Replenishment of deposit.

  1. Law
  2. New Mexico Statutes
  3. Insurance Code
  4. Administration of Deposits; Trusteed Assets of Alien Insurer
  5. Replenishment of deposit.

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If for any reason the market value of assets of the insurer held on deposit in this state falls below the amount required under the Insurance Code, the insurer shall promptly deposit other or additional eligible assets sufficient to cure the deficiency. If the insurer fails to cure the deficiency within a reasonable time after receipt of notice thereof from the superintendent, the superintendent shall revoke the insurer's certificate of authority.

History: Laws 1984, ch. 127, § 168.

ANNOTATIONS

Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.


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