New Mexico § 59A-55-20 Restrictions on insurance purchased by purchasing

New Mexico Statutes

§ 59A-55-20 — Restrictions on insurance purchased by purchasing

New Mexico § 59A-55-20

Ch. 59AInsurance Code

Art. 55Risk Retention and Purchasing Groups

This text of New Mexico § 59A-55-20 (Restrictions on insurance purchased by purchasing) 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-55-20 (2026).

Text

groups.

A.A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of the state.

B.A purchasing group may purchase insurance for its members in this state or covering its members' risks resident or located in this state only from insurers admitted in this state, from insurers that are eligible surplus lines insurers in this state or from risk retention groups that have registered in this state.

C.A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform

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groups. A. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of the state. B. A purchasing group may purchase insurance for its members in this state or covering its members' risks resident or located in this state only from insurers admitted in this state, from insurers that are eligible surplus lines insurers in this state or from risk retention groups that have registered in this state. C. A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of such group that have a risk resident or located in this state that such risk is not protected by an insurance insolvency guaranty fund in this state and that such risk retention group or such insurer may not be subject to all insurance laws and regulations of this state. D. No purchasing group may purchase insurance providing for a deductible or self- insured retention unless the deductible or self-insured retention is the sole responsibility of each individual member of the purchasing group.