New Mexico § 59A-55-17 Compulsory associations

New Mexico Statutes

§ 59A-55-17 — Compulsory associations

New Mexico·Ch. 59A Insurance Code·Art. 55 Risk Retention and Purchasing Groups

A.No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in New Mexico nor shall any risk retention group or its insureds or claimants against its insureds receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group.

B.When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks wherever resident or located shall be covered by any insurance guaranty fund or similar mechanism in this state.

C.When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shal

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A. No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in New Mexico nor shall any risk retention group or its insureds or claimants against its insureds receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group. B. When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks wherever resident or located shall be covered by any insurance guaranty fund or similar mechanism in this state. C. When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the state guaranty fund.

New Mexico § 59A-55-17 (Compulsory associations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.