991, in Subsection A, added Paragraphs (7) and (8) and made a related stylistic change.
