New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 112 - EXEMPTION - GROSS RECEIPTS TAX - INSURANCE COMPANIES
Section 3.2.112.8 - PREMIUMS FROM BONDS & POLICIES
Universal Citation: 3 NM Admin Code 3.2.112.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Receipts of insurance companies or any agent thereof from premiums for surety bonds or insurance policies are exempt under Section 7-9-24 NMSA 1978.
B. For purposes of Section 7-9-24 NMSA 1978, the term "insurance companies" includes:
(1) health maintenance organizations having a
certificate of authority pursuant to the Health Maintenance Organization
Law;
(2) nonprofit health care
plans having a certificate of authority pursuant to the Nonprofit Health Care
Plan Law;
(3) prepaid dental plans
having a certificate of authority pursuant to the Prepaid Dental Plan Law;
and
(4) prearranged funeral plans
subject to the Prearranged Funeral Plan Regulatory Law.
C. For purposes of Section 7-9-24 NMSA 1978, the term "insurance companies" does not include motor clubs as defined in Section 59A-50-2 NMSA 1978.
D. For purposes of Section 7-9-24 NMSA 1978, receipts of insurance companies from premiums includes:
(1) health maintenance organization receipts
which either are subject to the premium tax imposed by Section 59A-6-2 NMSA
1978 or are payments from the federal secretary of health and human services
pursuant to a contract issued under the provisions of
42 U.S.C. Section
1395 mm(g);
(2) nonprofit health care plan receipts which
are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;
(3) prepaid dental plan receipts which are
subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;
(4) prearranged funeral plan receipts which
are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;
(5) premiums attributable to contracts
purchased by the state or any of its political subdivisions whether or not the
premiums are subject to premium tax; and
(6) such other receipts as are defined as
premiums under the Insurance Code.
E. Section 3.2.112.8 NMAC applies to receipts from transactions occurring on or after January 1, 1992.
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