A. The office of superintendent of insurance, created as of July 1, 2013 by Article 11, Section 20 of the constitution of New Mexico, is an adjunct agency pursuant to Section 9-1-6 NMSA 1978.
B. All powers relating to state supervision of insurance, insurance rates and rate practices, together with collection of insurance licenses, taxes or fees, and all records pertaining to such supervision are under control of the office of superintendent of insurance.
History: Laws 1984, ch. 127, § 19; 1998, ch. 108, § 34; 2013, ch. 74, § 9.
ANNOTATIONSThe 2013 amendment, effective March 29, 2013, created the office of superintendent of insurance; in the title, added "Office of superintendent of", and after "insurance", deleted "division created"; in Subsection A, at the beginning of the sentence, deleted "insurance division is created within the commission" and added the remainder of the sentence; in Subsection B, after "under control of the", deleted "commission through the division" and added "office of superintendent of insurance".
Temporary provisions. — Laws 2013, ch. 74, § 38 provided that on March 29, 2013, all:
A. staff positions and all money, appropriations, records, furniture, equipment, supplies and other property belonging to the insurance division of the public regulation commission are transferred to the office of superintendent of insurance;
B. existing contracts, agreements and other obligations in effect for the insurance division of the public regulation commission shall be binding on the office of superintendent of insurance;
C. pending cases, legal actions, appeals and other legal proceedings and all pending administrative proceedings that involve the insurance division of the public regulation commission shall be unaffected and shall continue in the name of the office of superintendent of insurance;
D. rules, orders and other official acts of the insurance division of the public regulation commission shall continue in effect until amended, replaced or repealed by the office of superintendent of insurance; and
E. references in law, rules, orders and other official acts to the insurance department or the insurance division of the public regulation commission shall be deemed to be references to the office of superintendent of insurance.
The 1998 amendment, effective January 1, 1999, substituted "Division Created" for "Department continued division of powers" in the section heading; in Subsection A, deleted "department of" preceding "insurance" near the beginning, substituted "division is created" for "is continued" near the middle and deleted "corporation" preceding "commission" at the end; and in Subsection B, inserted "insurance rates and rate practices" preceding "supervision of insurance," near the beginning, substituted "are" for "shall continue to be and remain" near the middle, deleted "corporation" following "commission through" near the middle, and substituted "the division" for "its insurance department; except, that all powers relating to state control and supervision of insurance rates and rate practices, as provided for in Article 17 of the Insurance Code, and all records pertaining thereto shall continue to be and remain under exclusive control of the state insurance board" at the end.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 18, 51, 56.
44 C.J.S. Insurance § 15 et seq.