If the underwriters of a Lloyds Plan insurance operation desire to withdraw from the insurance business they may do so if and when they have satisfied the superintendent that adequate provision has been made through reinsurance or otherwise for payment of all unpaid losses and for reinsurance of all outstanding risks of New Mexico residents or covering property located in New Mexico. Upon being so satisfied the superintendent shall release any bond of the attorney-in-fact and release to the underwriters the deposit and remaining assets.
History: Laws 1984, ch. 127, § 653.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 68; 44 Am. Jur. 2d Insurance §§ 1857 to 1867.