N.M. Admin. Code § 13.2.11.7

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

Section 13.2.11.7 - DEFINITIONS

The following terms have the meaning given, unless the context otherwise requires. Other terms used in this rule have the meanings given in Chapter 59A Article 4 NMSA 1978.

A."Guidance manual" means the current version of the own risk and solvency assessment guidance manual developed and adopted by the NAIC and as amended from time to time; provided that a change in the guidance manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC;

B."insurance group" means those insurers and affiliates included within an insurance holding company system as defined in Subpargraph F of Section 59A-37-2N MSA 1978;

C."insurer" has the same meaning as set forth in Subparagraph G of Section 59A-37-2 NMSA 1978;

D."NAIC" means the national association of insurance commissioners;

E."own risk and solvency assessment" means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks;

F."summary report" means a confidential high-level summary of an insurer's or insurance group's own risk and solvency assessment; and

G."superintendent" means the superintendent of the New Mexico office of superintendent of insurance.

N.M. Admin. Code § 13.2.11.7

Adopted by New Mexico Register, Volume XXXII, Issue 13, July 7, 2021, eff. 8/1/2021