The insurer shall pay any applicable fees and charges as are required under the Insurance Code to be paid by other authorized insurers transacting in New Mexico the same kind of insurance. The insurer shall make the same reports to the superintendent and the national association of insurance commissioners as are required of such other authorized insurers, but in such adapted forms as may for the purpose be prescribed by the superintendent.
History: Laws 1984, ch. 127, § 688; 2018, ch. 57, § 23.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 2018 amendment, effective January 1, 2020, made conforming changes as a result of the transfer of the collection of insurance premium tax from the superintendent of insurance to the taxation and revenue department; in the catchline, deleted "Fees, taxes and", deleted "The insurer shall pay to New Mexico annually a premium tax based solely upon its gross premium receipts from insurance policies issued by it in New Mexico which cover residents of New Mexico or property or risk principally domiciled or located in this state, as shown by reports of the insurer filed with the superintendent each year, upon the same percentage rate and in the same manner as apply to authorized insurers transacting in New Mexico the same kinds of insurance.", after "The insurer shall", deleted "also", after "pay", deleted "such other" and added "any", after "applicable fees", added "and", after "charges", deleted "and taxes", and after "authorized insurers", added "transacting in New Mexico the same kind of insurance".
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.