In addition to other provisions of law governing regulation of insurance companies, if the superintendent of insurance finds that the company does not own assets at least equal to all liabilities and required reserves together with the minimum basic surplus and free surplus required of a mutual casualty insurer by the Insurance Code, or that its condition is such as to render the continuance of its business hazardous to the public or to the holders of its policies or certificates of insurance, the superintendent shall:
A. notify the president and chairman of the board of that determination;
B. furnish the company with a written list of the superintendent's recommendations to abate the determination; and
C. notify the governor, the president pro tempore of the senate, the speaker of the house of representatives and the legislative finance committee of the recommendations of the superintendent and any actions taken in response by the company.
History: Laws 1990 (2nd S.S.), ch. 2, § 138.
ANNOTATIONSEffective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 138 effective January 1, 1991.
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.