New Mexico § 59A-12D-6 Duties of insurers utilizing the services of a reinsurance

New Mexico Statutes

§ 59A-12D-6 — Duties of insurers utilizing the services of a reinsurance

New Mexico·Ch. 59A Insurance Code·Art. 12D Reinsurance Intermediaries

intermediary-broker.

A.An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless such person is licensed as required by Subsection A of Section 59A-12D-3 NMSA 1978.

B.An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978].

C.The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.

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intermediary-broker. A. An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless such person is licensed as required by Subsection A of Section 59A-12D-3 NMSA 1978. B. An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]. C. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.

New Mexico § 59A-12D-6 (Duties of insurers utilizing the services of a reinsurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.