New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 2 - INSURANCE COMPANY LICENSING AND OPERATION
Part 8 - CREDIT FOR REINSURANCE
Section 13.2.8.9 - CREDIT FOR REINSURANCE - ACCREDITED REINSURERS
Current through Register Vol. 35, No. 6, March 26, 2024
A. Pursuant to Paragraph (1) of Subsection D of Sections 59A-12E-3 and 59A-12E-5 NMSA 1978, the superintendent will allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is accredited as a reinsurer in this state as of the date on which statutory financial statement credit for reinsurance is claimed. An accredited reinsurer shall:
B. If the superintendent determines that the assuming insurer has failed to meet or maintain any of these qualifications, the superintendent may upon written notice and opportunity for hearing, suspend or revoke the accreditation. Credit shall not be allowed a domestic ceding insurer under this section if the assuming insurer's accreditation has been revoked by the superintendent, or if the reinsurance was ceded while the assuming insurer's accreditation was under suspension by the superintendent.