N.M. Admin. Code § 13.2.5.18

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

Section 13.2.5.18 - ROTATION OF ACCOUNTANTS REQUIRED

A. No partner or other person responsible for rendering a report may act in that capacity for more than five consecutive years. Following any such period of service the person shall be disqualified from acting in that or a similar capacity for the same company or its insurance subsidiaries or affiliates for a period of two years.

B. An insurer may make application to the superintendent for relief from this rotation requirement on the basis of unusual circumstances. The superintendent may consider the following factors in determining if the relief should be granted:

(1) the number of partners, expertise of the partners or the number of insurance clients in the currently registered firm;

(2) the premium volume of the insurer; and

(3) the number of jurisdictions in which the insurer transacts business.

N.M. Admin. Code § 13.2.5.18

1/1/94; 13.2.5.18 NMAC - Rn, 13 NMAC 2.5.17, 1/1/2010, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020