2021 New Mexico Statutes
Chapter 59A - Insurance Code
Article 5 - Authorization of Insurers and General Requirements
Section 59A-5-23 - Continuance, expiration, reinstatement of certificate of authority.
A. A certificate of authority shall continue in force as long as the insurer is entitled thereto under the Insurance Code [Chapter 59A NMSA 1978], and until suspended or revoked by the superintendent or terminated at the insurer's request, subject, however, to continuance of the certificate by the insurer each year by:
(1) payment on or before March 1 of the continuation fee referred to in Section 59A-6-1 NMSA 1978;
(2) due filing by the insurer of its annual statement for the next preceding calendar year as required by Section 59A-5-29 NMSA 1978; and
(3) payment by the insurer when due of premium taxes with respect to the preceding calendar year.
B. If not so continued by the insurer its certificate of authority shall expire at midnight on the date of failure of the insurer to continue it in force, unless earlier revoked as provided in Sections 59A-5-24 through 59A-5-26 NMSA 1978.
C. Upon the insurer's request made within three months after expiration, the superintendent may reinstate a certificate of authority that the insurer inadvertently permitted to expire, after the insurer has fully cured all its failures that resulted in the expiration, and upon payment by the insurer of the fee for reinstatement specified in Section 59A-6-1 NMSA 1978. Otherwise the superintendent shall grant the insurer another certificate of authority only after filing an application therefor and meeting all other requirements as for an original certificate of authority in this state.
D. If an insurer allows a certificate of authority issued by the superintendent to expire, the holder of the expired certificate shall remain subject to the provisions of the Insurance Code but is not authorized to transact any insurance business. If the insurer reinstates the expired certificate of authority within three months after expiration, the reinstatement shall relate back to the date of the expiration; provided that this shall not excuse any violation of the Insurance Code that occurred during the intervening period.
History: Laws 1984, ch. 127, § 90; 2021, ch. 108, § 4.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 2021 amendment, effective July 1, 2021, provided that if an insurer allows a certificate of authority to expire, the holder of the expired certificate remains subject to the Insurance Code, but is not authorized to transact any insurance business, and provided that if the insurer reinstates the expired certificate of authority within three months after expiration, and the reinstatement shall relate back to the date of the expiration; in Subsection A, Paragraph A(1), changed "101 (fee schedule) of the Insurance Code" to "59A-6-1 NMSA 1978" throughout; in Paragraph A(2), after "Section", changed "96 of this article" to "59A-5-29 NMSA 1978"; in Subsection B, after "Sections", changed "91 through 93 of this article" to "59A-5-24 through 59A-5-26 NMSA 1978"; and added Subsection D.
