The state treasurer may designate any solvent trust company or other solvent financial institution having trust powers and with offices located in this state, as the state treasurer's depository to receive and hold any general, special or excess deposit of an insurer under Chapter 59A, Article 10 NMSA 1978. The deposit shall be so handled at the expense, if any, of the insurer, and the state of New Mexico shall not be responsible for safekeeping thereof.
History: Laws 1984, ch. 127, § 165; 2011, ch. 127, § 5.
ANNOTATIONSThe 2011 amendment, effective July 1, 2011, broadened the authority of the state treasurer to designate trust companies and financial institutions that have offices in New Mexico as depositories.