The insurer shall write business in New Mexico only through its resident United States agents duly appointed by it in writing and duly licensed by the superintendent under provisions of the Insurance Code applicable to insurance agents of authorized insurers. The appointment of agents shall specifically authorize the licensee to write for the Mexican insurer the insurance coverages as specified in Chapter 59A, Article 40 NMSA 1978.
History: Laws 1984, ch. 127, § 692; 1999, ch. 272, § 21; 1999, ch. 289, § 31.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
The 1999 amendment, effective June 18, 1999, substituted "resident United States agents" for "resident New Mexico agents thereunto" in the first sentence, deleted "such" preceding "agents" in the second sentence, and updated the statutory reference in the last sentence.
Laws 1999, ch. 272, § 21 and by Laws 1999, ch. 289, § 31, both effective June 18, 1999, enacted identical amendments to this section. The section was set out as amended by Laws 1999, ch. 289, § 31. See 12-1-8 NMSA 1978.