N.M. Admin. Code § 13.19.2.13

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.19.2.13 - EXCEPTION TO ELIGIBILITY REQUIREMENTS FOR SURPLUS LINES INSURERS

For good cause shown, the superintendent may waive in writing the eligibility requirements of Section 59A-14-4 NMSA 1978 to permit insurance to be placed as to a particular risk and insurer if the insurance is not otherwise reasonably obtainable from an authorized insurer or eligible surplus lines insurer. The superintendent may consider the following factors in determining good cause for this waiver:

A. the financial integrity, quality of management, record and reputation of the unauthorized insurer, including its management experience, A.M. Best's rating, IRIS reports, rate of growth, loss ratios, reserves, general financial condition, the length of time the insurer has been authorized in its state of domicile, the results of any previous regulatory action, and other related factors that the superintendent may determine are useful in making this assessment;

B. the capital and surplus of the unauthorized insurer's parent company, including the financial solidity of the parent company and the commitment by the parent company to support the unauthorized insurer through reinsurance;

C. the profitability of the unauthorized insurer, including its net income, stability and consistency; and

D. the interests of the public and policyholders.

N.M. Admin. Code § 13.19.2.13

1/1/99; Recompiled 11/30/01