N.M. Admin. Code § 13.2.5.2
Current through Register Vol. 35, No. 24, December 23, 2024
A. Every insurer shall be subject to this rule.B. insurer's having direct premiums written in this state of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of the calendar year shall be exempt from this rule for the year, unless the superintendent makes a specific finding that compliance is necessary for the superintendent to carry out statutory responsibilities.C. insurer's having assumed premiums pursuant to contracts or treaties of reinsurance of $1,000,000 or more are not exempt.D. Foreign or alien insurer's filing the audited financial report in another state, pursuant to that states requirement for filing of audited financial reports, which has been found by the superintendent to be substantially similar to the requirements herein, are exempt from this rule if: (1) a copy of the audited financial report, communication of internal control related matters noted in an audit, and the accountant's letter of qualifications that are filed with the other state are filed with the superintendent in accordance with the filing dates specified in this rule respectively; and(2) a copy of any notification of adverse financial condition report filed with the other state is filed with the superintendent within the time specified in this rule.E. Foreign or alien insurer's required to file management's report of internal control over financial reporting in another state are exempt from filing the report in this state provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified.N.M. Admin. Code § 13.2.5.2
1/1/94; 13.2.5.2 NMAC - Rn, 13 NMAC 2.5.2 & A, 1/1/2010, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020