A. An alien insurer may use New Mexico as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a bank or trust company domiciled in this state and designated or approved by the state treasurer and the superintendent and by obtaining a certificate of authority to transact the business of insurance in this state in accordance with Chapter 59A, Article 5 NMSA 1978.
B. The deposit shall be in an amount not less than as required of an alien insurer under Section 59A-5-20 NMSA 1978 and shall consist of assets eligible for deposit under Subsection B of Section 59A-10-3 NMSA 1978.
C. Such a deposit may be referred to as "trusteed assets".
History: Laws 1984, ch. 127, § 171; 1991, ch. 125, § 9.
ANNOTATIONSThe 1991 amendment, effective April 3, 1991, added the language beginning "and the superintendent" at the end of Subsection A and rewrote Subsection B which read "The deposit together with other trust deposits of the insurer held in the United States for the same purpose shall be in amount not less than as required of an alien insurer under Section 87 of the Insurance Code and shall consist of assets eligible for deposit under Subsection B of Section 163 of this article."