A. "Attorney", as used in Chapter 59A, Article 39 NMSA 1978, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation.
B. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this state, shall not, by virtue of the discharge of its duties as such attorney with respect to the insurer's transactions in this state, be thereby deemed to be doing business in this state within the meaning of any laws of this state applying to foreign persons, firms or corporations.
C. The subscribers and the attorney-in-fact comprise a reciprocal insurer and single entity for the purposes of the Insurance Premium Tax Act [7-40-1 to 7-40-10 NMSA 1978] and Sections 59A-6-3 through 59A-6-6 NMSA 1978 as to all operations under the insurer's certificate of authority.
History: Laws 1984, ch. 127, § 662; 2018, ch. 57, § 22.
ANNOTATIONSThe 2018 amendment, effective January 1, 2020, provided that subscribers of reciprocal agreements and the attorney-in-fact of a reciprocal insurer comprise a single entity for purposes of the Insurance Premium Tax Act and certain sections of the NMSA 1978; in Subsection A, after "as used in", deleted "this article" and added "Chapter 59A, Article 39 NMSA 1978"; in Subsection C, after "for the purposes of", added "the Insurance Premium Tax Act", and after "Sections", deleted "102 to 106 (premium tax and related provisions), inclusive, of the Insurance Code" and added "59A-6-3 through 59A-6-6 NMSA 1978".
Temporary provisions. — Laws 2018, ch. 57, § 30 provided that:
A. On January 1, 2020, all personnel directly involved with the audit and collection of the taxes imposed pursuant to the New Mexico Insurance Code prior to the effective date of this act, functions, appropriations, money, records, furniture, equipment and other property of, or attributable to, the financial audit bureau of the office of superintendent of insurance shall be transferred to the taxation and revenue department.
B. On January 1, 2020, no contractual obligations of the office of superintendent of insurance shall be binding on the taxation and revenue department.