There is created in the state treasury the "law enforcement protection fund". Ten percent of all money received for fees, licenses and penalties from life, general casualty and title insurance business pursuant to the New Mexico Insurance Code [Chapter 59A NMSA 1978] shall be paid monthly to the state treasurer and credited to the fund. On or before June 30 of each year, the state treasurer shall transfer to the general fund any balance in the law enforcement protection fund in excess of one hundred thousand dollars ($100,000) that is not obligated for expenses in that current fiscal year.
History: Laws 1983, ch. 289, § 3; 1985, ch. 29, § 1; 1988, ch. 96, § 1; 1993, ch. 179, § 5; 2003, ch. 202, § 1; 2004, ch. 122, § 1; 2017, ch. 1, § 1; 2018, ch. 57, § 12.
ANNOTATIONSCross references. — For the general fund, see 6-4-2 NMSA 1978.
The 2018 amendment, effective January 1, 2020, removed the exception for the health insurance premium surtax from paying into the law enforcement protection fund; and after "New Mexico Insurance Code", deleted "except for money received from the health insurance premium surtax, imposed by Subsection C of Section 59A-6-2 NMSA 1978".
Temporary provisions. — Laws 2018, ch. 57, § 30 provided that:
A. On January 1, 2020, all personnel directly involved with the audit and collection of the taxes imposed pursuant to the New Mexico Insurance Code prior to the effective date of this act, functions, appropriations, money, records, furniture, equipment and other property of, or attributable to, the financial audit bureau of the office of superintendent of insurance shall be transferred to the taxation and revenue department.
B. On January 1, 2020, no contractual obligations of the office of superintendent of insurance shall be binding on the taxation and revenue department.
The 2017 amendment, effective June 16, 2017, modified the formula for the amount of funds that the state treasurer is required to transfer to the general fund from any balances in the law enforcement protection fund at the end each fiscal year; after "($100,000) that is not obligated", deleted "and that is in excess of the amount certified by the division to be distributed from that fund" and added "for expenses in that current fiscal year".
The 2004 amendment, effective July 1, 2004, amended this section to change "department" to "division" in the catchline and to insert after "New Mexico Insurance Code" "except for money received from the health insurance premium surtax imposed by Subsection C of Section 59A-6-2 NMSA 1978".
The 2003 amendment, effective June 20, 2003, substituted "monthly" for "daily" preceding "to the state treasurer".
The 1993 amendment, effective June 18, 1993, deleted "law enforcement protection" preceding "fund" near the end of the second sentence and rewrote the last sentence.