N.M. Admin. Code § 13.2.2.7

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.2.2.7 - DEFINITIONS

The following terms have the meaning given, unless the context otherwise requires. Other terms used in this rule have the meanings given in the Insurance Holding Company Law or in Chapter 59A, NMSA 1978, hereafter the Insurance Code.

A."Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller and any other individual performing functions corresponding to those performed by such officers under whatever title.

B."Group-wide supervisor" means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the superintendent under Section 13.2.2.23 NMAC to have sufficient significant contacts with the internationally active insurance group.

C."Internationally active insurance group" means an insurance holding company system that includes an insurer registered under Section 59A-37-11 NMSA 1978 and meets the following criteria:

(1) premiums written in at least three countries;

(2) the percentage of gross premiums written outside the United States is at least ten percent of the insurance holding company system's total gross written premiums; and

(3) based on a three-year rolling average, the total assests of the insurance holding company system are at least $50,000,000,000 or the total gross written premiums of the insurance holding company system are at least $10,000,000,000.

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

E."OSI" means the office of superintendent of insurance.

F."Receivership act" means the Receivership Act, Sections 44-8-1 through 44-8-10 NMSA 1978.

G."SEC" means the United States securities and exchange commission.

H."Superintendent" means the superintendent of insurance, the office of superintendent of insurance or employees of the office of superintendent of insurance acting within the scope of the superintendent's official duties and with the superintendent's authorization.

I."Ultimate controlling person" means a person that is not controlled by any other person.

N.M. Admin. Code § 13.2.2.7

7/1/97; Recompiled 11/30/01, Adopted by New Mexico Register, Volume XXIX, Issue 14, July 24, 2018, eff. 7/24/2018, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020, Amended by New Mexico Register, Volume XXXV, Issue 22, November 19, 2024, eff. 11/19/2024