New Mexico § 59A-12E-8 Qualified jurisdictions

New Mexico Statutes

§ 59A-12E-8 — Qualified jurisdictions

New Mexico § 59A-12E-8

Ch. 59AInsurance Code

Art. 12ECredit for Reinsurance

This text of New Mexico § 59A-12E-8 (Qualified jurisdictions) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 59A-12E-8 (2026).

Text

A.The superintendent shall create and publish a list of qualified jurisdictions under which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the superintendent as a certified reinsurer.

B.To determine whether the domiciliary jurisdiction of a non-United-States- assuming insurer is eligible to be recognized as a qualified jurisdiction, the superintendent shall evaluate the appropriateness and effectiveness of the reinsurance supervisory system of the jurisdiction, both initially and on an ongoing basis, and consider the rights, benefits and the extent of reciprocal recognition afforded by the non- United-States jurisdiction to reinsurers licensed and domiciled in the United States. A qualified jurisdiction shall agree to sha

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A. The superintendent shall create and publish a list of qualified jurisdictions under which an assuming insurer licensed and domiciled in such jurisdiction is eligible to be considered for certification by the superintendent as a certified reinsurer. B. To determine whether the domiciliary jurisdiction of a non-United-States- assuming insurer is eligible to be recognized as a qualified jurisdiction, the superintendent shall evaluate the appropriateness and effectiveness of the reinsurance supervisory system of the jurisdiction, both initially and on an ongoing basis, and consider the rights, benefits and the extent of reciprocal recognition afforded by the non- United-States jurisdiction to reinsurers licensed and domiciled in the United States. A qualified jurisdiction shall agree to share information and cooperate with the superintendent with respect to all certified reinsurers domiciled within that jurisdiction. A jurisdiction shall not be recognized as a qualified jurisdiction if the superintendent has determined that the jurisdiction does not adequately and promptly enforce final United States judgments and arbitration awards. Additional factors may be considered in the discretion of the superintendent. C. The superintendent shall consider a list of qualified jurisdictions published through the national association of insurance commissioners committee process in determining qualified jurisdictions. If the superintendent approves a jurisdiction as qualified that does not appear on a list of qualified jurisdictions, the superintendent shall provide thoroughly documented justification in accordance with criteria to be developed by rule. D. United States jurisdictions that meet the requirement for accreditation pursuant to the national association of insurance commissioners financial standards and accreditation program shall be recognized as qualified jurisdictions.