New Mexico § 59A-47-7 Escrow of preliminary premiums

New Mexico Statutes

§ 59A-47-7 — Escrow of preliminary premiums

New Mexico·Ch. 59A Insurance Code·Art. 47 Nonprofit Health Care Plans

With its application for a preliminary permit as provided for in Section 879.4 [59A-47- 6 NMSA 1978] of this article the applicant shall file with the superintendent documentation of an escrow arrangement made by applicant and satisfactory to the superintendent adequate to insure return to applicants for subscribers' health care contracts of advance premium payments made, if within one year from date of issuance of the preliminary permit an initial certificate of authority to do business as a health care plan has not been issued to the applicant by the superintendent.

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With its application for a preliminary permit as provided for in Section 879.4 [59A-47- 6 NMSA 1978] of this article the applicant shall file with the superintendent documentation of an escrow arrangement made by applicant and satisfactory to the superintendent adequate to insure return to applicants for subscribers' health care contracts of advance premium payments made, if within one year from date of issuance of the preliminary permit an initial certificate of authority to do business as a health care plan has not been issued to the applicant by the superintendent.

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