New Mexico § 59A-8-7.1 Continued liability after assumption reinsurance

New Mexico Statutes

§ 59A-8-7.1 — Continued liability after assumption reinsurance

New Mexico § 59A-8-7.1

Ch. 59AInsurance Code

Art. 8Assets and Liabilities

This text of New Mexico § 59A-8-7.1 (Continued liability after assumption reinsurance) 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-8-7.1 (2026).

Text

transactions. A ceding insurer shall remain jointly and severally liable with an unauthorized assuming insurer on ceded contracts or policies for which assumption certificates have been issued covering risks resident in this state until such time as: A. the assuming insurer obtains a certificate of authority to transact the applicable kind of insurance in this state; or B. the assuming insurer deposits with the superintendent a special deposit in an amount equal to the greater of:

(1)one hundred thousand dollars ($100,000); or (2) twenty thousand dollars ($20,000) plus the statutory reserves required of an authorized insurer for the contracts assumed.

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transactions. A ceding insurer shall remain jointly and severally liable with an unauthorized assuming insurer on ceded contracts or policies for which assumption certificates have been issued covering risks resident in this state until such time as: A. the assuming insurer obtains a certificate of authority to transact the applicable kind of insurance in this state; or B. the assuming insurer deposits with the superintendent a special deposit in an amount equal to the greater of: (1) one hundred thousand dollars ($100,000); or (2) twenty thousand dollars ($20,000) plus the statutory reserves required of an authorized insurer for the contracts assumed.